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BBC NEWS | In pictures: Urban life in Zimbabwe, Dollars and cents Photos of urban life in Zimbabwe today: shortages, […]

Here is the distribution of marks for MG4014.  Note all marks are subject to ratification by the Faculty Board.

Today: Defining Inflation Categorising Inflation Inflation is defined as a general increase in prices, which we proxy by the Consumer Price Index.  (CPI).

Today: Defining Inflation Categorising Inflation Inflation is defined as a general increase in prices, which we proxy by the Consumer Price Index.  (CPI).

We've already talked about measuring total output, so revise your notes on GDP, GNI, etc. Aggregate Supply: The total supply of goods and services produced in the economy in a given period AS = (net output per hour)*(total hours of employment) = yN Aggregate Demand AD is the total demand for goods and services in an economy in a given period.  AD = C+I C = cwN AD= C+I- cwN+I Total Saving = wages saved + all profit income = Nc(1-c)+N(y-w) = Nw-Nwc+Ny-Nw =Ny-Nwc Market Clearing AS = yN=cwN+I = AD Unemployment and Government Fiscal Policy AD = C+ I + B = cwN + I + B AS = yN = cwN + I + B = AD yN- cwN = I + B N(y-cw) = I+B so N* = (I+B)/(y-cw) this is the equation for the equilibrium level of employment when AS=AD in the product market.

The output gap for Ireland from 1970--2005 is shown below The figure below shows Ireland's percentage deviation from it's potential GDP from 1970 to 2005 compared with the USA (data for this figure came from http://www.imf.org/external/pubs/ft/weo/2000/02/data/ngap.csv).

...Highly correlated with high levels of income (obviously two-directional causality here); together with differences in saving rates can "explain" a fraction of the cross-country differences in output; this is an important predictor of high growth performance.

The adoption of capitalism does not guarantee success, however.Where the government plays an active role is supporting the economy's growth, the country will, generally speaking, be better off.International investment, which is the diversion of the surplus product from one country to another, can help make countries richer through these transfers.

...There are ample we resources on the debate on inequality in the links I've mentioned already if you want to get more into this area.There are some really shocking numbers out there, for instance we have <http://www.epi.org/content.cfm/webfeatures_snapshots_20060823>:The figure is one such measure of inequality - the ratio of the wealth of the richest 1% to that of a household with typical wealth in the middle.

MDU Macroeconomics Course Outline MDU Macroeconomics Course Outlineclass="cmr-12">Stephen Kinsella Department of EconomicsUnversity of Limerick, Irelandhttp://www.stephenkinsella.net2007-01-15 1 OverviewMacroeconomics is the study of how the decisions of individuals, families, firms and governments produceoutcomes—such as economic progress or stagnation, inflation or unemployment—for the economyas a whole....  All readings will be taken from Samuel Bowles, Richard Edwards, andFrank Roosevelt, Understanding Capitalism: Command, Competition, and Change, Oxford University Press, 2005.Here is a link to the OUP site for the book: http://www.oup.com/uk/catalogue/?ci=9780195138658.