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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

(p.1) 1 Macroeconomic concepts and analytical tools
(p.iii) Lectures in Macroeconomics

Kazimierz Łaski

, Jerzy Osiatyński, Jan Toporowski, James West
Oxford University Press

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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