Wednesday

 






Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed.
PART 8 The Data of Macroeconomics
Chapter 24 of 36 Measuring The Cost of Living
Section 14 of 14
…
Chapter conclusion.
During recent history the dollar real value has not been stable.
Increases in the level of prices has been the norm.
Persistent inflation reduces money purchasing power over time.
When comparing dollar figures from different times, we always must keep in mind a dollar value today is not the same as a dollar value 10 years ago and will not be the same as a dollar value 10 years from now.
…
In this chapter we have seen how economists measure the economy’s overall price level using price indexes such as the consumer price index.
Price indexes allow us to compare dollar figures of different time points get a better understanding of how the economy is changing.
Understanding price indexes, nominal and real prices, and GDP are first steps in macroeconomics study.
These price and GDP measurement concepts provide the foundation for macroeconomic analysis.
…
We have yet to examine
· what determines a nation's GDP
· causes and effects of inflation
· models that explain movements in these and other macroeconomic variables
In following chapters, we look at
· long-run determinants of GDP and related variables, including saving, investment, real interest rates, and unemployment
· long-run determinants of the price level and related variables, such as the money supply, inflation, and interest rates
· what causes short-run fluctuations in real GDP and the price level
(End of chapter 24 of 36)
…
causes of short-run fluctuations in price level
bukka suijun tanki hendou gen'in
…
End of chapter 24 of 36
Congratulations! 67% of way to becoming competent economist.

Comments

Post a Comment

Popular posts from this blog

HAT Manifesto Part 1/2 - Rubric Cube - 251207 edit

Image
“The world we see that seems so insane is the result of a belief system that is not working. To perceive the world differently, we must be willing to change our belief system, let the past slip away, expand our sense of now, and dissolve the fear in our minds.” - William James “All experience has shown mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.” - Thomas Jefferson “Wherever good fortune enters, envy lays siege and attacks it. And when it departs, sorrow and repentance remain behind.” - Leonardo da Vinci “Struggle is the indispensable accompaniment of progress. If men were entirely social, man would stagnate. A certain alloy of individualism and competition is required to make the human species survive and grow. Without qualities of an unsocial kind men might have led an Arcadian shepherd life in complete harmony, contentment, and mutual love. But in that case all their talents would hav...
Read more
  From article What 10 Years of U.S. Meddling in Ukraine Have Wrought (Spoiler alert: Not democracy). Aaron Mate. April 30, 2024. Section 2. Seeking to capitalize on the unrest in Ukraine in 2013, U.S. figures including State Department official Victoria Nuland, Republican Sen. John McCain, and Democratic Sen. Chris Murphy visited Maidan Square. In a show of support for the movement’s hardline faction, which went beyond supporting the EU trade deal to demand Yanukovych’s ouster, the trio met privately with Tyahnybok and appeared with him on stage. The senators’ mission, Murphy said, was to “bring about a peaceful transition in ukraine.” … The Maidan Movement’s most significant U.S. endorsement came from then-Vice President Joe Biden. “Nothing would have greater impact for securing our interests and the world’s interests in Europe than to see a democratic, prosperous, and independent Ukraine in the region,” Biden said. According to Andrii Telizhenko, a former Ukrainian...
Read more

Scot and Fumiko pictures and information

Image
  Fumiko Scot's information: Weight at 165 pounds, got to 160 pounds five years ago and have recently been bouncing between 163 and 168. Common sense ways to lose and keep off weight are eat right and light and get lots of exercise. Main exercise is walking, do 1~2 miles most days. Over career worked as a salesman in the steelmaking, fasteners, and auto manufacturing industries, lots of travel in U.S., Canada, Mexico, and Japan. Have visited every U.S. city with a major league, MLB, NFL, NBA, NHL, sports team except Sacramento, have gotten as close as Travis Air Force Base. Often traveled on Sundays, much time on the road so could not eat right and get enough exercise so got heavy, up to 200 lbs. Was on commission and made enough to retire early, now eat right and light, and get enough exercise. Now am spending most time reading and writing. Our Wick branch goes back to the brother of owner of the Wick House at Morristown National Historical Park in Morristown New Jersey, and on ba...
Read more