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By Manfred Gärtner

Textbook for macroeconomics classes. very good PDF.

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Macroeconomics (3rd edition)

Textbook for macroeconomics classes. very good PDF.

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Additional resources for Macroeconomics (3rd edition)

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2) and then conclude that in order to raise what is perceived to be insufficient investment by 10 billion, all the government must do is raise taxes by 10 billion. 7 reveals that this recommendation naively assumes that increasing the tax leak leaves all other leakages and all injections except I unaffected, thus forcing investment to rise with taxes. 1 Measuring income: gross domestic income vs gross domestic product Income is a key variable in any economy, both as proposed in our theoretical models, and as measured in reality.

These investments are typically financed via credit from banks or credit markets in general. 2 Government spending. Government spending on such things as public consumption, infrastructure or transfers paid to households or firms represents an injection from the outside into the income circle. 3 Foreigners buy our goods. If residents of foreign countries decide to buy domestically produced goods, this represents a last injection of demand into the circular flow. 6. For the sake of clarity we will now refrain from identifying firms and households in the circle.

E. buying – foreign debt titles (which raises F), or the central bank can supply the required domestic currency, thus running up foreign currency reserves RES. The similarity between the interpretation of the government budget and of the balance of payments should be evident. Both show how an asymmetry between leakages and injections can be financed, regarding the government sector in the first case, and the rest of the world in the second case. And in both cases two options are available: one involving the market alone, and one involving the central bank.

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