Chapter 1:A Tour of the World 1-1. The United states 91-2: The European Union 91-3: Japan and East Asia ●14:Chna g1-5: The core content of macroeconomics e 1-6: Looking ahead 2003-6-22
2003-6-22 1 Chapter 1:A Tour of the World 1-1:The United States 1-2:The European Union 1-3:Japan and East Asia 1-4:China 1-5:The Core Content of Macroeconomics 1-6:Looking Ahead
11:The United states Is Unemployment Too LoW? e Is the stock Market Too High? Why Has Growth Slowed Down? Why Has Wage Inequality Increased? 2003-6-22
2003-6-22 2 1-1:The United States Is Unemployment Too Low? ⚫ Is the Stock Market Too High? Why Has Growth Slowed Down? Why Has Wage Inequality Increased?
How to Look at an economy When we Look at an economy, macroeconomists focus on first three measures Output, the level of production of the economy as a whole, and its rate of growth O The unemployment rate, the proportion of workers in the economy who are not employed and are looking for a job O The inflation rate. the rate at which the average price of the goods in the economy is increasing over time 2003-6-22 3
2003-6-22 3 How to Look at an economy When we Look at an economy , macroeconomists focus on first three measures: ● Output, the level of production of the economy as a whole, and its rate of growth ● The unemployment rate, the proportion of workers in the economy who are not employed and are looking for a job. ● The inflation rate, the rate at which the average price of the goods in the economy is increasing over time
Growth, Unemployment, and Inflation in the United state. 1960-1999 (in percent) 1960-199719981999200020012002 1998 Output growth|3.139393.6330.329 rate Unemployment 6.0 4.94.64.24.04.85.8 rate Inflation rate40191.01.1191410 2003-6-22
2003-6-22 4 Growth, Unemployment, and Inflation in the United State, 1960-1999 (in percent) 1960- 1998 1997 1998 1999 2000 2001 2002 Output growth rate 3.1 3.9 3.9 3.6 3.3 0.3 2.9 Unemployment rate 6.0 4.9 4.6 4.2 4.0 4.8 5.8 Inflation rate 4.0 1.9 1.0 1.1 1.9 1.4 1.0
1-2: The European Union How to Reduce High Unemployment? oWhat Will the Euro Do for Europe 2003-6-22 5
2003-6-22 5 1-2:The European Union How to Reduce High Unemployment? What Will the Euro Do for Europe?
Growth, Unemployment, and Inflation in the European Union, 1960-1999 (in percent) 1960/1997198199 1998 Output growth rate 3 27281.9 Unemployment rate 6. 411.210.5 10.1 Inflation rate 571.8181.7 2003-6-22 6
2003-6-22 6 Growth, Unemployment, and Inflation in the European Union, 1960-1999 (in percent) 1960- 1998 1997 1998 1999 Output growth rate 3.1 2.7 2.8 1.9 Unemployment rate 6.4 11.2 10.5 10.1 Inflation rate 5.7 1.8 1.8 1.7
1-3:Japan and East Asia 1 What Has Japan Done So Poorly in the 1990s? What Was the cause of the asian Crisis of 1997? 2003-6-22 7
2003-6-22 7 1-3:Japan and East Asia 1 What Has Japan Done So Poorly in the 1990s? What Was the Cause of the Asian Crisis of 1997?
Growth, Unemployment, and Inflation in Japan, 1960-1999 (in percent) 1960-199719981999 1997 Output growth rate 580.8-2.8-0.9 Unemployment rate 1.9344.149 Inflation rate 480.604-07 2003-6-22 8
2003-6-22 8 Growth, Unemployment, and Inflation in Japan, 1960-1999 (in percent) 1960- 1997 1997 1998 1999 Output growth rate 5.8 0.8 -2.8 -0.9 Unemployment rate 1.9 3.4 4.1 4.9 Inflation rate 4.8 0.6 0.4 -0.7
Output Growth in East Asian Countries and Districts 1970-1999 (in percent) 1970-1997199719981999 Hong Kong 7.5 5.2 5.1 3 Singapore 8.2 7.5 1.50.5 Korea 84 5.5 5520 alwan 8.3 684939 ndonesia 6.8 4.7 3.7-4.0 Malaysia 7.4 7.8 680.9 Philippines 3.6 5.1 -0.52.0 Thailand 7.5 041.0 3.0 China 9.1 8878 7 2003-6-22 9
2003-6-22 9 Output Growth in East Asian Countries and Districts,1970-1999 (in percent) 1970-1997 1997 1998 1999 Hong Kong 7.5 5.2 -5.1 -1.3 Singapore 8.2 7.5 1.5 0.5 Korea 8.4 5.5 -5.5 2.0 Taiwan 8.3 6.8 4.9 3.9 Indonesia 6.8 4.7 -13.7 -4.0 Malaysia 7.4 7.8 -6.8 0.9 Philippines 3.6 5.1 -0.5 2.0 Thailand 7.5 -0.4 1.0 3.0 China 9.1 8.8 7.8 7.1
1-4: China GDP in China 1952-2002 GDP Growth Rate in China 1953-2002 g Inflation rate in China 1978-2002 e The Sum of Trade and Proportion in GDP 2003-6-22 10
2003-6-22 10 1-4:China GDP in China 1952-2002 GDP Growth Rate in China 1953-2002 Inflation Rate in China 1978-2002 The Sum of Trade and Proportion in GDP
