哈伯德宏观经济学.PPT

* CHAPTER 21 Economic Growth,the Financial System,and Business Cycles 21.1 Long-Run Economic Growth Discuss the importance of long-run economic growth. 21.2 Saving, Investment, and the Financial System Discuss the role of the financial system in facilitating long-run economic growth. 21.3 The Business Cycle Explain what happens during the business cycle. CHAPTER 21 Chapter Outline andLearning Objectives Economic Growth,the Financial System,and Business Cycles Focus Why do some countries grow faster? How does financial system work? What happens during the business cycle? Intended Learning Outcomes (ILOs) find the key to long-run economic growth explain the determinants of growth rate define potential GDP and calculate growth rate explain the relationship between investment and saving use the market for loanable funds to analyze the effects on saving, investment, the interest rate and economic growth explain the effects of business cycle Economic Growth, the Financial System, and Business Cycles Business cycle（经济周期、商业周期） Alternating periods of economic expansion and economic recession. Economic growth(经济增长) The ability of an economy to produce increasing quantities of goods and services. Long-Run Economic Growth Long-run economic growth The process by which rising productivity increases the average standard of living. Figure 21-1 The Growth in Real GDP per Capita, 1900–2008 21.1 LEARNING OBJECTIVE Discuss the importance of long-run economic growth. Measured in 2005 dollars, real GDP per capital in the United States grew from about $5,600 in 1900 to about $43,700 in 2008. The average American in the year 2008 could buy nearly eight times as many goods and services as the average American in the year 1900. . The Growth in GDP per Capita, 1978-2011 The Connection between Economic Prosperity and Health MakingtheConnection YOUR TURN: Test your understanding by doing related problem 1.7 at the end of this chapter. 21.1 LEARNING OBJECTIVE Discuss the