Ebook Economics (6th edition): Part 2
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Ebook Economics (6th edition): Part 2
Chapter ■Macroeconomic Issues andAnalysis: an OverviewIn the previous chapter we examined economic growth. In this chapter we turn to the other three Ebook Economics (6th edition): Part 2 key macroeconomic issues of unemployment, inflation and the balance of payments. We give an overview of these problems: how they are measured and their effects on society. We also have a first look at the causes of these problems. This helps prepare the ground for the analysis of later chapters.We Ebook Economics (6th edition): Part 2saw in Chapter 13 that macroeconomics deals with economic problems in the aggregate (i.e. for the whole economy). An important tool for analysing thesEbook Economics (6th edition): Part 2
e aggregate problems is aggregate demand and supply analysis. \Ne look at this analysis in section 14.2. This is then the basis for our analysis of inChapter ■Macroeconomic Issues andAnalysis: an OverviewIn the previous chapter we examined economic growth. In this chapter we turn to the other three Ebook Economics (6th edition): Part 2amines the relationship between the four macroeconomic objectives in both the short run and the long run: something that will be explored in more detail in Part E.CHAPTER MAP14.1 Unemployment39614.4 The balance of payments andThe meaning of 'unemployment'396exchange rates416Official measures of unem Ebook Economics (6th edition): Part 2ployment397The balance of payments account416The duration OÍ unemployment397Assessing the balance of payments figures419The composition OÍ unemploymenEbook Economics (6th edition): Part 2
t399The meaning of exchange rates419Unemployment and the labour market400Determination of the rate of exchange in aDisequilibrium unemployment401free Chapter ■Macroeconomic Issues andAnalysis: an OverviewIn the previous chapter we examined economic growth. In this chapter we turn to the other three Ebook Economics (6th edition): Part 2level of prices40514.5 Postscript to Part D: The relationshipThe aggregate demand curve405between the four macroeconomicThe aggregate supply curve406objectives424Equilibrium407Aggregate demand and the short-term1A Q 1 nf 1 íiỲỈnn407relationship between the four objectives424The costs of inflation408 Ebook Economics (6th edition): Part 2The long-term relationship between the426Causes of inflation409objectivesPolicies to tackle inflation413396 1 4 MACROECONOMIC ISSUES AND ANALYSIS ANOVEbook Economics (6th edition): Part 2
ERVIEW14.1 UNEMPLOYMENTUnemployment fluctuates with the business cycle, hl recessions. such as those experienced by most countries in the early 1980s,Chapter ■Macroeconomic Issues andAnalysis: an OverviewIn the previous chapter we examined economic growth. In this chapter we turn to the other three Ebook Economics (6th edition): Part 2ese cyclical movements ill unemployment for selected countries.As well as experiencing fluctuations in unemployment, most countries have experienced long-term changes In average unemployment rates. Ulis is illustrated in Fable 14.1. which shows average unemployment In the UK, the EƯ and lhe USA tor Ebook Economics (6th edition): Part 2lour unemployment cycles (minimum to minimum). Average unemployment rates in the 1980s and 1990s were higher than tn the 1970s, and average rates in tEbook Economics (6th edition): Part 2
he 1970s were, in turn, higher than in the 1950s and 1960s. hl certain countries, such as the UK and USA. the late 1990s and early 2000s have seen a lChapter ■Macroeconomic Issues andAnalysis: an OverviewIn the previous chapter we examined economic growth. In this chapter we turn to the other three Ebook Economics (6th edition): Part 2t the range of possible causes of unemployment. We explore these causes and the policies for tackling unemployment In more detail as the book progresses.Table 14.1Average unemployment for given cycles (%)PeriodUKEUUSA1964-7332.74.61974-954.75.81980-909.48.77.11991 20018.49.36.1The meaning of 'unempl Ebook Economics (6th edition): Part 2oyment'Unemployment can be expressed cither as a number (c.g. 1.6 million) or as a percentage (e.g. 6 per cent). But |ust who should be included in thEbook Economics (6th edition): Part 2
e statistics? should it be everyone without a job? rhe answer is clearly no, since we would not want to include children and pensioners. We would probChapter ■Macroeconomic Issues andAnalysis: an OverviewIn the previous chapter we examined economic growth. In this chapter we turn to the other three Ebook Economics (6th edition): Part 2on that economists use for the number unemployed is: those of working age who are without work, but who are available for wwk at current wage rates. If the figure is to be expressed as a percentage, then it is a percentage of the total labour force. The labour force Is defined as: those in employmen Ebook Economics (6th edition): Part 2t plus those unemployed. Thus if 25 million people were employed and 1.5 million people were unemployed, the unemployment rate would he:Chapter ■Macroeconomic Issues andAnalysis: an OverviewIn the previous chapter we examined economic growth. In this chapter we turn to the other three Chapter ■Macroeconomic Issues andAnalysis: an OverviewIn the previous chapter we examined economic growth. In this chapter we turn to the other threeGọi ngay
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