Macroeconomics (6th Edition) by Olivier Blanchard, David R. Johnson

By Olivier Blanchard, David R. Johnson

Blanchard provides a unified and international view of macroeconomics, permitting scholars to work out the connections among the short-run, medium-run, and long-run.

From the main fiscal predicament to the finances deficits of the U.S., the precise bins during this textual content were up-to-date to show the lifetime of macroeconomics this day and strengthen the teachings from the types, making them extra concrete and more uncomplicated to know.

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Extra info for Macroeconomics (6th Edition)

Example text

Does a 2010 computer provide 10 times, 100 times, or 1,000 times the computing services of a 1981 computer? How should we take into account the improvements in internal speed, the size of the random access memory (RAM) or of the hard disk, the fact that computers can access the Internet, and so on? The approach used by economists to adjust for these improvements is to look at the market for computers and how it values computers with different characteristics in a given year. Example: Suppose the evidence from prices of different models on the market shows that people are willing to pay 10% more for a computer with a speed of 3 GHz (3,000 megahertz) rather than 2 GHz.

Output per person is only $4,300, roughly one-tenth of output per person in the United States. So why is so much attention paid to China? There are two reasons. To understand the first, we need to go back to the number for output per person. When comparing output per person in a rich country like the United States and a relatively poor country like China, one must be careful. The reason is that many goods are cheaper in poor countries. For example, the price of an average restaurant meal in New York City is about 20 dollars; the price of an average restaurant meal in Beijing is about 25 yuans, or, at the current exchange rate, about 4 dollars.

For example, the price of an average restaurant meal in New York City is about 20 dollars; the price of an average restaurant meal in Beijing is about 25 yuans, or, at the current exchange rate, about 4 dollars. Put another way, the same income (expressed in dollars) buys you much more in Beijing than in New York City. If we want to compare standards of living, we have to correct for these differences; measures which do so are called PPP (for purchasing power parity) measures. Using such a measure, output per person in China is estimated to be about $7,500, roughly one-sixth of the output per person in the United States.

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