AustrianMacroeconomics教程.pptVIP

STAGES OF PRODUCTION CONSUMPTION The PPF shows that more saving permits more investment. CONSUMPTION INVESTMENT Watch the economy respond to an increase in saving. The structure of production is given more of a future-orientation, which is consistent with the saving that made the restructuring possible. That is, people are saving now in order to increase their future spending power. Increased saving, then, has an effect on both the magnitude of the investment aggregate and the temporal pattern of capital creation. The Hayekian triangle shows that capital creation in the late stages (such as retail inventories) is decreased while capital creation in the early stages (such as product development) is increased. As tracked by both the PPF and the Hayekian triangle, consumption is seen to fall as the economy is adapting to a higher growth rate, after which consumption rises more rapidly than before… Saving implies the giving up of some consumption in the near future … CONSUMPTION INVESTMENT STAGES OF PRODUCTION CONSUMPTION Watch the economy grow more rapidly. CONSUMPTION TIME and eventually surpasses the old projected growth path. in order to enjoy more consumption in the intermediate (and possibly far) future. STAGES OF PRODUCTION CONSUMPTION Stage-Specific Labor Markets While most macroeconomic theories deal with THE labor market and THE wage rate, capital-based macroeconomics allows for stage-specific labor markets. With a change in the interest rate, stage-specific wage rates change in a pattern rather than change uniformly. LATE-STAGE LABOR MARKET EARLY-STAGE LABOR MARKET N N W W Although a labor market for each stage could be depicted, the pattern of changes (the wage-rate gradient, as Hayek called it) is revealed by distinguishing between early-stage and late-stage labor markets. STAGES OF PRODUCTION CONSUMPTION Stage-Specific Labor Markets STAGES OF PRODUCTION LATE-STAGE LABOR MARKET EARLY-STAGE LABOR MARKET N N W W An