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Extra info for Output, Inflation and Growth: An Introduction to Macro-Economics

Example text

This we have not measured. For, as the table shows, in estimating the value of output of Firm A we have incIuded the value of output it purchased from Firm B. And, demonstrating consistency in error, we have repeated this procedure with B. We have thus double counted. We avoid this difficulty by defining national national sum ofthe value added output == product == by firms in the economy and ~1:;=) == sales of the firm - purehases from other firms == addition to the value of the product attributable to the firm in question alone.

T More advanced reference. 3 Definition of Concepts and Measurement of Output IN this chapter we define some ofthe concepts which we shall need to employ in describing how the economy operates and developing a theory to explain why the economy operates as it does. Our picture ofthe economy, which is very much simplified, is this. Resources, which we shall call Jactors oJ production are combined in various ways, by firms or enterprises, to produce an annual flow of goods and services. We define these terms as follows (i) The Jactors oJ production are defined to be land, labour and capital.

There is also a f6000 addition to the fixed capital of Firm B. Hence we have: national expenditure == expenditure on the national product == consumption plus investment == f44,000+f12,OOO == f56,000. 3 NATIONAL INCOME AND DEPRECIATION In the previous chapter we stated that national income == national product == national expenditure; national income == wages + rents + profits We now need to examine this more cIosely. The concept of national income is of interest because it measure::; the fiow of factor incomes genera ted by the production of output in the current period available to satisfy human wants.

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