Ec4004 Lecture1 Growth Matters

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Ec4004 Lecture1 Growth Matters

  1. 1. Text Introduction to EC4004 Macroeconomics Lecture 13
  2. 2. Micro. O-vah.
  3. 3. Macro Weeks 7 - 12
  4. 4. #
  5. 5. Ready?
  6. 6. 6.7 Billion
  7. 7. 300 born
  8. 8. Every.
  9. 9. Minute.
  10. 10. 1/10 Born to Teenagers
  11. 11. #
  12. 12. 16/300
  13. 13. <5.
  14. 14. 1 Mother will die
  15. 15. 40,000 per month
  16. 16. 2.3 billion tons of carbon dioxide
  17. 17. Per Month.
  18. 18. 1/2
  19. 19. 3 Tonnes
  20. 20. 3 Tonnes
  21. 21. $65.61 trillion
  22. 22. 2%
  23. 23. 30%
  24. 24. 4%
  25. 25. 10% is Arable.
  26. 26. 250,000km
  27. 27. 322 Boundaries
  28. 28. 194 independent states and 70 dependencies
  29. 29. Ethnicity
  30. 30. Culture
  31. 31. Race
  32. 32. Language
  33. 33. 8.6 million refugees
  34. 34. 87%
  35. 35. 66
  36. 36. /<#>
  37. 37. Macroeconomics
  38. 38. Study of Economy as a whole
  39. 39. ?
  40. 40. All Households
  41. 41. All Firms
  42. 42. Government
  43. 43. Measure Output Each Year
  44. 44. Produce Consume Invest Export Import
  45. 45. GDP: Sum of all final goods and services produced in the economy
  46. 46. Example.
  47. 47. 10* Guns 20* Butter Pguns = €10 Pbutter = €5 Value of output: 10*10+20*5 = 200
  48. 48. Growth of GDP
  49. 49. Growth rate of real GDP for year t = (( Yt− Yt−1)/ Yt−1)− 1 Multiply by 100 to get the growth rate of real GDP in percent per year.
  50. 50. Example: Y2006=105; Y2005=100 Growth Rate = 105-100/100-1*100 =5%
  51. 51. Real GDP
  52. 52. Multiply each year’s quantity of output of each good by the price of the good in a base year. GDP in constant Euros Chain-weighted real GDP
  53. 53. (nominal GDP)/(implicit price level) = real GDP or implicit price level = (nominal GDP)/ (real GDP)
  54. 54. www.gapminder.org
  55. 55. 086 399 83 06
  56. 56. Next Time Growth Theory Read Barro Chapters 2&3
  57. 57. Introduction to EC4004 Macroeconomics Lecture 13

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