By Manfred Gärtner
Textbook for macroeconomics classes. very good PDF.
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Additional info for Macroeconomics (3rd edition)
3 Beyond accounting 23 Even models that consist of mathematical equations can be made more transparent and more accessible by transferring them into diagrams. We will do so frequently throughout this text and use purely mathematical reasoning as sparingly as possible. Empirical tests Empirical tests are confrontations of hypotheses (statements) derived from models (or theories) with realworld data or events. They serve to gauge whether a model is useful or not. Just as the effectiveness of road maps is judged by the ease with which they guide their users to unfamiliar destinations, the quality of an economic model is judged by its potential to help us understand what happens in the real world.
In reality, it can be measured in a number of ways. The two most important and most frequently used definitions are gross domestic product (GDP) and gross national product (GNP). Gross domestic product sums up what is being produced within the geographical borders of a country. Gross national product is the term for all income received by the inhabitants of a country, no matter whether it results from production at home or abroad. This is why it is often called gross national income (GNI) these days.
For most countries the difference between GDP and GNP is small. We will usually think of GDP when talking about total income or output. 8% in Poland. 4%, but had ceased to be a major problem in the majority of EU member states, where it remained well below 3%. However, easier monetary policies in response to financial crises and surging oil prices allowed inflation to make a modest comeback in 2008. 2 Essentials of macroeconomic accounting Factors of production are all resources used in the production of goods and services: labour, capital goods such as machines, and natural resources such as oil.