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GDP and Per Capita GDP are two of the basic and most widely used economic measures. They are broad measures that provide interesting and useful information about a nation’s economy as a whole. And Per Capita GDP is the standard measure of the Standard of Living. But they are often criticized for not being a measure of Quality of Life. (What ever that means as there is no standard definition of Quality of Life.) However, GDP was never intended to measure “Quality of Life”, just output and the income that the production process produces. In addition to the information in the text, review the two handouts linked below. Then share your thoughts on the following: Is GDP an adequate measure of national economic activity? Should GDP be replaced by a new Quality of Life Measure? Or should there be separate measures of economic output (GDP) and Quality of Life? Or some combination. The learning objectives are two fold: to understand what GDP measures and what it doesn’t measure and to be aware of the on-going debate about GDP vs. the Quality of Life. GDP Overview Presentation Quality of Life Discussion Paper Another important measure of how an economy is performing is the unemployment rate. But there is more to the unemployment rate than just the headline rate reported on the news. In particular we are going to look at the U3 rate (the Headline rate), the U6 rate and the labor force participation rate. Go to the Bureau of Labor Statistics On their home page from the menu on the right hand side of the page “Latest Numbers” click on Unemployment Rate. On the next page click on “Employment Situation Summary”. The December 2014 report should be available. Read the report. Then using the tables linked from the bottom of the report find: The U3 rate; The U6 rate; and, The labor force participation rate. What are the differences among these measures? Note the percentages of each, what each measure includes and then express your views on what factors may be causing the U6 rate to be roughly twice the U3 rate and what may be causing the decline in the labor participation rate? Is the headline rate used by the most news report misleading? For your information, here is a summary of the six unemployment measures. U-1, persons unemployed 15 weeks or longer, as a percent of the civilian labor force; U-2, job losers and persons who completed temporary jobs, as a percent of the civilian labor force; U-3, total unemployed, as a percent of the civilian labor force (this is the definition used for the official unemployment rate); U-4, total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers; U-5, total unemployed, plus discouraged workers, plus all other marginally attached workers, as a percent of the civilian labor force plus all marginally attached workers; and U-6, total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers. WEEK 2 Supply and demand is used extensively in Chapter 4. To be sure that everyone has a full understanding of how to solve supply and demand problems, our first discussion will be a supply and demand problem. First review the attachments, then provide a step by step solution to the following problem (see the attachments for the steps): That the case of the machine tool industry in a closed economy. The market begins in equilibrium. The government imposes 10% VAT tax on all producers of machine tools. Provide a step-by-step explanation of the changes in the machine tool market as a result of the tax. Remember that the order of events is important. Also use correct terminology (see attachments), Supply and Demand Guide Supply and Demand Presentation Review the attached presentations on exchange rates. Then go to the X-Rates Web site (http://x-rates.com) and find the current: a) exchange rate for the US Dollar (USD) and any other country’s currency that you wish to study. Do NOT select the Chinese Yuan as your other currency since it is not a freely floating currency; b) then in the Monthly Average display, select the last 12 months from the drop down menus and click “Go”; c) based on the 12 months of data, which currency is appreciating (gaining value) and which is depreciating (losing value)? Remember it can do both in a year. Report your finding to the class in your discussion post. Exchange Rates Part 1 Exchange Rates Part 2 WEEK3 WEEK 3 Actions for Economic Growth Locked. This week we want to examine in greater detail the factors that contribute to economic growth. Economic growth is measured by growth in Real GDP. But many factors contribute to that. Among the generally recognized factors that contribute to economic growth are: Increases in the amount of physical capital: this can be measured by changes in investment spending (software is included in this category); Advances in technology: this can be approximated by research and development spending; Increases in human capital: this can be approximated by years of education; however, this is a very unreliable measure as educational quality is highly variable; Other factors such as size of labor force also come into play and can be measured rather easily. However, to be meaningful that has to be match between the skills possessed by the labor force and the needs of the economy. Thus, mere size of labor for has to be viewed with the human capital variable in mind. Government regulations, tax policy, immigration policy, interest rates all play a role in investment and, thus economic growth. For this week’s discussion gather information on growth in Real GDP and the other variables as possible on a country of your choice. And report the data and your analysis to the class. Remember that understanding and interpreting the data is more important than just reporting the data. Attached is a link to OECD report National Accounts at a Glance 2014 and you can find more detailed US data at the Bureau of Economic Analysis. 18 67 Unread for topic Economic Growth: (45) View profile card for Erskine Walther Erskine Walther Feb 3 at 3:13 AM

GDP and Per Capita GDP are two of the basic and most widely used economic measures. They are broad measures that provide interesting and useful information about a nation’s economy as a whole. And Per Capita GDP is the standard measure of the Standard of Living.

But they are often criticized for not being a measure of Quality of Life. (What ever that means as there is no standard definition of Quality of Life.) However, GDP was never intended to measure “Quality of Life”, just output and the income that the production process produces.

In addition to the information in the text, review the two handouts linked below.

Then share your thoughts on the following:

Is GDP an adequate measure of national economic activity?

Should GDP be replaced by a new Quality of Life Measure?

Or should there be separate measures of economic output (GDP) and Quality of Life?

Or some combination.

The learning objectives are two fold: to understand what GDP measures and what it doesn’t measure and to be aware of the on-going debate about GDP vs. the Quality of Life.

GDP Overview Presentation

Quality of Life Discussion Paper

 

 

 

 

 

Another important measure of how an economy is performing is the unemployment rate. But there is more to the unemployment rate than just the headline rate reported on the news.

In particular we are going to look at the U3 rate (the Headline rate), the U6 rate and the labor force participation rate.

Go to the Bureau of Labor Statistics

On their home page from the menu on the right hand side of the page “Latest Numbers” click on Unemployment Rate. On the next page click on “Employment Situation Summary”. The December 2014 report should be available. Read the report. Then using the tables linked from the bottom of the report find:

The U3 rate;

The U6 rate; and,

The labor force participation rate.

What are the differences among these measures? Note the percentages of each, what each measure includes and then express your views on what factors may be causing the U6 rate to be roughly twice the U3 rate and what may be causing the decline in the labor participation rate? Is the headline rate used by the most news report misleading?

For your information, here is a summary of the six unemployment measures.

  • U-1, persons unemployed 15 weeks or longer, as a percent of the civilian labor force;
  • U-2, job losers and persons who completed temporary jobs, as a percent of the civilian labor force;
  • U-3, total unemployed, as a percent of the civilian labor force (this is the definition used for the official unemployment rate);
  • U-4, total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers;
  • U-5, total unemployed, plus discouraged workers, plus all other marginally attached workers, as a percent of the civilian labor force plus all marginally attached workers; and
  • U-6, total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers.

 

 

 

 

 

 

 

 

 

 

 

 

WEEK 2

Supply and demand is used extensively in Chapter 4. To be sure that everyone has a full understanding of how to solve supply and demand problems, our first discussion will be a supply and demand problem.

First review the attachments, then provide a step by step solution to the following problem (see the attachments for the steps):

That the case of the machine tool industry in a closed economy. The market begins in equilibrium. The government imposes 10% VAT tax on all producers of machine tools.

Provide a step-by-step explanation of the changes in the machine tool market as a result of the tax.

Remember that the order of events is important. Also use correct terminology (see attachments),

Supply and Demand Guide

Supply and Demand Presentation

 

 

 

 

 

 

 

 

 

 

 

Review the attached presentations on exchange rates.

Then go to the X-Rates Web site (http://x-rates.com) and find the current:

a) exchange rate for the US Dollar (USD) and any other country’s currency that you wish to study. Do NOT select the Chinese Yuan as your other currency since it is not a freely floating currency;

b) then in the Monthly Average display, select the last 12 months from the drop down menus and click “Go”;

c) based on the 12 months of data, which currency is appreciating (gaining value) and which is depreciating (losing value)? Remember it can do both in a year.

Report your finding to the class in your discussion post.

Exchange Rates Part 1

Exchange Rates Part 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEEK3

 

 

WEEK 3

 Actions for Economic Growth  Locked.

This week we want to examine in greater detail the factors that contribute to economic growth. Economic growth is measured by growth in Real GDP. But many factors contribute to that.

Among the generally recognized factors that contribute to economic growth are:

  • Increases in the amount of physical capital: this can be measured by changes in investment spending (software is included in this category);
  • Advances in technology: this can be approximated by research and development spending;
  • Increases in human capital: this can be approximated by years of education; however, this is a very unreliable measure as educational quality is highly variable;
  • Other factors such as size of labor force also come into play and can be measured rather easily. However, to be meaningful that has to be match between the skills possessed by the labor force and the needs of the economy. Thus, mere size of labor for has to be viewed with the human capital variable in mind.
  • Government regulations, tax policy, immigration policy, interest rates all play a role in investment and, thus economic growth.

For this week’s discussion gather information on growth in Real GDP and the other variables as possible on a country of your choice. And report the data and your analysis to the class. Remember that understanding and interpreting the data is more important than just reporting the data.

Attached is a link to OECD report National Accounts at a Glance 2014 and you can find more detailed US data at the Bureau of Economic Analysis.

18 67 Unread for topic Economic Growth: (45) View profile card for Erskine Walther Erskine Walther Feb 3 at 3:13 AM

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