鲁迪格·多恩布什-宏观经济学（第十三版）IPPTChap002.pptVIP

National Income AccountingChapter #2Copyright ? 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. IntroductionWhy do we study the national income accounts?National income accounting provides formal structure for macrotheory modelsIntroduces statistics that characterize the economyOutput defined in two waysProduction side: output = payments to workers (wages), capital (interest and dividends)Demand side: output = purchases by different sectors of the economyOutput typically measured as GDP = value of all final goods and services produced within a country over a particular period of time2-2 Production Side of the EconomyThe production side of the economy transforms inputs (labor, capital) into output (GDP)Inputs = factors of productionPayments to these factors = factor paymentsThe relationship between inputs and outputs defined by the production function ? where Y = output, N = labor, K = capital“Output is a function of labor and capital,” where the functional form can be defined in various waysFor example: corn = f (land, labor, seed, machines)2-3 From GDP to Factor Payments We use the terms output and income interchangeably in macroeconomics ? are they really equivalent?There are a few crucial distinctions between them:Capital wears down over time while it is being used in the production process ? Net domestic product = GDP – depreciationNDP is the total value of production minus the value of the amount of capital used up in producing that outputNDP is usually 87-89% of GDP2-4 From GDP to Factor Payments We use the terms output and income interchangeably in macroeconomics ? are they really equivalent?There are a few crucial distinctions between them:2. Businesses pay indirect taxes (i.e. taxes on sales, property, and production) that must be subtracted from NDP before making factor payments ? Factor payments = NDP – indirect business taxesIndirect business