ECM1953 Week 1’s lecture:
ECM1953 Week 1 的讲座：

Measuring a Nation’s Income
衡量一个国家的收入

KEY POINTS:
要点：

Because every transaction has a buyer and a seller, the total expenditure in the economy must equal the total income in the economy.
因为每笔交易都有一个买方和一个卖方，所以经济中的总支出必须等于经济中的总收入。

Gross domestic product (GDP) measures an economy’s total expenditure on newly produced goods and services and the total income earned from the production of these goods and services. More precisely, GDP is the market value of all final goods and services produced within a country in a given period of time.
国内生产总值 （GDP） 衡量一个经济体在新生产的商品和服务上的总支出，以及从生产这些商品和服务中获得的总收入。更准确地说，GDP 是一个国家在给定时期内生产的所有最终商品和服务的市场价值。

GDP is divided among four components of expenditure: consumption, investment, government purchases, and net exports. Consumption includes spending on goods and services by households, with the exception of purchases of new housing. Investment includes spending on new equipment and structures, including households’ purchases of new housing. Government purchases include spending on goods and services by the government. Net exports equal the value of goods and services produced domestically and sold abroad (exports) minus the value of goods and services produced abroad and sold domestically (imports).
GDP 分为支出的四个组成部分：消费、投资、政府采购和净出口。消费包括家庭在商品和服务上的支出，但购买新住房的支出除外。投资包括购买新设备和结构的支出，包括家庭购买新住房。政府采购包括政府对商品和服务的支出。净出口等于国内生产并销往国外的商品和服务的价值（出口）减去在国外生产并在国内销售的商品和服务的价值（进口）。

Nominal GDP uses current prices to value the economy’s production of goods and services. Real GDP uses constant base-year prices to value the economy’s production of goods and services. The GDP deflator―calculated from the ratio of nominal to real GDP―measures the level of prices in the economy.
名义 GDP 使用当前价格来评估经济的商品和服务生产。实际 GDP 使用不变的基准年价格来评估经济的商品和服务生产。GDP 平减指数（根据名义 GDP 与实际 GDP 的比率计算）衡量经济中的价格水平。

GDP is a good measure of economic well-being because people prefer higher incomes to lower incomes. But it is not a perfect measure of well-being. For example, GDP excludes the value of leisure and the value of a clean environment.
GDP 是衡量经济福祉的一个很好的指标，因为人们更喜欢高收入而不是低收入。但这并不是衡量幸福感的完美标准。例如，GDP 不包括休闲的价值和清洁环境的价值。

I. Review of the Definitions of Microeconomics and Macroeconomics
一、微观经济学和宏观经济学的定义回顾

A. Definition of microeconomics: the study of how households and firms make decisions and how they interact in markets.
A. 微观经济学的定义：研究家庭和企业如何做出决策以及它们如何在市场中相互作用。

B. Definition of macroeconomics: the study of economy-wide phenomena including inflation, unemployment, and economic growth.
B. 宏观经济学的定义：研究包括通货膨胀、失业和经济增长在内的经济现象。

II. The Economy’s Income and Expenditure
第二。 经济的收入和支出

A. To judge whether or not an economy is doing well, it is useful to look at Gross Domestic Product (GDP).
A. 要判断一个经济体是否表现良好，查看国内生产总值 （GDP） 是有用的。

1. GDP measures the total income of everyone in the economy.
1. GDP 衡量经济体中每个人的总收入。

2. GDP measures total expenditure on an economy’s output of goods and services.
2. GDP 衡量一个经济体的商品和服务产出的总支出。

 B. For an economy as a whole, total income must equal total expenditure.
湾。 对于一个整体经济体来说，总收入必须等于总支出。

  1. If someone pays a technician $100 to service the air conditioner, the expenditure on the servicing ($100) is exactly equal to the income earned by the technician for servicing the air conditioner ($100).
1.如果有人付给技术员 100 元来维修空调，维修费用（100 美元）正好等于技术员维修空调所赚取的收入 （100 美元）。

2. We can also use the circular flow diagram from Chapter 2 to show why total income and total expenditure must be equal.
2. 我们还可以使用第 2 章中的圆形流程图来说明为什么总收入和总支出必须相等。

a. Households buy goods and services from firms; firms use this money to pay for resources purchased from households.
a. 家庭从公司购买商品和服务;公司用这笔钱来支付从家庭购买的资源。

b. In the simple economy described by this circular flow diagram, calculating GDP could be done by adding up the total purchases of households or summing total income earned by households.
b. 在这个循环流程图描述的简单经济中，可以通过将家庭的总购买量相加或将家庭赚取的总收入相加来计算 GDP。

Note that this simple diagram is somewhat unrealistic as it omits saving, taxes, government purchases and investment purchases by firms. However, because a transaction always has a buyer and a seller, total expenditure in the economy must be equal to total income
请注意，这个简单的图表有点不切实际，因为它省略了储蓄、税收、政府购买和公司的投资购买。然而，由于交易总是有买方和卖方，因此经济体中的总支出必须等于总收入

 C. In the News: The Informal or “Grey” Economy
C.新闻报道：非正式或“灰色”经济

When statisticians compile measures of national income, they do not include illegal activities or legitimate activities whose participants fail to declare their incomes.
当统计学家编制国民收入衡量标准时，他们不包括非法活动或参与者未申报收入的合法活动。

Recent research indicates that such activities are growing in both developed and developing countries.
最近的研究表明，此类活动在发达国家和发展中国家都在增长。

III. The Measurement of Gross Domestic Product
第三。 国内生产总值的衡量

A. Definition of gross domestic product (GDP): the market value of all final goods and services produced within a country in a given period of time.
A. 国内生产总值 （GDP） 的定义：在给定时期内，一个国家生产的所有最终商品和服务的市场 价值。

B. “GDP is the Market Value . . .”
B. “GDP 是市场价值 . . .

1. To add together different items, market values are used.
1. 要将不同的项目相加，使用市场价值。

2. Market values are calculated by using market prices.
2. 市场价值是使用市场价格计算的。

C. “. . . of All . . .”
C. “. .所有 . . .

1. GDP includes all items produced and sold legally in the economy.
1. GDP 包括经济体中合法生产和销售的所有物品。

2. The value of housing services is somewhat difficult to measure.
2. 住房服务的价值有点难以衡量。

a. If housing is rented, the value of the rent is used to measure the value of the housing services.
a. 如果住房是出租的，则租金的价值用于衡量住房服务的价值。

b. For housing that is owned (or mortgaged), the government estimates the rental value and uses this figure to value the housing services.
b. 对于拥有（或抵押）的住房，政府估算租金价值，并使用此数字对住房服务进行估值。

3. GDP does not include illegal goods or services or items that are not sold in markets.
3. GDP 不包括非法商品或服务或未在市场上出售的物品。

a. When you purchase an original DVD, that expenditure is included in GDP.
a.当您购买原装 DVD 时，该支出包含在 GDP 中。

b. If you purchase a pirated version of the DVD from an illegal vendor, that expenditure is not included in GDP.
b.如果您从非法供应商处购买盗版 DVD，则该支出不包括在 GDP 中。

D. “. . . Final . . .”
D. “. . . .最后的 . . .

Intermediate goods are not included in GDP.
中间产品不包括在 GDP 中。

2. The value of intermediate goods is already included as part of the value of the final good.
2. 中间产品的价值已经作为最终商品价值的一部分包含在内。

3. Goods that are placed into inventory are considered to be “final” and included in GDP as a firm’s inventory investment.
3. 入库的商品被视为“最终”商品，并作为公司的库存投资包含在 GDP 中。

a. Goods that are sold out of inventory are counted as a decrease in inventory investment.
a. 库存售罄的商品计为库存投资减少。

b. The goal is to count the production when the good is finished, which is not necessarily the same time that the product is sold.
b. 目标是在商品完成时计算产量，这不一定与商品售出的时间相同。

E. “. . . Goods and Services . . .”
E. “.商品和服务 . . .

1. GDP includes both tangible goods and intangible services.
1. GDP 包括有形商品和无形服务。

F. “. . . Produced . . .”
F. “. .生产 . . .

1. As mentioned above, current production is counted.
1. 如上所述，计算当前产量。

2. Used goods that are sold do not count as part of GDP.
2. 售出的二手商品不计入 GDP。

G. “. . . Within a Country . . .”
G. “. .在一个国家内 . . .

1. GDP measures the production that takes place within the geographical boundaries of a particular country.
1. GDP 衡量的是特定国家地理边界内发生的生产。

  2. If a Thai citizen works temporarily in the Philippines, the value of his output is included in GDP for the Philippines. If a Filipino owns a firm in Thailand, the value of the production of that firm is not included in Philippines’ GDP.
2. 如果泰国 公民在菲律宾临时工作，他的产出价值将包含在菲律宾的 GDP 中。如果菲律宾人在泰国拥有一家公司，则该公司的生产价值不包括在菲律宾的 GDP 中。

H. “. . . in a Given Period of Time.”
H. “. . . .在给定的时间段内。

1. The usual interval of time used to measure GDP is a quarter (three months).
1. 用于衡量 GDP 的通常时间间隔是一个季度（三个月）。

2. When the government reports GDP, the data is generally reported on an annual basis.
2. 政府在报告 GDP 时，数据通常每年报告一次。

3. In addition, data are generally adjusted for regular seasonal changes (such as Christmas or Chinese New Year).
3. 此外，数据通常会根据常规的季节性变化（如圣诞节或农历新年）进行调整。

IV. FYI: Other Measures of Income
四。FYI：其他收入衡量标准

A. Gross National Product (GNP) is the total income earned by a nation’s permanent residents or nationals regardless of where they earn it.
答：国民生产总值 （GNP） 是一个国家的永久居民或国民所赚取的总收入，无论他们在哪里赚取。

 1. GNP includes income that citizens earn abroad.
1. GNP 包括公民在国外赚取的收入。

 2. GNP excludes income that foreigners earn in the country.
2. GNP 不包括外国人在该国赚取的收入。

B. Net National Product (NNP) is the total income of a nation’s residents (GNP) minus losses from depreciation (wear and tear on an economy’s stock of equipment and structures).
B. 国民生产净值 （NNP） 是一个国家居民的总收入 （GNP） 减去贬值损失（一个经济体设备和结构存量的磨损）。

C. National income is the total income earned by a nation’s residents in the production of goods and services.
C. 国民收入是指一个国家的居民在生产商品和服务方面获得的总收入。

 1. National income differs from NNP by excluding indirect business taxes and including business subsidies.
1. 国民收入与 NNP 的不同之处在于不包括间接营业税，包括商业补贴。

 2. NNP and national income also differ due to “statistical discrepancy.”
2. NNP 和国民收入也因“统计差异”而有所不同。

D. Personal income is the income that households and noncorporate businesses receive.
D. 个人收入是家庭和非公司企业获得的收入。

E. Disposable personal income is the income that households and noncorporate businesses have left after taxes and other obligations to the government.
E. 可支配个人收入是家庭和非公司企业在扣除税款和对政府的其他义务后留下的收入。

V. FYI: Workers’ Remittances
V.FYI： 工人汇款

Workers’ remittances are an important source of external funding for developing countries in Asia, such as India and the Philippines.
工人汇款是印度和菲律宾等亚洲发展中国家的重要外部资金来源。

The incomes received from nationals abroad shows up in the GNP statistics of these countries.
从海外国民那里获得的收入显示在这些国家的 GNP 统计数据中。

VI. The Components of GDP
六. GDP 的组成部分

A. GDP (Y) can be divided into four components: consumption (C), investment (I), government purchases (G), and net exports (NX).
A. GDP （Y） 可分为四个组成部分：消费 （C）、投资 （I）、政府采购 （G） 和净出口 （NX）。

B. Definition of consumption: spending by households on goods and services, with the exception of purchases of new housing.
B. 消费的定义：家庭在商品和服务上的支出，购买新住房除外。

C. Definition of investment: spending on capital equipment, inventories, and structures, including household purchases of new housing.
C. 投资的定义：资本设备、库存和结构的支出，包括家庭购买新住房。

D. Definition of government purchases: spending on goods and services by thel government.
D. 政府采购的定义：政府在商品和服务上的支出。

1. Salaries of government workers are counted as part of the government purchases component of GDP.
1. 政府工作人员的工资被算作 GDP 中政府采购部分的一部分。

2. Transfer payments are not included as part of the government purchases component of GDP.
2. 转移支付不包括在 GDP 的政府采购部分。

E. Definition of net exports: spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports).
E. 净出口的定义：外国人在国内生产的商品上的支出（出口）减去国内居民在国外商品上的支出（进口）。

VI. Real versus Nominal GDP
六。 实际 vs名义 GDP

A. There are two possible reasons for total spending to rise from one year to the next.
答：总支出逐年上升有两个可能的原因。

1. The economy may be producing a larger output of goods and services.
1. 经济可能正在生产更多的商品和服务。

2. Goods and services could be selling at higher prices.
2. 商品和服务可能会以更高的价格出售。

B. When studying GDP over time, economists would like to know if output has changed (not prices).
B. 在研究 GDP 随时间的变化时，经济学家想知道产出是否发生了变化（而不是价格）。

C. Thus, economists measure real GDP by valuing output using a fixed set of prices.
C. 因此，经济学家通过使用一组固定的价格来评估产出来衡量实际 GDP。

D. A Numerical Example
D. 数值示例

Two goods are being produced: chickens and burgers.
正在生产两种商品：鸡和 b催毛犬。

2. Definition of nominal GDP: the production of goods and services valued at current prices.
2. 名义 GDP 的定义：按当前价格估价的商品和服务的生产。

Nominal GDP for 2007 = ($1 × 100) + ($2 × 50) = $200.
2007 年的名义 GDP = （100 × 1 美元） + （50 × 2 美元） = 200 美元。

Nominal GDP for 2008 = ($2 × 150) + ($3 × 100) = $600.
2008 年的名义 GDP = （2 美元 × 150） + （3 美元 × 100） = 600 美元。

Nominal GDP for 2009 = ($3 × 200) + ($4 × 150) = $1,200.
2009 年的名义 GDP = （3 美元 × 200） + （4 美元 × 150） = 1,200 美元。

3. Definition of real GDP: the production of goods and services valued at constant prices.
3. 实际 GDP 的定义：以不变价格估价的商品和服务的生产。

Let’s assume that the base year is 2007.
假设基准年为 2007 年。

Real GDP for 2007 = ($1 × 100) + ($2 × 50) = $200.
2007 年的实际 GDP = （100 × 1 美元） + （50 × 2 美元） = 200 美元。

Real GDP for 2008 = ($1 × 150) + ($2 × 100) = $350.
2008 年的实际 GDP = （1 美元 × 150） + （2 美元 × 100） = 350 美元。

Real GDP for 2009 = ($1 × 200) + ($2 × 150) = $500
2009 年的实际 GDP = （1 美元 × 200） + （2 美元 × 150） = 500 美元

E. Because real GDP is unaffected by changes in prices over time, changes in real GDP reflect changes in the amount of goods and services produced.
E. 因为实际 GDP 不受价格随时间变化的影响，所以实际 GDP 的变化反映了生产的商品和服务数量的变化。

F. The GDP Deflator
F. 本地生产总值平减指数

1. Definition of GDP deflator: a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.
1. GDP 平减指数的定义：衡量物价水平的指标，计算方式为名义 GDP 与实际 GDP 的比率乘以 100。

2. Example Calculations
2. 示例计算

GDP Deflator for 2007 = ($200 / $200) × 100 = 100.
2007 年本地生产总值平减物价指数 = （200 美元 / 200 美元） × 100 = 100。

GDP Deflator for 2008 = ($600 / $350) × 100 = 171.
2008 年本地生产总值平减物价指数 = （600 美元 / 350 美元） × 100 = 171。

GDP Deflator for 2009 = ($1200 / $500) × 100 = 240.
2009 年本地生产总值平减物价指数 = （$1200 / $500） × 100 = 240。

VII. GDP and Economic Well-Being
七。 GDP 和经济福祉

A. GDP measures both an economy’s total income and its total expenditure on goods and services.
A. GDP 衡量一个经济体的总收入及其商品和服务的总支出。

B. GDP per person tells us the income and expenditure level of the average person in the economy.
B. 人均 GDP 告诉我们经济中普通人的收入和支出水平。

C. GDP, however, may not be a very good measure of the economic well-being of an individual.
C. 然而，GDP 可能不是衡量个人经济福祉的一个很好的指标。

1. GDP omits important factors in the quality of life including leisure, the quality of the environment, and the value of goods produced but not sold in formal markets.
1. GDP 忽略了生活质量中的重要因素，包括休闲、环境质量以及生产但未在正规市场销售的商品的价值。

2. GDP also says nothing about the distribution of income.
2. GDP 也只字未提收入分配。

3. However, a higher GDP does help us achieve a good life. Nations with larger GDP generally have better education and better health care.
3. 然而，更高的 GDP 确实有助于我们过上美好的生活。GDP 较高的国家通常拥有更好的教育和更好的医疗保健。