THE FOUNDATION OF ECONOMICS

THE FOUNDATION OF ECONOMICS
SOCIETY HAS VIRTUALLY UNLIMITED WANTS...

THE FOUNDATION OF ECONOMICS
SOCIETY HAS VIRTUALLY UNLIMITED WANTS... BUT LIMITED OR SCARCE PRODUCTIVE RESOURCES!

GOODS & SERVICES PROVIDE...
UTILITY

UTILITY LUXURIES

UTILITY LUXURIES vs. NECESSITIES

SCARCE RESOURCES ECONOMIC RESOURCES PROPERTY RESOURCES LAND

SCARCE RESOURCES ECONOMIC RESOURCES PROPERTY RESOURCES LAND CAPITAL

SCARCE RESOURCES ECONOMIC RESOURCES PROPERTY RESOURCES LAND INVESTMENT
Notes... PROPERTY RESOURCES LAND INVESTMENT REAL CAPITAL CAPITAL FINANCIAL CAPITAL

SCARCE RESOURCES ECONOMIC RESOURCES PROPERTY RESOURCES LAND CAPITAL
HUMAN RESOURCES

SCARCE RESOURCES ECONOMIC RESOURCES PROPERTY RESOURCES LAND CAPITAL
HUMAN RESOURCES LABOR

SCARCE RESOURCES A/K/A Factors Of Production ECONOMIC RESOURCES
PROPERTY RESOURCES A/K/A Factors Of Production LAND CAPITAL HUMAN RESOURCES LABOR ENTREPRENEURIAL ABILITY

ENTREPRENEURIAL ABILITY
Takes The Initiative Makes Policy Decisions Innovator The Risk Bearer

Efficiency Fixed Resources Fixed Technology Two Products Assumes...
PRODUCTION POSSIBILITIES Assumes... Efficiency Fixed Resources Fixed Technology Two Products for example...

PRODUCTION POSSIBILITIES A Consumer Good Assumes... PIZZA Efficiency Fixed Resources Fixed Technology Two Products for example...

PRODUCTION POSSIBILITIES A Capital Good Assumes... Efficiency ROBOT ARMS Fixed Resources Fixed Technology Two Products for example...

Using all of our resources, to get some pizza, we must give
PRODUCTION POSSIBILITIES What if we could only produce ... 10,000 Robot Arms or 400,000 Pizzas Using all of our resources, to get some pizza, we must give up some robot arms! for example...

in table form PRODUCTION POSSIBILITIES PIZZA 0 1 2 3 4
(in hundred thousands) Robots (in thousands)

Pizzas (hundred thousands)
PRODUCTION POSSIBILITIES in table form PIZZA (in hundred thousands) Robots (in thousands) graphical form Robots (thousands) Pizzas (hundred thousands)

Limited Resources means a limited output...
PRODUCTION POSSIBILITIES Limited Resources means a limited output... At any point in time, a full-employment, full-production economy must sacrifice some of product X to obtain more of product Y.

PRODUCTION POSSIBILITIES Q 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Unattainable A B C W Attainable & Efficient Robots (thousands) D Attainable but Inefficient E Q Pizzas (hundred thousands)

PRODUCTION POSSIBILITIES Notes... The amount of other products that must be forgone or sacrificed to obtain 1 unit of a specific product is called the opportunity cost of that good. LAW OF INCREASING OPPORTUNITY COSTS Q 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Unattainable A B C W Attainable & Efficient Robots (thousands) D Attainable but Inefficient E Q Pizzas (hundred thousands)

PRODUCTION POSSIBILITIES Notes... LAW OF INCREASING OPPORTUNITY COSTS A graph of the production possibilities curve will be CONCAVE - bowed out from the origin. Economic resources are not completely adapt- able to other uses. Q 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Unattainable A B C W Attainable & Efficient Robots (thousands) D Attainable but Inefficient E Q Pizzas (hundred thousands)

PRODUCTION POSSIBILITIES Q Robots (thousands) Pizzas (hundred thousands) 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Unemployment & Underemployment Shown by Point U More of either or both is possible U

PRODUCTION POSSIBILITIES Notes... Economic Growth Q Robots (thousands) Pizzas (hundred thousands) 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Unemployment & Underemployment Shown by Point U The ability to produce a larger total output - a rightward shift of the production possibilities curve caused by... More of either or both is possible U

PRODUCTION POSSIBILITIES Notes... Economic Growth Q Robots (thousands) Pizzas (hundred thousands) 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Unemployment & Underemployment Shown by Point U 1 - Increases in resources - 2 - Better resource quality - 3 – Technological advances More of either or both is possible U

PRODUCTION POSSIBILITIES Q A’ 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Economic Growth B’ C’ Robots (thousands) D’ E’ Q Pizzas (hundred thousands)

Two Examples of Economic Growth
PRODUCTION POSSIBILITIES Two Examples of Economic Growth FAVORING PRESENT GOODS CURRENT CURVE FUTURE CURVE Goods for the Future CONSUMPTION Goods for the Present

Two Examples of Economic Growth
PRODUCTION POSSIBILITIES Two Examples of Economic Growth FAVORING PRESENT GOODS FAVORING FUTURE GOODS CURRENT CURVE CONSUMPTION FUTURE CURVE FUTURE CURVE Goods for the Future Goods for the Future CONSUMPTION CURRENT CURVE Goods for the Present Goods for the Present

Applications... Unemployment and Productive Inefficiency
PRODUCTION POSSIBILITIES Applications... Unemployment and Productive Inefficiency

PRODUCTION POSSIBILITIES Applications... Unemployment and Productive Inefficiency Tradeoffs and Opportunity Costs

PRODUCTION POSSIBILITIES Applications... Unemployment and Productive Inefficiency Tradeoffs and Opportunity Costs Shifts and the Production Possibilities Curve

ECONOMIC SYSTEMS THE MARKET SYSTEM Pure Capitalism Laissez-faire

ECONOMIC SYSTEMS THE MARKET SYSTEM Pure Capitalism Laissez-faire
THE COMMAND SYSTEM Socialism Communism

CIRCULAR FLOW MODEL RESOURCE MARKET BUSINESSES HOUSEHOLDS PRODUCT

CIRCULAR FLOW MODEL RESOURCES INPUTS RESOURCE MARKET BUSINESSES
HOUSEHOLDS PRODUCT MARKET

CIRCULAR FLOW MODEL $ COSTS $ INCOMES RESOURCES INPUTS GOODS &
MARKET RESOURCES INPUTS BUSINESSES HOUSEHOLDS GOODS & SERVICES GOODS & SERVICES PRODUCT MARKET

CIRCULAR FLOW MODEL $ COSTS $ INCOMES RESOURCES INPUTS GOODS &
MARKET RESOURCES INPUTS BUSINESSES HOUSEHOLDS GOODS & SERVICES GOODS & SERVICES PRODUCT MARKET $ REVENUE $ CONSUMPTION

Chapter Conclusions CIRCULAR FLOW MODEL $ COSTS $ INCOMES RESOURCES
MARKET RESOURCES INPUTS BUSINESSES HOUSEHOLDS GOODS & SERVICES GOODS & SERVICES PRODUCT MARKET $ REVENUE $ CONSUMPTION

Chapter 3 INDIVIDUAL MARKETS DEMAND & SUPPLY Coming Soon…

Understanding Macroeconomics
-- Our Game Plan A model is like a road map. It illustrates inter-relationships. We will use the circular flow of output and income between the business and household sectors to illustrate macro-economic inter-relationships. As our macroeconomic model is developed, initially, we will assume that monetary policy (the money supply) and fiscal policy (taxes and government expenditures) are constant.

Four Key Markets Goods and Services Market: Businesses supply goods & services in exchange for sales revenue. Households, investors, governments, and foreigners (net exports) demand goods. Resource Market: Highly aggregated market where business firms demand resources and households supply labor and other resources in exchange for income.

The Circular Flow Diagram
Four key markets coordinate the circular flow of income. The resource market coordinates the actions of businesses demanding resources and households supplying them in exchange for income. The goods & services market coordinates the demand for and supply of domestic production (GDP). The foreign exchange market brings the purchases (imports) from foreigners into balance with the sales (exports plus net inflow of capital) to them. The loanable funds market brings net household saving and the net inflow of foreign capital into balance with the borrowing of businesses and governments.

What Shall We Give Up?

Opportunity Cost Opportunity cost: The highest valued activity sacrificed in making a choice. Opportunity costs are incurred when a choice is made. They are subjective and vary across persons. If an option becomes more costly, an individual will be less likely to choose it. The opportunity cost of college: Monetary cost: tuition, books. Non-monetary cost: forgone earnings. If the opportunity cost of college rises (e.g. tuition rises), then one will be less likely to attend college.

Production Possibilities Curve

for Susan’s grades in English and Economics (10 hrs of study)
Production Possibilities Curve for Susan’s grades in English and Economics (10 hrs of study) Susan is a student who only has hours of study to divide between her economics and English classes. Expected grade in Economics 101 Production Possibilities Curve ( PPC ) If she spends most of her time studying economics, she can earn an A in economics … A and a D in her English class. B If she splits her time between the two, she can earn a B in economics … and a B in her English class. C If she spends most of her time studying English, she can earn a D in economics … D and an A in her English class. Expected grade in English 101 F Mapping out all the possibilities of how Susan can divide her time (limited resources) between these activities shows us her Production Possibilities Curve ( PPC ). F D C B A

Production Possibilities Curve ( PPC )
for a nation’s economy (given limited resources) Consider an economy which has limited resources to divide between the production of clothing and food. Production Possibilities Curve ( PPC ) Only clothing is produced Output of clothing If it allocates all of its resources toward the production of clothing, then it can produce at point S. S All output combinations on the frontier curve are efficient. - Inefficiency - A If the it allocates all of its resources toward the production of food, then it can produce at point T. B D Mapping out all the possibilities of how an economy can divide the use its resources gives us the economy’s Production Possibilities Curve. C Only food is produced Output combinations A, B, & C are all on the PPC and are, therefore, efficient allocations of resources. T Output of food D is within the PPC and represents an inefficient resource allocation. Combination B delivers more food with the same output of clothing.

Shifting the Production Possibilities Curve Outward
An increase in the economy’s resource base would expand our ability to produce goods and services. Advancements in technology can expand the economy’s production possibilities. An improvement in the rules (laws, institutions, and policies) of the economy can increase output. By working harder and giving up current leisure, we could also increase our production of goods and services. This requires us to give up something else we value: leisure.

Investment and Production Possibilities in the Future
The long-term benefits of investment include greater output in the future. Thus, decisions we make today regarding how much to save (investment) and consume determine the shape of the PPC 10 years from now. Investment goods PPC 2015 with A PPC 2005 If we choose to produce a mixture of consumption and investment goods which corresponds to bundle A … A IA then the future PPC might move out to PPC 2015 with A – due to the new buildings, equipment, training, and other forms of investment goods that IA represents. CA Consumption goods

Investment and Production Possibilities in the Future
If we choose to produce a mixture of consumption and investment goods which corresponds to bundle B, with fewer consumption goods (CB < CA) and more investment (IB > IA) … Investment goods PPC 2015 with B PPC 2015 with A PPC 2005 then the future PPC might move out to PPC 2015 with B instead. B IB The level of investment (savings) in an economy is only one determinant of the movement outward (or inward) of the production possibilities curve. A IA CB CA Consumption goods

Trade, Output, and Living Standards

Division of Labor Division of labor: breaks down the production of a commodity into a series of tasks performed by different workers. Specialization and division of labor increase output for three reasons: Specialization permits individuals to take advantage of their existing skills. Specialized workers become more skilled with time. Division of labor allows for the adoption of mass-production technology.

Law of Comparative Advantage
Law of comparative advantage: The proposition that the joint output of trading partners will be greatest when each good is produced by the low opportunity cost producer. Implies that trading partners can gain by specializing in the production of goods they can produce at a relatively low opportunity cost and trade for goods they could only produce at a relatively high opportunity cost. The principle of comparative advantage is universal as it applies across individuals, firms, regions and countries.

Sources of Gains from Trade
Trade is a key to prosperity because it: channels goods toward those who value them the most, and, makes it possible for people to produce more as the result of specialization and division of labor, large-scale production processes, and the dissemination of improved products and lower cost production methods. Economies of Scale: often, large scale production leads to lower per unit costs. Innovation: technological change is about figuring out how to get more from existing resources. Gains from trade underlie modern living standards.

Is the Size of the Economic
Pie Fixed or Variable?

Economic Pie At any point in time, output is limited by the resource base. The production possibilities curve highlights this point. Over time, investment and improvements in technology permit us to increase output. Shifts in the production possibilities curve highlight this point. Economic goods are the result of human ingenuity and action. Through time, the size of the “economic pie” is variable, not fixed.

The Importance of Economic Growth
Economic growth is important because it is a necessary ingredient for both higher incomes and higher living standards. GDP is a measure of both output and income. Growth of output is necessary for growth of income. Per capita GDP is the nation’s GDP divided by its population. Growth of per capita GDP means more goods and services per person. In most cases, higher levels of per capita GDP will mean that the typical person has a better diet, improved health and access to medical services, a longer life expectancy, and greater educational opportunity.

The Importance of Economic Growth
Economic growth expands the sustainable output rate YF of an economy. This can be illustrated by an outward shift in the production possibilities curve … or an increase in LRAS (from LRAS1995 to LRAS2005). Consumption goods Price Level LRAS1995 LRAS2005 PPC2005 B SRAS1995 SRAS2005 AD2005 A PPC1995 P1 AD1995 Capital goods Real GDP A YF1995 YF2005

Per-Capita Income (in thousands of 1985 U.S. Dollars)
The Importance of Economic Growth Cross country differences in growth rates over a few decades substantially alter relative income. From , per capita income growth in Argentina and Venezuela was 0.5% and - 0.2% respectively . . . in contrast, the growth rates of Japan and Hong Kong were 4.2% and 5.3%. Note how the rapid growth rates of the two Asian economies dramatically altered their relative incomes compared to the other two economies. Per-Capita Income (in thousands of 1985 U.S. Dollars) 1960 2002 4,462 6,338 Argentina 5,683 5,585 Venezuela 2,954 2,247 Japan 16,271 19,618 Hong Kong Source: Robert Summers and Alan Heston, Penn World Tables, Mark 5.6 (Cambridge: National Bureau of Economic Research, 1994); and World Bank, World Development Indicators, CD-ROM, 2004.

Growth Rates among Nations
Differences in Growth Rates among Nations The growth of per-capita GDP for high-income industrial countries, high-growth LDCs, and low-growth LDCs, (1980–2002) High-growth LDCs High-income industrial Low-growth LDCs China 8.1% United Kingdom 2.2% Congo (Zaire) -4.9% South Korea 6.1% Japan 2.1% Sierra Leone -3.3% Taiwan 6.0% Australia 1.9% Haiti -2.8% Ireland 4.8% United States 1.9% Madagascar -2.1% Botswana 4.6% Netherlands 1.8% Niger -2.0% Thailand 4.6% Italy 1.8% Côte d’lvoire -1.8% Mauritius 4.4% France 1.7% Togo -1.7% Singapore 4.2% Germany 1.7% Nicaragua -1.4% Hong Kong 3.7% Canada 1.6% Venezuela -1.3% India 3.6% Switzerland 0.7% Nigeria -1.1% Sources: Derived from World Bank, World Development Indicators, CD-ROM, 2004; and Republic of China, Statistical Yearbook of the Republic of China, Only countries with a population of 2 million or more in 2002 are included in this table. The growth performance of less-developed countries (LDCs) is characterized by diversity. While the fastest growing countries in the world are LDCs, other LDCs have negative real growth.

Questions for Thought:
1. Which of the following is true? a. The fastest-growing economies in the world are mostly less developed countries. b. The slowest growing countries in the world, many of which are experiencing declines in per capita GDP, are less developed countries. 2. “Other things constant, low income countries should be able to grow rapidly because they can either emulate or import at a low cost proven technologies from countries with higher incomes.” -- Is this statement true?

Role of Government and Economic Progress
The economic, political, and legal environment is a major determinant of economic growth. Governments help promote economic growth when they focus on two core functions: Provision of a legal, regulatory, and monetary environment that enforces contracts and protects people and their property from the actions of aggressors (both domestic and foreign), and, Provision of a limited set of public goods like roads and national defense that are difficult to provide through markets.

Role of Government and Economic Progress
As governments expand beyond these core functions, however, the beneficial affects will eventually wane and become negative.

The Size of Government and Economic Growth
There are four major reasons why expansion in the size of government beyond the core protective and productive functions will eventually retard economic growth. High taxes & borrowing impose increasing deadweight losses on the economy. Diminishing returns cause the rate of return derived from government activities to fall. The political process is much less dynamic than the market process. A larger government becomes more heavily involved in the redistribution of income and regulatory activities.

Size of government (percent of GDP)
Size of Government – Growth Curve 3% 6% Size of government (percent of GDP) Growth rate of the economy A B If governments undertake activities in the order of their productivity, the growth of government will initially promote economic growth (move from A to B). At some point, however, continued expansion of government will retard growth (moves beyond B).

Govt Spending and Economic Growth
The relationship between the size of government at the beginning of the decade and the growth rate of real GDP for each decade during the period is shown below. An increase in government spending of 10% (as a share of GDP) reduces annual growth by about 1%. Growth rate (respective decade) Data are for the 23 long-standing member countries of the OECD 10 % 8 % 6 % 4 % 2 % 0 % 10 % 20 % 30 % 40 % 50 % 60 % Total government expenditures (start of respective decade) Source: OECD, OECD Economic Outlook (various issues) and The World Bank, World Development Indicators, 2001, CD-ROM.

Big vs. Small-Government Countries
Economic Growth: Big vs. Small-Government Countries Countries w/ government spending greater than 48% of GDP ( ) Average annual growth rate of GDP, Sweden 58.2% 1.8% Denmark 55.7% 2.0% France 53.3% 1.8% Austria 52.1% 2.2% Finland 50.2% 1.7% Belgium 50.2% 1.9% Italy 48.3% 1.5% Average 52.6% 1.8% Countries w/ government spending less than 37% of GDP ( ) Average annual growth rate of GDP, Australia 36.2% 3.3% United States 34.6% 2.9% Ireland 33.8% 6.8% Average 34.9% 4.3% The average annual growth rate of OECD countries for the 1990 to 2003 period was greater for small government countries than for large government countries.

1. “Most low income countries are poor because they lack the necessary natural resources for development.” -- Is this statement true? 2. “In recent decades the highest rates of economic growth have been achieved by high income countries with the largest government expenditures as a share of GDP.” Is this statement true?

3. Which of the following is most important if a country is going to achieve and sustain rapid economic growth? a. large government expenditures as a % of GDP b. institutions & policies supportive of competition (open markets) and freedom of exchange c. free elections and political democracy 4. The growth records of Japan and Hong Kong during the last 50 years indicate that an economy can grow rapidly without: a. securely defined property rights b. abundant domestic resources c. significant capital formation d. adopting modern technology

5. Which of the following is true? a. International trade makes it possible for a nation to use more of its resources producing items it can supply economically and less producing goods that can be supplied domestically only at a high cost. b. Trade barriers such as tariffs and import quotas will protect domestic jobs, expand employment, and help a nation achieve a higher standard of living.

Measuring Economic Freedom
Economic freedom is complex and difficult to measure. The Fraser Institute Index of Economic Freedom measures the presence of: rule of law, secure property rights, monetary stability, free trade, and, reliance on markets. To achieve a high economic freedom rating, a country must keep taxes low, avoid trade barriers, rely on markets to allocate goods, and provide secure protection of private property, unbiased enforcement of contracts, and a stable monetary environment.

The Most and Least Free Economies of the World
Most free ( summary rating) The Fraser Institute uses different components to rate the economic freedom of more than than 120 countries. Hong Kong 8.7 Singapore 8.3 United States 8.0 Switzerland 7.9 Canada 7.5 The overall summary ratings for the 10 most & 10 least free economies during the period are shown here. United Kingdom 7.5 Netherlands 7.4 Luxembourg 7.3 Germany 7.3 Both the per capita income levels and the growth rates of the free economies were substantially higher than for those less free. Australia 7.3 Least free ( summary rating) Iran 4.2 Brazil 4.2 Note that this freedom index is designed to measure economic freedom rather than political freedom, civil liberties, or the degree of democracy. Syria 4.0 Ghana 4.0 Nigeria 4.0 Nicaragua 3.9 Uganda 3.9 Algeria 3.8 Myanmar 3.7 Source: James Gwartney and Robert Lawson, Economic Freedom of the World: 2004. Congo (Dem. Rep. of) 3.6

The Importance of Property Rights

Economic Freedom and Economic Growth
(a) Per-capita GDP (2000 U.S. dollars) (b) Growth of real GDP per capita (1990–1999) $27,195 2.4% 2.0% $16,737 0.8% $5,288 $2,498 0.1% < 5.0 > 7.0 < 5.0 > 7.0 –––––––––––––––––––– EFW Average Ratings –––––––––––––––––––––––– Source: James Gwartney and Robert Lawson, Economic Freedom of the World: 2001 Annual Report. The average income levels and growth rates at different levels of economic freedom are shown here for countries included in the Frasier Index. Note that countries with more economic freedom from 1980 to 2000 also had higher per capita income levels in 2000 and more rapid growth rates for the period.

1. “Economic freedom is present if a country is a political democracy.” -- Is this statement true? 2. "Sound institutions and policies are the key to economic growth. If a nation creates an environment conducive for economic growth, people will supply and develop the resources and technology." -- Is this statement true? Is the proper economic environment more important than the supply of resources?

3. Adam Smith argued that the wealth of nations was dependent upon gains from a. specialization and trade, b. expansion in the size of the market, and, c. the discovery of better (more productive) ways of doing things. Was Adam Smith right? Are there other factors that you would add to his list? 4. In order to achieve a high economic freedom rating, a country must … a. rely on a strong central government to make economic decisions. b. be a political democracy. c. refrain from the imposition of barriers that limit voluntary exchange.

5. On average, countries that have a larger degree of economic freedom tend to have … a. higher per capita income levels, but slower rates of economic growth, than countries with less economic freedom. b. lower per capita income levels, but more rapid rates of economic growth, than countries with less economic freedom. c. both higher per capita income levels and more rapid economic growth rates than countries with less economic freedom. d. both lower income levels and slower economic growth rates than countries with less economic freedom.

Private Property Rights
Property rights: The right to use, control, and obtain benefits from a good or service. Private property rights involve: the right to exclusive use. legal protection against invaders. the right to transfer to another.

Private Property and Incentives
Private ownership is a key to prosperity because it provides people with a strong incentive to take care of things and develop resources in ways that are highly valued by others. Private owners can gain by using their resources in ways beneficial to others. They have a strong incentive to care for and manage what they own. They have an incentive to conserve for the future (especially if the property’s value is expected to rise).

Private Property and Incentives
Private ownership is a key to prosperity because it provides people with a strong incentive to take care of things and develop resources in ways that are highly valued by others. With private property rights, owners are liable if their property is used in a manner that damages the property of others. Private ownership links responsibility with the right of control. In contrast, commonly owned property will be poorly maintained and over-utilized rather than conserved for the future.

Private Property and Markets
When private property rights are protected and enforced, permission of the owner is required for use of a resource. If you want to use a good or resource, you must either buy or lease it from the owner. Individuals are faced with the cost of using scarce resources. Market prices provide a strong incentive for private owners to consider the desires of others and to use and develop resources that are highly valued by others.

1. (a) Can private owners do anything they want with the things that they own? (b) Why is private ownership important? (c) Do the owners of land and buildings near your campus have an incentive to use those assets to provide things that students value highly? Why or why not? 2. Does a 60 year old tree farmer have an incentive to plant and care for Douglas fir trees that will not reach optimal cutting size for 50 years? Explain.

3. Selling your organs is a violation of federal law, a felony punishable by up to five years in prison or a $50,000 fine. Because of this, in September 1999 eBay intervened when a person put one of his kidneys up for sale on eBay (the bidding reached $5.7 million before it was pulled). Is the United States a better place to live because such transactions are prohibited? Why or why not?

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