The Macroeconomic Perspective
Explore the key concepts and frameworks of macroeconomics and learn how to measure the size of the economy, track real GDP over time, and compare GDP among different countries while understanding its limitations as a measure of the standard of living.
Introduction to the Macroeconomic Perspective
Goals
Frameworks and Policy Tools
Measuring the Size of the Economy
GDP Measured by Components of Demand
GDP Measured by What is Produced
The Problem of Double Counting
Other Ways to Measure the Economy
Key Concepts and Summary
Adjusting Nominal Values to Real Values
Converting Nominal to Real GDP
Key Concepts and Summary
Tracking Real GDP Over Time
Key Concepts and Summary
Comparing GDP Among Countries
Converting Currencies With Exchange Rates
GDP Per Capita
Key Concepts and Summary
Limitations of GDP as a Measure of the Standard of Living
Does a Rise in GDP Overstate or Understate the Rise in the Standard of Living?
GDP is Rough, but Useful
Key Concepts and Summary