macroeconomics and national income, Lecture notes of Economics

Download macroeconomics and national income and more Lecture notes Economics in PDF only on Docsity!

National Income and

Product Accounts

Reference : Macroeconomics – N. Gregory Mankiw Macroeconomics – Olivier Blanchard Macroeconomics for Manager – Michael K. Evans By Team Teaching

Definition

of National

Income

• (^) Pendapatan Nasional adalah seluruh pendapatan yang diterima oleh seluruh anggota masyarakat/seluruh rumah tangga konsumen (RTK) dalam suatu negara dalam kurun waktu tertentu
• (^) Pendapatan nasional juga dapat diartikan sebagai produksi nasional, yang berarti nilai hasil produksi yang dihasilkan oleh seluruh anggota masyarakat suatu negara dalam waktu tertentu, biasanya 1 tahun

Konsep Pendapatan

Nasional

Gross Domestic Product (GDP) Gross National Product (GNP) Net National Product (NNP) Net National Income (NNI) Personal Income (PI) Disposable Income (DI)

1. Gross Domestik

Product (GDP)

• (^) Nilai seluruh produksi barang dan jasa di

suatu negara selama 1 tahun, baik oleh

perusahaan nasional maupun perusahaan

asing yang ada di negara tersebut

• (^) GDP = Pendapatan WNI (DN) +

Pendapatan WNA (DN)

3. Net National Product (NNP)

Hasil dari nilai GNP yang telah dikurangi dengan penyusutan

modal/depresiasi dalam proses produksi

Inti dari NNP merupakan konsep pendapatan nasional yang

dilihat hanya dari laba yang diperoleh. Karena tujuan dari NNP

adalah untuk mencari netto atau nilai bersih dari suatu produksi

NNP= GNP - Penyusutan

4. Net National Income (NNI)

• (^) Jumlah pendapatan nasional berdasarkan jumlah balas jasa yang diterima oleh masyarakat sebagai pemilik faktor produksi.
• (^) NNI = NNP – Pejak Tidak Langsung + Subsidi

6. Disposable Income

• (^) Pendapatan yang siap untuk dimanfaatkan untuk membeli barang dan jasa beserta tabungan yang disalurkan menjadi investasi dan telah dikurangi pajak langsung
• (^) Pajak langsung adalah pajak yang bebannya tidak dapat dialihkan kepada orang lain, contohnya pajak pendapatan
• (^) DI = PI – Pajak Langsung

Difference Between National and Personal Income

• (^) National Income – earned by all

factors of production

• (^) Personal income – received by

individuals, includes transfer

payments. Capital gains income not

included at all.

• (^) Difference between GDP and NI is

primarily depreciation and indirect

business taxes

Basic Concepts of NIPA

• (^) Product Side – all goods and services

purchased for final demand (except

inventory investment)

• (^) No intermediate goods or services

included, since that would be double

counting

• (^) Income Side – all income earned by

various factors of production

• (^) No transfer payments are included

Consumer Spending

• (^) Durable goods: last 3 years or more Mainly motor vehicles and appliances
• (^) Nondurables: used up quickly Mainly food, gasoline, household supplies Clothing is in between, has more characteristics of a durable but not listed in that category
• (^) Services: mainly housing and utilities, transportation, medical, and recreational
• (^) Housing is on a rent-equivalency basis; not the actual mortgage payments

Investment – Capital Spending

Producers Durable

Equipment

• (^) High-Tech Equipment
  • (^) Computers
  • (^) Software
  • (^) Telecommunications
• (^) Industrial Equipment
• (^) Transportation

Equipment

• (^) Includes leased

cars

• (^) Other Equipment
  • (^) Natural resources
  • (^) Office equipment

Nonresidential

Construction

• (^) Buildings
• (^) Utilities
• (^) Oil drilling
• (^) Most roads, etc. in the

public sector

Inventory Investment

• (^) Actually not final demand, but included in GDP because factors of production have already been paid to produce these items.
• (^) Only about 1% of GDP, but accounts for more than 50% of the fluctuations in real GDP during recessions. In the 2001 recession, it accounted for more than 100%, meaning that final sales continued to rise during the downturn.

Intermediate Goods and Services

• (^) Mostly parts and materials used in the production of final goods
• (^) For example, steel for autos, lumber for housing, natural gas for petrochemicals.
• (^) Office supplies (paper clips) but not capital equipment, which is part of final demand
• (^) Some intermediate services as well
• (^) For example, airline travel and restaurant meal expenditures by businesses. If an individual made the same purchase, it would be part of final demand