Тарау 5. Introduction into macroeconomics

Сабақ 10.

National economy: its features and indicators. Economic growth of a national economy.

Macroeconomics is a science about national economy as a whole. It studies the aggregated behavior of all participants of economic system. As the independent scientific direction macroeconomics began to be formed in 30-s of the XX century. Bases of macroeconomics were put by J. M. Keynes, but the macroeconomic analysis of all-economic tendencies were carried out before J. M. Keynes by:

1. English economist D. Yum (development of problems of the balance of payments)

2. French economist F.Kene (the analysis of a social production from the point of view of definition of balance proportions between natural and cost elements of a public product)

3. German economist K.Marks (creation of two-sector model of simple and expanded production of a cumulative public product)

To the middle of the 1960th years macroeconomics developed within the ideas formulated by supporters of Keynes: J. Hicks, A.Hansayen, P. Samuelson and others. Since the beginning of 1970 years the great popularity is acquired by concepts of development of the national economy, offered by modern neo – classic economists.

Macroeconomics pursues specific aims and uses the corresponding tools.

The system includes the following elements:

1.high and growing level of national production

2.high employment at the small compelled unemployment

3.stable price level in combination with determination of the prices and a salary by influencing on demand and supply in the free markets

4) achievement of zero balance of the balance of payments

Macroeconomic instruments of impact on national economy are:

1.tax-budget policy

2.monetary-credit policy

3.policy of income

4.foreign economic policy

The national economy is a complicated economic system which has branch and territorial structure. The national economy of any country can be divided accoprding to the branch principle. From this point of view it includes two large spheres:

1.branch of material production

2.social sphere.

System of national accounts

System of national accpounts is one of the directions of development of a balance method in economic literature.

The system of national accounts is used in the majority of countries of the world community for measurement of a condition of production in scales of all economy and finally – welfare of the population.

The system of national accounts is a complex of the interconnected indicators.

The system of national accounts gives an idea of production, distribution, redistribution and use of a gross national product and the national income. For development of the system of national accounts, it is necessary to collect information about function of all economic agents operating in the territory of Kazakhstan. These economic agents are called as institutional units.

The following items belong to them:

1.non-financial corporations, they are engaged in production of goods for the market and rendering financial services;

2. farms, represent, first of all producers of goods and services who can be used in production;

3.non-profit institutes are organizations, establishments which specialize on non-market activity;

4.right insititutions which are engaged in economy regulation, redistribution of the income, and also specialize on the public benefits;

5.financial corporations$ banks, insurance companies, pension funds, pawnshops belong to them. They specialize on financial services.

Importance of system of national accounts consists in the following:

1.it serves as the important tool of economic policy

2.it is the instrument of economic planning and forecasting.

3.it is used for comparative analysis

Macroeconomic indicators of national economy

Economic activity of the country in a separate period is measured by means of the following major indicators:

1. Gross internal product

2. Gross national product

3. Net national product

4. National income

5. Personal income of citizens

The gross internal product is a market cost of all final benefits made in the country by producers per year irrespective of their national identity

The gross national product is the macroeconomic indicator representing market cost of final goods and services, created by means of the factors of production being property of citizens of this country and being not only within the country, but also abroad.

The pure national product - represents the sum of final products and the services, remained for consumption after equipment write-off.

The national income characterizes net income of society or the sum of the factorial income of the whole population of the country.

The personal income is the sum of income which is really received by the population after a deduction from the national income of contributions of the population in social system of insurance, profit taxes of corporations, retained earnings of corporations and addition of transfer payments (pensions, grants, scholarships)

The personal available income is the income available to a direct expenditure by households.

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