第3章国民收入：源自何处、去向何方案例.ppt

* * This is Figure 3-11 from page 65 of the text. See accompanying discussion. * * * * When I teach this theory, after saying “accepted by most economists” I append “at least, as a starting point.” This theory is fine for macro models with only one type of labor. But if you take it literally, and apply it in the real world, it implies that people who earn low wages have low marginal products. Thus, this theory would attribute the observed wage gap between white males and minorities to productivity differences, a conclusion that most would find objectionable. * The last equation follows from Euler’s theorem, discussed in text on p. 52. * * “g s” is short for “goods services” * Again, we are using the short-hand notation that will appear throughout the remaining PowerPoints: ?X ? ?Y means “an increase in X causes a decrease in Y.” Please feel free to edit slides if you wish to substitute other notation. * * * * It might be useful to remind students of the meaning of the terms “exogenous” and “transfer payments.” * Note the only variable in the equilibrium condition that doesn’t have a “bar” over it is the real interest rate. When the full slide is showing, before you advance to the next one, you might want to note that the interest rate is important in financial markets as well, so we will next develop a simple model of the financial system. * * * * * After showing definition of private saving, - give the interpretation of the equation: private saving is disposable income minus consumption spending - explain why private saving is part of the supply of loanable funds: Suppose a person earns $50,000/year, pays $10,000 in taxes, and spends $35,000 on goods and services. There’s $5000 remaining. What happens to that $5000? The person might use it to buy stocks or bonds, or she might put it in her savings account or money market deposit account. In all of these cases, this $5000 becomes part of the supply of loanable