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Lectures in MacroeconomicsA Capitalist Economy Without Unemployment$
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Kazimierz Łaski, Jerzy Osiatyński, and Jan Toporowski

Print publication date: 2019

Print ISBN-13: 9780198842118

Published to Oxford Scholarship Online: August 2019

DOI: 10.1093/oso/9780198842118.001.0001

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Macroeconomic concepts and analytical tools

Macroeconomic concepts and analytical tools

Chapter:
(p.1) 1 Macroeconomic concepts and analytical tools
Source:
Lectures in Macroeconomics
Author(s):

Kazimierz Łaski

, Jerzy Osiatyński, Jan Toporowski, James West
Publisher:
Oxford University Press
DOI:10.1093/oso/9780198842118.003.0002

The basic concepts of national income are explained, centered around the question of the measurement of the total output of heterogeneous goods in a capitalist economy, showing the effects of changes in the prices used to add up those goods. The capitalist economy consists of a private sector and a government sector. The balances between income and expenditure in these sectors are then linked to their supporting financial and non-financial balance sheets of assets and liabilities. The basic principles of stock-flow consistency between sectors of the economy are shown using sectoral balances.

Keywords:   national income, gross domestic product, private sector, public sector, assets, liabilities, price changes

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