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1、Macroeconomics,Lecture 1 Macroeconomics as a Science,What is Macroeconomics?,What is Economics？ Normative Definition: Economics is the science that studies how to efficiently allocate economic resources (what should we do?). Positive Definition: Economics is the science that studies how an economy o
2、perates or how economic variables are determined under the given economic environment (what happen?).,What is Macroeconomics? (continued),After we have understood what is economics, the difference between micro- and macro-economics (in terms of positive definition) becomes clear: Microeconomics is t
3、he study of how microeconomic variables (such the price and output of individual product) are determined; Macroeconomics is the study of how macroeconomic variables (such as GDP, employment, inflation among others) are determined.,Individual Behavior,Economic variables are determined by the choice o
4、f individuals (firms, households and government), and therefore studying individual behavior is the starting point of economic analysis.,Individual Behavior (continued),Basic Hypothesis on Individual Behavior Selfish All individuals when engaging in their economic activities, pursue their own and on
5、ly their own interest. Rational All individuals behave optimally. Adam Smiths “invisible hand” dogma.,Economic Environment,Though individuals are selfish and rational, their choices are constrained by the economic environment they are staying. Economic Environment may at least be distinguished in te
6、rms of direction: The economic system: market economy versus planning economy; The available resource: less developed economy versus developed economy.,Economic System,Economic system can briefly be distinguished in terms of the system of enterprises (largely depends on ownership); the mechanism of
7、resource allocation (planning mechanism and market mechanism).,Economic System (continued),How economic system can impact the individual behavior? Objective (mainly the firm?) to pursue (profit, market share, political interest.),Economic System (continued),Question： Is there an issue regarding suit
8、ability between these two respects of economic system? If yes, what kind of enterprise system may not be suitable to the market economy? Can you image other elements with regard to economic environment?,The Available Economic Resource,What is the economic resource？ Natural resource The resource crea
9、ted by economic activities（e.g. fixed assets); The resource which is untouchable (e.g. human capital, knowledge capital); Resources can be created but also can be destructed.,The Available Economic Resource (continued),经济资源与南北差别 从个人角度讲，贫富差别最重要原因是个人所拥有的资源的差别。 从国家角度讲，人均所拥有的资源决定了该国的经济发展水平。 发展中国家与发达国家 中
10、国地大物博吗？ 当人们拥有更多资源时，其经济活动的行为选择空间就会更大，从而其经济活动的效益及生活品质就会更好。 经济的发展过程实际上可以看成是经济资源不断累积的过程。,经济学分析框架之三部曲,经济学分析框架的三部曲上述关于现代经济学研究方法和分析框架的讨论基本上可以概括为一个三步曲： 界定经济环境； 确定经济人行为目标：反映自私和理性； 分析经济运行：得出众多经济人各种经济行为的综合表现。,经济学分析框架之三部曲(继续),经济学分析框架之三部曲(继续),几点说明： 上述三步曲应该说是经济学分析的标准范式，任何合理的经济学分析都应该遵循这样一种范式。 当然，合理的经济学分析并不意味着合格。 按
11、所研究的内容、读者对象和严谨性要求的不同，具体的研究过程有可能极为复杂。 例如，为了完成这三步曲，经济学家们可能会建立数学模型，借用一定的数学工具来进行分析，与此同时，为了使研究所得的结果更具有说服力，人们还会利用数据进行检验。,Neoclassical and Keynesian, A Historical Review,Neoclassical economics: Agents optimization Rational Expectation Market Clearing in Competitive Economy Traditionally, focused on microec
12、onomic analysis,Neoclassical and Keynesian, A Historical Review (continued),Keynesian economics ( generated from great deflation) uncertainty Imperfect competition Sluggish price adjustment Disequilibrium and non-market clearing Traditionally focused on macroeconomic analysis,Neoclassical and Keynes
13、ian, A Historical Review (continued),Neoclassical synthesis Dominating before 1980s The synthesis of neoclassical microeconomics and Keynesian macroeconomics,Neoclassical and Keynesian, A Historical Review (continued),The breakdown of neoclassical synthesis The emergence of stagflation; The ineffect
14、iveness of Keynesian demand management policy in dealing with stagflation; The lack of micro-foundation; Insufficiency in explaining economic growth.,Neoclassical and Keynesian, A Historical Review (continued),Economics After 1980s New classicals Constructing the macroeconomics on the basis of neocl
15、assical microeconomics New Keynesian Constructing the microfoundation of Keynesian macroeconomics,Course Objectives,Basic Keynesian model of macroeconomics, under which we shall understand How are the macroeconomic variables determined? How can we explain unemployment and inflation? How can macroeco
16、nomic policy be used to resolve unemployment and inflation?,Course Objectives (continued),The macroeconomics beyond the basic Keynesian model The micro foundation of Keynesian macroeconomics Supply shock Economic growth Policy beyond demand management A brief discussion on macroeconomics for Chinese economy (depending on time availability).,
