Основы экономики. Земскова Л.П. - 11 стр.

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11
3. The production of GNP generates the income earned by domestic factors of
production. Because not all the value of goods and services produced accrues
as incomes to the factors of production, a number of adjustments have to be
made in going from GNP to national income (NI). There are two major
adjustments. The first is depreciation. As the equipment and structures used
in production wear out, part of output has to be set aside to replace and
maintain the stock of physical capital and thus represents a deduction from
income. GNP minus depreciation is net national product (NNP). The second
adjustment is indirect taxes. Indirect taxes, such as a sales tax, create a
difference between the market value of goods and the amount individuals
receive as income for producing those goods. NNP minus indirect taxes is
national income (NI).
4. NI measures total income received by domestically owned factors of
production. National income in turn can be split into the returns to different
productive factors: labor compensation, rental income, proprietors’ income,
corporate profits, and net interest.
5. Disposable personal income is a measure of the income households actually
receive. It differs from national income in the deduction of taxes and
undistributed corporate profits, the addition of transfer payments, and the
adjustment for interest. Over 90 percent of disposable personal income is
consumed. Most of the rest is saved.
6. GNP, looked at from the expenditure side, is equal to the components of
demand: consumption, investment, government spending, and net exports.
7. Real GNP is obtained by valuing the output of goods produced in each year
at the prices of a given base year. Real GNP is thus a measure of the
economy’s physical production of goods and services.
8. The GNP deflator, or the ratio of nominal to real GNP, is a widely used price
index.
9. GNP as measured does not include all production of goods and services.
Some nonmarket activities and unreported incomes are excluded.
10. Real GNP is in practice used as a measure of economic welfare, but it has
major shortcomings in this role. First, the value of nuisance outputs such as
pollution should be deducted. Second, the value of leisure should be added to
GNP. This gives a measure of net economic welfare (NEW). NEW is not
calculated on a regular basis and therefore serves mainly to remind us to be
cautious in using GNP as a welfare measure.
11. Per capita GNP is often used in comparing output and standards of living in
different economies. The comparisons have to be handled with care because
the types of goods produced in different economies differ and because
exchange rates do not provide a reliable way of comparing the real value of
output in the economies. Comparisons of GNP across time (and thus growth
rates) also face the difficulty that very different types of goods may have
been produced in the same economy in the different periods.

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