Inflation is defined as a continuous increase in general price levels over time. It can be caused by increases in money supply, government spending, exports, wage rates, and raw material prices. Governments use monetary and fiscal policies like tightening money supply and reducing spending to control inflation. In Pakistan, inflation rates for CPI, WPI, and SPI are measured and these indices track price levels of consumer, wholesale, and essential items respectively. The government monitors various inflation metrics to gauge economic conditions and formulate appropriate policies.
This document discusses inflation, including its definition, types, causes, impacts, and measurement. It defines inflation as a persistent increase in general price levels over time. There are different types and speeds of inflation such as creeping, walking, running, and hyper inflation. Inflation is caused by demand-pull factors like too much money chasing too few goods, and cost-push factors like increases in wages, profits, import prices, and taxes. Impacts of inflation include a redistribution of income away from fixed income groups, impacts on production, savings, government finances, and exports/imports. Inflation is measured using price indices like the wholesale price index and consumer price index, which track the prices of baskets of goods
1) National income of India constitutes the total amount of income earned by the whole nation and originated both within and outside its territory during a particular year.
2) Estimates of national income are made using various methods including output, income, and expenditure. Data is provided by government agencies and surveys.
3) India's national income has grown significantly since independence, with the economy experiencing periods of modest growth, recovery, and higher growth during the post-reform period from 1992 onward.
This document discusses concepts related to measuring national income, including gross domestic product (GDP), net domestic product (NDP), gross national product (GNP), and net national product (NNP). It describes how national income is the total value of all final goods and services produced within a nation in a year. National income can be measured using several methods, including the product method, income method, and expenditure method. The document also notes some challenges in accurately measuring national income.
The Bergson social welfare function was introduced to provide a scientifically normative study of welfare economics. It defines social welfare as a function of the welfare of each member of the community, depending on factors like their consumption and services. The function establishes a relation between social welfare (W) and the utility levels (U) of each individual (U1, U2, etc.), representing social welfare as an increasing function of individual utilities. It assumes social welfare depends on individual wealth/income and distribution of welfare, and allows for interpersonal comparisons of utility. However, the concept has been criticized for not applying to all governments, being difficult to construct, arbitrary, and not empirically significant or helpful for solving problems.
National Income is the total amount of income accruing to a country from economic activities in a year. There are two definitions - traditional and modern. Under the traditional definition, national income is the net annual output of commodities and services produced by a country. The modern definition includes Gross Domestic Product and Gross National Product. GDP is the total value of goods and services produced domestically, while GNP includes income earned abroad. There are various concepts to explain economic activities, such as NNP, NI, PI, DI, and PCI. National income can be measured using the income, product, and expenditure methods.
The document discusses various concepts related to national income such as GDP, NDP, NNP, per capita income. It provides estimates of these figures for India from 1999-2000 to 2004-2005 at both current and constant prices. It also explains key terms like domestic territory, normal residents, stock and flow variables, closed and open economies, and methods of measuring national income such as the product, income and expenditure methods.
The document discusses various price indices used to measure inflation and price changes in an economy including the Consumer Price Index (CPI), Wholesale Price Index (WPI), and Sensitive Price Indicator (SPI). The CPI measures price changes of consumer goods and services and is the main measure of inflation in a country. The WPI measures price changes in primary and wholesale markets. The SPI measures price movements of essential commodities on a weekly basis. Each index provides important information about inflation and price levels in different sectors of the economy.
This document discusses inflation, including its definition, types, causes, impacts, and measurement. It defines inflation as a persistent increase in general price levels over time. There are different types and speeds of inflation such as creeping, walking, running, and hyper inflation. Inflation is caused by demand-pull factors like too much money chasing too few goods, and cost-push factors like increases in wages, profits, import prices, and taxes. Impacts of inflation include a redistribution of income away from fixed income groups, impacts on production, savings, government finances, and exports/imports. Inflation is measured using price indices like the wholesale price index and consumer price index, which track the prices of baskets of goods
1) National income of India constitutes the total amount of income earned by the whole nation and originated both within and outside its territory during a particular year.
2) Estimates of national income are made using various methods including output, income, and expenditure. Data is provided by government agencies and surveys.
3) India's national income has grown significantly since independence, with the economy experiencing periods of modest growth, recovery, and higher growth during the post-reform period from 1992 onward.
This document discusses concepts related to measuring national income, including gross domestic product (GDP), net domestic product (NDP), gross national product (GNP), and net national product (NNP). It describes how national income is the total value of all final goods and services produced within a nation in a year. National income can be measured using several methods, including the product method, income method, and expenditure method. The document also notes some challenges in accurately measuring national income.
The Bergson social welfare function was introduced to provide a scientifically normative study of welfare economics. It defines social welfare as a function of the welfare of each member of the community, depending on factors like their consumption and services. The function establishes a relation between social welfare (W) and the utility levels (U) of each individual (U1, U2, etc.), representing social welfare as an increasing function of individual utilities. It assumes social welfare depends on individual wealth/income and distribution of welfare, and allows for interpersonal comparisons of utility. However, the concept has been criticized for not applying to all governments, being difficult to construct, arbitrary, and not empirically significant or helpful for solving problems.
National Income is the total amount of income accruing to a country from economic activities in a year. There are two definitions - traditional and modern. Under the traditional definition, national income is the net annual output of commodities and services produced by a country. The modern definition includes Gross Domestic Product and Gross National Product. GDP is the total value of goods and services produced domestically, while GNP includes income earned abroad. There are various concepts to explain economic activities, such as NNP, NI, PI, DI, and PCI. National income can be measured using the income, product, and expenditure methods.
The document discusses various concepts related to national income such as GDP, NDP, NNP, per capita income. It provides estimates of these figures for India from 1999-2000 to 2004-2005 at both current and constant prices. It also explains key terms like domestic territory, normal residents, stock and flow variables, closed and open economies, and methods of measuring national income such as the product, income and expenditure methods.
The document discusses various price indices used to measure inflation and price changes in an economy including the Consumer Price Index (CPI), Wholesale Price Index (WPI), and Sensitive Price Indicator (SPI). The CPI measures price changes of consumer goods and services and is the main measure of inflation in a country. The WPI measures price changes in primary and wholesale markets. The SPI measures price movements of essential commodities on a weekly basis. Each index provides important information about inflation and price levels in different sectors of the economy.
This document discusses price indices and provides details about the Wholesale Price Index (WPI) and Consumer Price Index (CPI) in India. It defines price indices as weighted averages of price relatives that track prices of goods and services over time. The WPI measures inflation at wholesale levels, while the CPI measures inflation experienced by consumers. The document outlines the methodology used to calculate the WPI and CPI in India, including selecting commodities, collecting prices, determining weights, and calculating index values.
This document provides an overview of Keynesian theory of income determination. It discusses some key concepts:
1) According to Keynes, the equilibrium level of national income and employment is determined by the interaction of aggregate demand (C+I) and aggregate supply (C+S). This equilibrium is called the effective demand point.
2) Effective demand represents the total spending in the economy that matches aggregate supply. It is the level of income and employment where there is no tendency to increase or decrease production.
3) The effective demand point may be below full employment, indicating underemployment. Government spending can increase aggregate demand and move the economy to a new equilibrium with higher income and full employment.
The document discusses consumer price index numbers, which are index numbers that indicate changes in consumer prices for a basket of goods and services. Consumer price indices are needed because general price indices do not accurately show how price changes impact different classes of consumers who have varying consumption patterns. The indices are calculated using methods like the aggregative expenditure method or family budget method and are used by governments and others to formulate economic policies, grant employee allowances, and evaluate purchasing power.
The document defines various concepts of national income for India such as gross domestic product, gross national product, net domestic product, net national product, personal income, and disposable income. It provides India's current national income as 48,77,842 crores and GDP for 2012-13 as 1.824 trillion. The primary, secondary, and tertiary sectors contributed 13.7%, 15.7%, and 70.6% respectively to GDP in fiscal year 2013. National income is influenced by these concepts and India's economy is growing faster due to faster growth in national income.
The classical theory of employment and output assumed full employment, perfect competition, and wage-price flexibility. It was based on Say's Law that supply creates its own demand and the quantity theory of money that money only impacts prices, not output. Under these assumptions, the economy would always attain general equilibrium with full employment determined by the intersection of labor demand and supply curves. However, the Great Depression showed the flaws in these assumptions and need for government intervention.
This document discusses various causes of inflation including demand-pull inflation and cost-push inflation. Demand-pull inflation occurs when demand increases and outstrips supply, forcing prices to rise. Cost-push inflation is caused by factors that increase the costs of production like rising wages, taxes, material costs and profit margins which are then passed onto consumers in the form of higher prices. Some examples provided include the 1970s OPEC oil embargo and 2012 Pakistan floods which constrained supply and led to price increases. Black money, disposable income, non-productive spending and population growth can also increase demand and cause inflation.
The Big Push Theory proposes that developing countries require a minimum threshold of investment across multiple industries to overcome issues of indivisibilities and break out of poverty. It identifies three types of indivisibilities: in production due to infrastructure needs, in demand due to small markets, and in savings due to high investment requirements. The theory argues for coordinated investment in social overhead capital and multiple industries to realize increasing returns to scale. However, it has been criticized for not providing clear guidance and overlooking constraints faced by developing countries.
National income can be measured using three methods:
1) The value added or product method measures the market value of final goods produced. It deducts intermediate goods and costs from total output.
2) The income method measures payments (rent, wages, interest, profit) to factors of production. It sums labour income, capital income, and mixed income.
3) The expenditure method measures total domestic expenditure by summing household consumption, investment, government spending, and exports minus imports.
The document discusses key concepts related to consumption functions, including:
1) Consumption depends mainly on current income but is also influenced by other factors like interest rates and wealth. As income rises, consumption increases at a lower rate due to savings.
2) Average Propensity to Consume (APC) and Marginal Propensity to Consume (MPC) measure the relationship between consumption and income. APC is the ratio of total consumption to total income, while MPC is the change in consumption over a change in income.
3) Effective demand, the combination of consumption and investment demand, must remain high to maintain employment levels. Investment demand depends on the marginal efficiency of capital (MEC).
National income: concept, methods, Importance and challengesPankaj Bhaydiya
In this presentation you are going to know about the concept of national income, circular flow of income under four sector economy its methods, Importance and the challenges faced by government in calculation of national income
Keynesian theory holds that aggregate demand drives output and employment. If aggregate demand increases, output will also rise as long as there is excess production capacity. Monetary and fiscal policy can be used to boost aggregate demand and increase output towards full employment. However, fiscal policy expansion may be partly offset or "crowded out" if it raises interest rates and reduces private investment. The effectiveness of fiscal and monetary policy mixes depends on the slopes of the IS and LM curves.
National income is the total value of all goods and services produced in a country in a year. It can be measured using various methods such as the production, income, and expenditure methods. The production method sums the value of output from all sectors. The income method sums factor incomes like wages, interest, rent, and profits. The expenditure method sums expenditures on consumption, investment, government spending, and exports/imports. National income statistics are important for measuring economic growth, standards of living, and making country comparisons.
The document defines GDP (gross domestic product) and provides three equivalent definitions:
1) Total expenditures on final goods and services produced domestically in a year
2) Sum of the value added at each stage of production by all domestic industries plus taxes and subsidies
3) Sum of all domestic income including employee compensation, business profits, taxes, and subsidies.
Concept of National Income with GDP GNP NNP& NDPAnkit Singh
It is the detailed study of National Income in a macro economics of a country with the methods of its measurement and concepts related to it like Gross Domestic Product, Gross National Product, Net Domestic Product, Net National Product.
The FAO food price index averaged 196.6 points in August 2014, its lowest level since September 2010, down 7.3 points from July 2014. The indexes for cereals, vegetable oils, dairy, and sugar all declined in August while the meat price index rose slightly. The consumer price index is a measure of the average price of consumer goods and services that reflects inflation in an economy. It represents a fixed basket of goods purchased by a typical consumer and is used to determine price changes from the base year. The CPI is an important indicator for central banks in setting monetary policy and interest rates.
The document discusses the Whole Sale Price Index (WPI) and Consumer Price Index (CPI). The WPI measures price changes in the primary and wholesale markets, while the CPI measures the overall cost of goods and services bought by a typical consumer. The CPI is used to monitor changes in the cost of living over time. It measures price changes of a fixed basket of goods and services of constant quality and quantity to determine inflation rates.
Williamson’s model of managerial discretionPrabha Panth
1) Williamson's model of managerial discretion posits that in imperfect markets, managers will seek to maximize their own utility rather than profits for owners.
2) The model suggests that manager's utility depends on three variables: staff expenditures which boost sales and prestige; management emoluments such as perks; and discretionary investments for ego and pride.
3) Managers have an area of discretion between the actual profits earned and the minimum profits expected by owners, within which they can allocate resources to maximize their own satisfaction defined by the three variables.
Deficit financing is when a government finances its budgetary deficit through borrowing or increasing the money supply. In India it refers to expenditures exceeding current revenues, with public borrowing to cover the difference. The main types of deficits are the budget, revenue, fiscal, and primary deficits. Fiscal deficits in India have increased substantially over time, from 23 billion rupees in 1974-75 to over 5 trillion rupees in 2012-13. Deficit financing can be used to remedy economic issues but comes with adverse effects like inflation, reduced savings and investment, and higher production costs.
National Income: Measuring National Income. Problems in the measurement of Na...viveksangwan007
This document discusses measuring national income and gross domestic product (GDP). It defines national income as the monetary value of goods and services produced in an economy over time. GDP is the total value of output produced and includes foreign business output. GDP can be calculated using expenditure, income, and output methods. The document outlines the components and difficulties of measuring national income.
Hicks revised demand theory by assuming consumers follow a preference hypothesis where they choose the alternative they prefer most from available options based on their preferences. Hicks presented demand theory using indifference curves to represent scales of preference, abandoning indifference curve analysis. He distinguished between strong ordering, where each item has its own ranking number, and weak ordering, where items are grouped but no internal group ordering exists. Hicks also introduced the direct consistency test and derived the law of demand using the methods of compensating variation and cost difference to decompose total effects into price, income, and substitution effects.
The document discusses the consumer price index (CPI), which is a measure of the average price of goods and services purchased by consumers used to indicate inflation. CPI is calculated based on a basket of commonly purchased goods and services, with prices tracked over time and compared to a base year. It is a weighted average that assigns different importance levels to items based on consumer spending habits. The document provides the methodology for calculating a simple CPI and weighted CPI, including examples.
Index that traces the relative changes in the price of an individual good (or a market
basket of goods) over time
It is also substituted for the annual average inflation at times
It gives an idea of the week-to-week fluctuations in the prices of all the traded
commodities in the country as a whole
It is calculated for wholesale prices in which the quantities of the base year and
current year are different
This document discusses price indices and provides details about the Wholesale Price Index (WPI) and Consumer Price Index (CPI) in India. It defines price indices as weighted averages of price relatives that track prices of goods and services over time. The WPI measures inflation at wholesale levels, while the CPI measures inflation experienced by consumers. The document outlines the methodology used to calculate the WPI and CPI in India, including selecting commodities, collecting prices, determining weights, and calculating index values.
This document provides an overview of Keynesian theory of income determination. It discusses some key concepts:
1) According to Keynes, the equilibrium level of national income and employment is determined by the interaction of aggregate demand (C+I) and aggregate supply (C+S). This equilibrium is called the effective demand point.
2) Effective demand represents the total spending in the economy that matches aggregate supply. It is the level of income and employment where there is no tendency to increase or decrease production.
3) The effective demand point may be below full employment, indicating underemployment. Government spending can increase aggregate demand and move the economy to a new equilibrium with higher income and full employment.
The document discusses consumer price index numbers, which are index numbers that indicate changes in consumer prices for a basket of goods and services. Consumer price indices are needed because general price indices do not accurately show how price changes impact different classes of consumers who have varying consumption patterns. The indices are calculated using methods like the aggregative expenditure method or family budget method and are used by governments and others to formulate economic policies, grant employee allowances, and evaluate purchasing power.
The document defines various concepts of national income for India such as gross domestic product, gross national product, net domestic product, net national product, personal income, and disposable income. It provides India's current national income as 48,77,842 crores and GDP for 2012-13 as 1.824 trillion. The primary, secondary, and tertiary sectors contributed 13.7%, 15.7%, and 70.6% respectively to GDP in fiscal year 2013. National income is influenced by these concepts and India's economy is growing faster due to faster growth in national income.
The classical theory of employment and output assumed full employment, perfect competition, and wage-price flexibility. It was based on Say's Law that supply creates its own demand and the quantity theory of money that money only impacts prices, not output. Under these assumptions, the economy would always attain general equilibrium with full employment determined by the intersection of labor demand and supply curves. However, the Great Depression showed the flaws in these assumptions and need for government intervention.
This document discusses various causes of inflation including demand-pull inflation and cost-push inflation. Demand-pull inflation occurs when demand increases and outstrips supply, forcing prices to rise. Cost-push inflation is caused by factors that increase the costs of production like rising wages, taxes, material costs and profit margins which are then passed onto consumers in the form of higher prices. Some examples provided include the 1970s OPEC oil embargo and 2012 Pakistan floods which constrained supply and led to price increases. Black money, disposable income, non-productive spending and population growth can also increase demand and cause inflation.
The Big Push Theory proposes that developing countries require a minimum threshold of investment across multiple industries to overcome issues of indivisibilities and break out of poverty. It identifies three types of indivisibilities: in production due to infrastructure needs, in demand due to small markets, and in savings due to high investment requirements. The theory argues for coordinated investment in social overhead capital and multiple industries to realize increasing returns to scale. However, it has been criticized for not providing clear guidance and overlooking constraints faced by developing countries.
National income can be measured using three methods:
1) The value added or product method measures the market value of final goods produced. It deducts intermediate goods and costs from total output.
2) The income method measures payments (rent, wages, interest, profit) to factors of production. It sums labour income, capital income, and mixed income.
3) The expenditure method measures total domestic expenditure by summing household consumption, investment, government spending, and exports minus imports.
The document discusses key concepts related to consumption functions, including:
1) Consumption depends mainly on current income but is also influenced by other factors like interest rates and wealth. As income rises, consumption increases at a lower rate due to savings.
2) Average Propensity to Consume (APC) and Marginal Propensity to Consume (MPC) measure the relationship between consumption and income. APC is the ratio of total consumption to total income, while MPC is the change in consumption over a change in income.
3) Effective demand, the combination of consumption and investment demand, must remain high to maintain employment levels. Investment demand depends on the marginal efficiency of capital (MEC).
National income: concept, methods, Importance and challengesPankaj Bhaydiya
In this presentation you are going to know about the concept of national income, circular flow of income under four sector economy its methods, Importance and the challenges faced by government in calculation of national income
Keynesian theory holds that aggregate demand drives output and employment. If aggregate demand increases, output will also rise as long as there is excess production capacity. Monetary and fiscal policy can be used to boost aggregate demand and increase output towards full employment. However, fiscal policy expansion may be partly offset or "crowded out" if it raises interest rates and reduces private investment. The effectiveness of fiscal and monetary policy mixes depends on the slopes of the IS and LM curves.
National income is the total value of all goods and services produced in a country in a year. It can be measured using various methods such as the production, income, and expenditure methods. The production method sums the value of output from all sectors. The income method sums factor incomes like wages, interest, rent, and profits. The expenditure method sums expenditures on consumption, investment, government spending, and exports/imports. National income statistics are important for measuring economic growth, standards of living, and making country comparisons.
The document defines GDP (gross domestic product) and provides three equivalent definitions:
1) Total expenditures on final goods and services produced domestically in a year
2) Sum of the value added at each stage of production by all domestic industries plus taxes and subsidies
3) Sum of all domestic income including employee compensation, business profits, taxes, and subsidies.
Concept of National Income with GDP GNP NNP& NDPAnkit Singh
It is the detailed study of National Income in a macro economics of a country with the methods of its measurement and concepts related to it like Gross Domestic Product, Gross National Product, Net Domestic Product, Net National Product.
The FAO food price index averaged 196.6 points in August 2014, its lowest level since September 2010, down 7.3 points from July 2014. The indexes for cereals, vegetable oils, dairy, and sugar all declined in August while the meat price index rose slightly. The consumer price index is a measure of the average price of consumer goods and services that reflects inflation in an economy. It represents a fixed basket of goods purchased by a typical consumer and is used to determine price changes from the base year. The CPI is an important indicator for central banks in setting monetary policy and interest rates.
The document discusses the Whole Sale Price Index (WPI) and Consumer Price Index (CPI). The WPI measures price changes in the primary and wholesale markets, while the CPI measures the overall cost of goods and services bought by a typical consumer. The CPI is used to monitor changes in the cost of living over time. It measures price changes of a fixed basket of goods and services of constant quality and quantity to determine inflation rates.
Williamson’s model of managerial discretionPrabha Panth
1) Williamson's model of managerial discretion posits that in imperfect markets, managers will seek to maximize their own utility rather than profits for owners.
2) The model suggests that manager's utility depends on three variables: staff expenditures which boost sales and prestige; management emoluments such as perks; and discretionary investments for ego and pride.
3) Managers have an area of discretion between the actual profits earned and the minimum profits expected by owners, within which they can allocate resources to maximize their own satisfaction defined by the three variables.
Deficit financing is when a government finances its budgetary deficit through borrowing or increasing the money supply. In India it refers to expenditures exceeding current revenues, with public borrowing to cover the difference. The main types of deficits are the budget, revenue, fiscal, and primary deficits. Fiscal deficits in India have increased substantially over time, from 23 billion rupees in 1974-75 to over 5 trillion rupees in 2012-13. Deficit financing can be used to remedy economic issues but comes with adverse effects like inflation, reduced savings and investment, and higher production costs.
National Income: Measuring National Income. Problems in the measurement of Na...viveksangwan007
This document discusses measuring national income and gross domestic product (GDP). It defines national income as the monetary value of goods and services produced in an economy over time. GDP is the total value of output produced and includes foreign business output. GDP can be calculated using expenditure, income, and output methods. The document outlines the components and difficulties of measuring national income.
Hicks revised demand theory by assuming consumers follow a preference hypothesis where they choose the alternative they prefer most from available options based on their preferences. Hicks presented demand theory using indifference curves to represent scales of preference, abandoning indifference curve analysis. He distinguished between strong ordering, where each item has its own ranking number, and weak ordering, where items are grouped but no internal group ordering exists. Hicks also introduced the direct consistency test and derived the law of demand using the methods of compensating variation and cost difference to decompose total effects into price, income, and substitution effects.
The document discusses the consumer price index (CPI), which is a measure of the average price of goods and services purchased by consumers used to indicate inflation. CPI is calculated based on a basket of commonly purchased goods and services, with prices tracked over time and compared to a base year. It is a weighted average that assigns different importance levels to items based on consumer spending habits. The document provides the methodology for calculating a simple CPI and weighted CPI, including examples.
Index that traces the relative changes in the price of an individual good (or a market
basket of goods) over time
It is also substituted for the annual average inflation at times
It gives an idea of the week-to-week fluctuations in the prices of all the traded
commodities in the country as a whole
It is calculated for wholesale prices in which the quantities of the base year and
current year are different
Inflation is defined as a sustained increase in prices for goods and services. There are two main theories for the causes of inflation: demand-pull, where too much money chases too few goods, and cost-push, where companies raise prices to maintain profits as costs increase. India calculates inflation using the Wholesale Price Index (WPI) and Consumer Price Index (CPI), though WPI is outdated and CPI has time lags in reporting. While India recently saw negative inflation rates, food prices are still affecting people despite the overall decline in inflation.
The document discusses concepts related to inflation including inflation rate, price index, nominal values, and real values. It provides examples of calculating inflation rate by comparing the price index from one year to another. It also shows how to adjust nominal minimum wage values to real minimum wage values using the price index to account for inflation.
Wholesale Price Index of India for April 2014Jhunjhunwalas
India's Wholesale Price Index, WPI for April, 2014 rose by 0.20% to 180.2 from 179.8 for March 2014. The Inflation stood at 5.20% for the month of April 2014 as compared to 5.70% for March 2014 and 4.77% during April 2013.
The document contains several articles related to economics topics:
1) Germany's decision to shut down all nuclear power plants by 2022 due to safety concerns following Japan's Fukushima disaster. This will make Germany the first major economy to be nuclear-free and require investment in renewable energy.
2) A conference discussing challenges and opportunities for managing water resources in Canada and globally in light of increasing demand.
3) An article advising homeowners to distinguish needs from wants when planning renovations and factoring in maintenance costs versus wants.
4) Loblaw dropping a small salad dressing supplier after 20 years in favor of larger brands, citing store space limitations. This negatively impacted the supplier who relied on Lob
This document discusses various concepts and measures related to inflation in India. It begins by defining inflation as a sustained increase in general price levels, as measured by consumer and wholesale prices. It then discusses related concepts like the velocity and neutrality of money. The document outlines different types of inflation including cost-push and demand-pull inflation. It examines the causes and effects of inflation on income distribution, wealth, output and employment. The document also discusses the consumer price index, wholesale price index, and index of industrial production as key measures of inflation in India. Relevant government websites for further information are also provided.
What is the difference between price and value? How do we define education as a product? Is student a customer, co-creator or a do-it-your-self operator?
Foreseeing supply and demand for competence and educationDr. Jouko Kinnunen
This document summarizes a study analyzing supply and demand for skills and education in the Åland Islands using a regional economic model. The study was commissioned by the Åland government to support educational planning. Key findings include that Åland's population is aging and economic growth is expected to be low, increasing demand for healthcare and service workers. Higher education outputs will be needed but highly skilled workers will still mostly be immigrants. The model projects recruiting needs by occupation and education to help align local training with labor market needs. Detailed results are available online.
UVA Wise Tuition and Fees Rise! What are its effects?
A look at the historical trend of tuition and fees at The University of Virginia's College at Wise.
How fast have fees and tuition increased? How do these increase in educational and non-educational cost burden students and their families?
This document discusses inflation including its definition, types, causes, effects, and methods of control. It begins by defining inflation as a persistent rise in the general price level. It then describes different types of inflation such as open, suppressed, galloping, creeping, and hyper inflation. Causes of inflation discussed include demand-pull, cost-push, and built-in inflation from a Keynesian perspective and the monetary theory perspective. Effects of inflation mentioned are hardships for the poor and fixed income groups as well as impacts on business profits, wages, taxes, and investment. Methods to control inflation discussed include monetary measures like controlling money supply and credit, fiscal measures like decreasing public spending and increasing taxes, and increasing production.
- The document discusses different models of school funding, including a subsidy model where the parish subsidizes tuition costs. St. Mark Catholic School currently uses a subsidy model.
- It recommends transitioning to a cost-based tuition with needs-based assistance model over 4-6 years to improve financial stability and faculty compensation. This would involve raising tuition rates and directing subsidies only to families in need.
- The school implemented aspects of this model in 2006-2007, which increased enrollment by 20% while allowing salary increases and program improvements despite raising tuition 25-50%. Communication and needs assessment were keys to success.
A philippine framework for 21st century teaching and learningFiorello Abenes
A Framework for Higher Education, especially for State Universities and Colleges that can make the Philippines competitive with its neighbors. Described areTHREE Pillars of this Framework.
Consume Price Index & Inflation Rate in PakistanFaisal Basra
The Presentation is about how Consumer Price Index (CPI) is calculated & formulated in Pakistan. The three formulas being used in Pakistan CPI, SPI & WPI are being used to calculate the Inflation Rate.
The Abot-Alam framework aims to ensure that no Filipino youth is left behind through education, employment, or entrepreneurship opportunities. It establishes a national multi-sectoral alliance led by DepEd, NYC, DILG, and TESDA to set goals, provide support, allocate resources, and conduct communications campaigns. Local alliances will enlist out-of-school youth, match them with relevant programs, and ensure their implementation through cooperation between local governments, NGOs, educational institutions, and businesses. The framework's goal is to reintegrate youth and provide them high school diplomas, skills training, or small business assistance.
This document defines inflation and outlines its types, causes, effects, and measures of control. It defines inflation as a sustained increase in prices or fall in the value of money. The types of inflation discussed are open, suppressed, galloping, creeping, and hyper. Causes of inflation include factors on both the demand side, such as increases in money supply and income, and supply side, such as rises in administered prices. Effects of inflation are rising import prices, lower savings, impacts to monetary systems and society. Measures to control inflation discussed are monetary policy through interest rates and money supply, and fiscal measures like reducing spending, increasing taxes and pursuing surplus budgets.
The document discusses inflation, unemployment, and their effects. It defines inflation as rising prices in an economy over time. There are different types of inflation including demand-pull and cost-push inflation. Unemployment is also defined and types include structural, frictional, and disguised unemployment. Okun's Law is discussed as describing the inverse relationship between unemployment and economic growth.
The document provides information about price statistics collected and indices computed by the Price Statistics Section of the Federal Bureau of Statistics in Karachi, Pakistan. It discusses the Consumer Price Index (CPI), Sensitive Price Indicator (SPI), and Wholesale Price Index (WPI) and how they are used to measure inflation, price movements of essential items, and wholesale price levels respectively. The presentation also outlines the methodology used to collect prices, calculate weights, select markets and cities, and compute the CPI.
The document summarizes price statistics collected in Pakistan, including the Consumer Price Index (CPI), Wholesale Price Index (WPI), and Sensitive Price Indicator (SPI). The CPI measures inflation at the retail level using a basket of goods. The WPI measures wholesale price changes. The SPI tracks price movements of essential items on a weekly basis. Details are provided on data collection, calculation methodology, and historical revisions to the indices.
The document discusses different price indices used in Pakistan, including the Consumer Price Index (CPI), Wholesale Price Index (WPI), and Sensitive Price Indicator (SPI). It provides details on the items covered, formulas used, and frequency of data collection for each index. The CPI measures price changes at the retail level, WPI measures changes in wholesale markets, and SPI assesses price movements of essential items at short intervals on a weekly basis.
Methodology of price collection and computing price in PakistanShehryar Nur
Statistics play a key role in planning, policymaking and research in the modern
world. Price index is one of the branches of statistics, which is widely used as a tool of
measuring price changes at retail and wholesale level. The Pakistan Bureau of Statistics.
(A) Consumer Price Index (CPI)
(B) Sensitive Price Indicator (SPI)
(C) Wholesale Price Index (WPI)
collection of price data and methodology of computing price
indices
This document summarizes a group research project conducted to determine the Consumer Price Index (CPI) for Yakurr Local Government Area in Cross River State, Nigeria from November 2015 to February 2016. The group calculated the CPI each month by comparing the total cost of a fixed basket of goods to the base period. The results showed a deflation in November of 1.19%, inflation in December of 13.8%, inflation in January of 16.64%, and deflation in February of 0.25%. The group encountered challenges with funding, resistance from participants, and language barriers, but overcame them through contributions, using an interpreter, and fair communication. They recommended government regulation of prices and stabilization of the naira
This document discusses various types of index numbers used to measure changes in economic variables over time. It defines an index number as a quantitative measure of growth in prices, production, or other quantities of economic interest. Index numbers can be classified as price, quantity, value, or composite indexes. Methods for constructing index numbers include simple aggregative, simple average of price relatives using arithmetic or geometric means, Laspeyres, Paasche, Fisher ideal, chain and weighted average of price relatives. The document provides examples of calculating index numbers using different methods.
The document discusses the global financial crisis, its causes and impact on various economies including Pakistan. It outlines steps taken by governments and organizations like the US, World Bank, and Pakistan to address the crisis. Suggestions include developing countries becoming less dependent on trade, spending on development rather than military for the US, and global coordination to limit contagion effects. Recovery signs include stabilizing policies by Pakistan's government and projected growth rates for countries like India and China.
The document provides statistics on various socioeconomic indicators in Pakistan such as labor force, employment, poverty, health, education, and environment from 2006-2007 and 2007-2008. The key points are:
- The labor force of Pakistan increased from 50.33 million to 51.78 million from 2006-2007 to 2007-2008. Employment increased from 47.65 million to 49.09 million over the same period.
- Agriculture accounts for around 44% of employment while industry and services each account for around 20-21% and 35% respectively in 2007-2008.
- Poverty declined slightly according to some measures but inflation disproportionately impacted the poorest segments of the population.
- Liter
The document summarizes Pakistan's fiscal policy and economic performance in recent years. It notes that Pakistan experienced serious macroeconomic imbalances in FY2007-08. To address this, the government passed a Fiscal Responsibility and Debt Limitation Act in 2005 requiring adherence to fiscal targets. The document reviews Pakistan's fiscal performance in FY2007-08 and projections for FY2008-09, including projections that the fiscal deficit will decline to 4.2% of GDP in 2008-09 from 7.4% in 2007-08. It also discusses trends in revenues, expenditures, debt levels, and the government's efforts to reform taxation policies to generate more sustainable revenues.
The document discusses the Pakistani economy, focusing on key sectors such as agriculture, industry, and services. It notes that agriculture remains important as it contributes to GDP, employment, and provision of raw materials. The agriculture sector consists of crops, livestock, fishing, and forestry. Major crops include wheat and rice, which saw record production levels in recent years. Livestock also contributes significantly to the economy and rural employment. The services sector has grown but shows signs of slowing, with weaknesses in wholesale/retail trade. Overall the economy faces challenges like energy shortages but the government is working to develop industries and support small businesses.
The document discusses Pakistan's monetary sector, including the discount rate, money supply, private sector credit, and risks/challenges. It provides details on the discount rate, how the central bank uses it to influence inflation and growth. It also outlines trends in net domestic assets, net foreign assets, and slowing private sector credit growth. The central bank recently lowered the discount rate to 14% to support the economy as inflation declines amid global economic challenges.
The document discusses key aspects of Pakistan's external sector, including the exchange rate, current account balance, financial account, investment, remittances, foreign reserves, and external debt. It provides recent data showing improvements in some areas, such as an 83.9% growth in the overall external sector, increased financial inflows and foreign reserves, and increased value of the rupee. However, it also notes challenges like a sharp deterioration earlier in the fiscal year and the impact of the global economic downturn on remittances from the US.
The Mundell-Fleming model is an extension of the IS-LM model that includes the joint determination of net exports and currency value. It suggests that fiscal expansion with monetary contraction would boost the currency value and reduce net exports, while fiscal contraction and monetary expansion would boost net exports and reduce the currency value. However, expectations play a major role in determining outcomes. Under Reagan, expectations of growth from tax cuts led to a higher dollar and lower net exports, while under Clinton, expectations of growth from spending cuts had the same effect despite different policies.
The Mundell-Fleming model shows that the effects of fiscal and monetary policy on a small open economy depend on whether the exchange rate is floating or fixed. Under floating rates, fiscal policy has little effect while monetary policy influences output by changing the exchange rate. Under fixed rates, monetary policy has little effect while fiscal policy can influence output. The model incorporates interest rate differentials and shows that expectations of currency depreciation can become self-fulfilling.
The document outlines topics that will be covered in lectures 1-6 of ECO-506: Macroeconomic Theory II, including: 1) Balance of Payments, 2) IS-LM-FB Model, 3) Effectiveness of Fiscal and Monetary Policies, 4) Exchange Rate Concepts, 5) Perfect and Imperfect Capital Mobility, and 6) Problems of Stabilization in Global Framework. Specific concepts that will be discussed are the current account balance, capital account, options for a country with a negative current account balance, exchange rate regimes, and purchasing power parity.
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2. Inflation is a situation where there is a continuous
increase in general price level over time
Increase in money supply
Increase in govt. expenditure
Increase in exports
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3. The basic cause is the rising of costs of production such as
Increase in wage rate
Increase in the prices of raw materials
Adaptation of tight monetary policy
Contractionary fiscal policy
Direct govt. control
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4. The inflation in Pakistan has depicted downward
rigidity. All prices indexes like CPI,WPI and SPI
witnessed a clear trend in recent months. The CPI
inflation for Fy09 is around19.1% in march. Core
inflation is 18.5%.
Food inflation 19.7% and non food inflation 18.5%.
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5. Annual inflation
Year on year inflation
Month on month inflation
Monthly year on year inflation
Quarterly inflation
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6. Consumer Price Index (CPI) is the main measure
of price changes at the retail level. It measures
changes in the cost of buying a representative
fixed basket of goods and services and
generally indicates inflation rate in the country.
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7. The CPI series cover 35 urban centers of Pakistan. Depending
upon the size of the city, 1 to 13 markets have been selected from
where the prices are obtained. The markets have been chosen
keeping in view the volume of sales, assuming that majority of the
category of employees for CPI make the purchases from these
markets. Thus, the prices represent the actual consumer prices.
The number of markets covered in 35 cities is 71.
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8. S. No. Name of City Name of Market S. No. Name of City Name of Market
1 Lahore 07 19 Karachi 13
2 Faisalabad 02 20 Hyderabad 04
3 Rawalpindi 06 21 Sukkur 02
4 Multan 03 22 Nawabshah 01
5 Gujranwala 01 23 Larkana 01
6 Sialkot 01 24 Mirpurkhas 01
7 Sargodha 01 25 Shahdadpur 01
8 Islamabad 04 26 Kunri 01
9 Jhang 01 27 Peshawar 03
10 Bahawalpur 01 28 Mardan 01
11 Bahawalnagar 01 29 Abbotabad 01
12 Okara 01 30 D.I Khan 01
13 Jhelum 01 31 Bannu 01
14 D.G Khan 01 32 Quetta 02
15 Mianwali 01 33 Khuzdar 01
16 Attock 01 34 Turbat 01
17 Samundri 01 35 Loralai 01
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18 Vehari 01 Total Markets 71
9. As the consumption pattern of individuals depends on their income
level and occupation, the population under observation is therefore,
categorized under various income groups and occupational
categories. This serves to a certain the impact of price changes of
various commodities on their purchasing ability. The income groups
and occupational categories covered in the CPI are given below as
base year 2000-2001
1. Up to Rs. 3000/-
2. Rs. 3001/ to Rs. 5000/-
3. Rs. 5001/ to Rs. 12000/-
4. Above Rs. 12000/-
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10. The current CPI covers 374 items in the basket of goods and
services, which represent the taste, habits and customs of the
people. This basket has been developed in the light of results
generated through the Family Budget Survey conducted by the
FBS in 2000-01. The basket of goods and services comprises on
10 major groups (2000-2001 base).
Number of item
S.No.Group Weights
2000-2001
1 Food & Beverages 124 40.34
2 Apparel, Textile & Footwear 42 6.10
3 House Rent 1 23.43
4 Fuel and Lighting 15 7.29
5 Household, Furniture & Equipments 44 3.29
6 Transport & Communication 43 7.32
7 Recreation & Entertainment 16 0.83
8 Education 24 3.45
9 Cleaning, Laundry & Personal Appearance 36 5.88
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10 Medicare 29 2.07
Total 374 100.00
11. FBS staff located in 35 Regional/Field offices collects price data
regularly on monthly basis. They personally visit shops, stores, and
establishments according to a predetermined time schedule and
collect the prices of the selected items. Prices are reported in
schedules developed for this purpose. The contents of the
schedules include name of the city, item, its specification and unit
price quoted by four different shopkeepers. The time schedule for
collection of prices is given below:-
Name of Schedule Frequency data Date of collection
Part-I
Monthly 11-14 of each month
Food & beverages
Part-II
Apparel, Textile, and Monthly 1-3 of each month
Footwear, Fuel & Lighting
Part-III
Household, Furniture &
Monthly 4-6 of each month
Equipment etc. and Transport
& Communication
Part-IV
Recreation, Entertainment &
Education Cleaning, Laundry Monthly 7-10 of each month
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& Personal Appearance &
Medicare
12. Laspeyre's formula as given below is being used for the computation
of CPI.
Σ (Pn/Po) x wi
ln = x 100
Σ wi
Where ln = CPI for the nth period
Pn = price of an item in the nth period
Po = price of an item in the base period
wi = weight of the ith item in the base period
= Po x qo / Σ PoxQo
Σwi = Total weight of all items.
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13. The computation of CPI can be illustrated with the help of an
example. Suppose we want to calculate index of pulses for the
month of February, 2002. The same is computed as under:-
Price Weight Weighted Price
Base Price Price relative
Item Unit Feb.02 relative
Po (Pn/P0)
Pn W (Pn/P0) x W
Moong Pulse Kg. 29.91 51.23 0.2230 1.7128 0.3820
Mash Pulse Kg. 45.01 69.81 0.2017 1.5510 0.3128
Masoor Pulse Kg. 36.23 54.00 0.2214 1.4905 0.3300
Gram Pulse Kg. 28.99 40.87 0.4272 1.4098 1.6023
Total 1.0733 1.6270
As per formula
Σ (Pn/Po) x wi x 100
ln =
Σwi
= 1.6270 x 100 = 151.59
1.0733
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14. The Sensitive Price Indicator (SPI) is computed on weekly basis to
assess the price movements of essential commodities at short
intervals so as to review the price situation in the country.
The SPI is being computed for the employees belonging to 4 income
groups and all income groups combined as in CPI (with base 2000-
2001).
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16. SPI is based on the prices prevailing in 17 major cities for the base year
2000-2001. The number of markets covered in each city is given below:
S. No. NAME OF CITY No. OF MARKET
1 Islamabad 4
2 Rawalpindi 6
3 Gujranwala 1
4 Sialkot 1
5 Lahore 7
6 Faisalabad 2
7 Sargodha 1
8 Multan 3
9 Bahawalpur 1
10 Karachi 13
11 Hyderabad 4
12 Sukkur 2
13 Larkana 1
14 Peshawar 3
15 Bannu 1
16 Quetta 2
17 Khuzdar 1
-NOSSCIRE-
Total 53
17. Computation of weights of SPI are the same as that of the CPI . In
the base 2000-2001, fresh developed weights through Family Budget
Survey conducted in 2000-2001 are being used. The weights for
each groups are combined by taking simple average of weights of 17
cities for each item. Then, all income groups are combined at
Pakistan level taking simple average of weights of 4 income group.
Prices used in SPI relate to Thursday of each week. The field staff
collects retail prices of 51 consumer items by personally contacting
the shopkeeper of the markets covered in the SPI. Prices are
obtained by the headquarters on telephone/fax from the concerned
Field/Regional Offices on the same day.
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18. The Wholesale Price Index (WPI) is designed to measure the
directional movements of prices for a set of selected items in the
primary and wholesale markets. Items covered in the series are
those which could be precisely defined and are offered in lots by
producers/manufacturers.
The wholesale prices are collected from the single market by the price collecting
staff of FBS located at the following 18 cities
S. No. Cities S. No. Cities
1 Karachi 10 Sargodha
2 Lahore 11 Quetta
3 Faisalabad 12 Sukkur
4 Rawalpindi 13 Bahawalpur
5 Hyderabad 14 Sahiwal
6 Multan 15 Nawabshah
7 Gujranwala 16 Larkana
8 Peshawar -NOSSCIRE- 17 Mirpurkhas
9 Sialkot 18 Mingora
19. The WPI covers 425 items in the base 2000-2001. The items have
been divided into five groups. The groups and number of items are
given below
Items Weight
S. No. Commodity Group
2000-01 2000-01
1 Food 106 42.12
2 Raw Materials 25 7.99
3 Fuel, Lighting & Lubricants 17 19.29
4 Manufactures 227 25.87
5 Building Material 50 4.73
Total 425 100.00
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20. Frequency Of Data Collection
The wholesale prices are collected by the Statistical Assistant of
Regional/Field offices from 13th to 15th of each month.
Calculation Of Average Prices At Market/City Level
For each commodity 4 quotations from different shops of a market are
obtained. Average of these 4 quotations is taken as a representative
price for the commodities in the market/city.
Methodology Of Data Collection
The method of data collection is the same as explained in CPI.
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22. GDP deflator is a measure of the price level, calculated
as the ratio of nominal GDP to real GDP times 100.
GDP Deflator = Nominal GDP × 100
Real GDP
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23. Quantity of 1st commodity × price per unit
+
Quantity of 2nd commodity × price per unit
Quantity of 1st commodity × base year price per unit
+
Quantity of 2nd commodity × base year price per unit
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24. Inflation is a key indicator of a country and provides
important insight on the state of the economy. A stable
inflation not only gives a nurturing environment for
economic growth, but also uplifts the poor and fixed
income citizens who are the most vulnerable in society.
So Govt. should take initiatives to tackle high inflation
rate for stable economic growth.
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