National Income: Where it Comes From and Where it Goes - PDF document

Jun 24, 2023 •237 likes •473 views

Topic 3: National Income: Where it Comes From and Where it Goes National Income National Income CHAPTER

Topic 3: National Income: Where it Comes From and Where it Goes �� National Income National Income CHAPTER 3 CHAPTER 3 Introduction Introduction � �� The Neoclassical model The Neoclassical model �� !�� 1
Neoclassical model Neoclassical model "�� #� $� �� %� &�� #� '�� $� (�� %� )�� Three Markets Three Markets – Three agents Three agents Labor Market hiring work Financial Market borrowing borrowing saving Firms Households Governmen t production government consumption investment spending Goods Market Neoclassical model Neoclassical model &�� #* )�� +�� ,�� 2
Neoclassical model Neoclassical model $*�-�� .��*� +�� ,�� %*�(�� +�� ,�� /� �� Neoclassical model Neoclassical model � 0��1 ��2�� "�� +��3 Part 1: Supply in goods market: Part 1: Supply in goods market: Production Production �� 4� !� . " � # * $�� " 4 # 4� 3
The production function The production function � ��. *�� " �� # �� 5�� )�� Returns to scale Returns to scale �� 4� !� . " � � # � *�� +�� % " �� 4� %" �� # �� 4� %# �� 26# .�� % 4�#�$7��$78* 0�� 4� !� . " � � # � *�9�� 4� % � � �� 6� % � � �� :� % � Exercise: Exercise: determine returns to scale determine returns to scale ,�� ! " # � & � = $ " + #7 # 4
Assumptions of the model Assumptions of the model #� "�� $� "��5�� " " �� # # = = Determining GDP Determining GDP ;�� +�� ! " # � � � = Part 2: Equilibrium in the factors market Part 2: Equilibrium in the factors market � <�� =�� +�� ,�� 5

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