Mankiw 6e. Experience it.
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Chapter 23: Measuring a Nation's Income

Recent Posts
(Note: Page numbers referenced in posts prior to June 1, 2011 refer to 5th edition)

 

January 15

A Comic on GDP Accounting

A comic strip reminds us why GDP only includes final goods and services.

Textbook References:

Pages 494-496 “The Measurement of Gross Domestic Product”

April 10

Does GDP buy happiness?

Allen Sanderson discusses the relationship between happiness and GDP. He notes that GDP correlates "strongly with other quality-of-life variables such as access to basic necessities, better health, and education."

Textbook References:

Pages 519-523 “Is GDP A Good Measure Of Economic Well-Being”


December 5

200 Countries and 200 Years in 4 Minutes

A YouTube video shows how income per capita and life expectancy have changed for 200 countries over the last 200 years.

Textbook References:

Pages 522-523 “International Differences In GDP And The Quality Of Life”
Pages 550-554 “Economic Growth Around The World”


September 10

Judging Downturns II

The discussion of how severe the recession is that strated on September 9 continues.

Textbook References:

Chapter 23 “Measuring a Nation’s Income”
Pages 614-623 “Identifying Unemployment”
Pages 740-742 “Three Key Facts About Economic Fluctuations”


September 9

Judging Downturns

The current recession is not nearly as bad as the Great Depression.

Textbook References:

Chapter 23 “Measuring a Nation’s Income”
Pages 614-623 “Identifying Unemployment”
Pages 740-742 “Three Key Facts About Economic Fluctuations”


May 29

Keeping Things in Perspective

A chart shows that the current crisis is no worse than many other downturns and nowhere near as bad as the Great Depression.

Textbook References:

Pages 518-519 “Real GDP Over Recent History”


Feb. 12

Who Bears the Burden of Downturns?

Jonathan Parker and Annette Vissing-Jorgensen argue that the consumption of high-consumption households fluctuates more than that of low-consumption households.

Textbook References:

Chapter 20 “Income Inequality and Poverty”
Page 515 “The Components of U.S. GDP”
Pages 740-742 “Three Key Facts about Economic Fluctuations”


Jan. 7

Varian on Stimulus

There is a link to an editorial by Hal Varian that suggests the fiscal stimulus should be transfers to state governments and subsidies for private investment.

Textbook References:

Pages 248-249 “State and Local Government”
Pages 512-515 “The Components of GDP”
Pages 787-793 “How Fiscal Policy Influences Aggregate Demand”
Pages 793-796 “Using Policy to Stabilize the Economy”

Chapter 23: Measuring a Nation's Income
Archived Posts

 

Dec. 22

How Not to Stimulate the Economy

Mankiw presents various ways to stimulate the economy and shows how it is possible to increase GDP but make people worse off.

Textbook Reference:

Pages 519-522 “Is GDP a Good Measure of Economic Well-being?”


Dec. 9

Investment: Then and Now

Mankiw presents a graph of residential and non-residential investment over time. He notes that in the last recession, non-residential investment fell and this time its is residential investment leading the downturn.

Textbook Reference:

Pages 513-514 “Investment”