Macroeconomics (2nd Edition) by Manfred Gärtner

By Manfred Gärtner

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Extra info for Macroeconomics (2nd Edition)

Example text

The pizza place may buy an Alfa and offer home deliveries. Such investment demand is typically not paid for out of current income (in fact, firms have no income) but is financed by borrowing money from banks. In this light, investments take the form of injections into the income circle. 6, with its focus on bringing savings and investment into the picture, illustrates how the basic circular flow model may be adapted to take into account complications that arise in reality. We now take a big step and introduce all those leakages and injections that will play prominent roles in the remainder of this book.

One possibility is that the number of work-hours used in the production process remains at 24,000 hours. This could be because we are operating at the capacity limit, and this leaves output at 6 cars. Then e396,000 of income and spending must be compensation for 24,000 work-hours and payment for 6 cars. 50. Workers have to work 4,000 hours to earn enough money to buy a car, just as much as before the helicopter mission. Putting this differently, nominal income, income in terms of currency, grew by 10% from e360,000 to e396,000.

As regards prices, we consider two extreme cases. One possibility is that the number of work-hours used in the production process remains at 24,000 hours. This could be because we are operating at the capacity limit, and this leaves output at 6 cars. Then e396,000 of income and spending must be compensation for 24,000 work-hours and payment for 6 cars. 50. Workers have to work 4,000 hours to earn enough money to buy a car, just as much as before the helicopter mission. Putting this differently, nominal income, income in terms of currency, grew by 10% from e360,000 to e396,000.

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