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Fundamental Concepts of Macroeconomics

In: Economics for Environmental Studies

Author

Listed:
  • Alfred Endres

    (University of Hagen)

  • Volker Radke

    (State University Ravensburg)

Abstract

Macroeconomics deals, inter alia, with the problems of unemployment, of price instability and of stagnation (or even underdevelopment). It is argued in Sect. 9.1 that for environmental studies the problem of stagnation and the corresponding goal of economic growth are of main interest, while unemployment and price instability are to a lesser extent. Hence, Sect. 9.2 focuses on basic concepts and models of growth theory. It is demonstrated that the growth of a country’s flow of income is based on this country’s stock of wealth. Any growth in the flow of income requires investments in the productive stocks available. In neoclassical growth theory, the feasibility of unbounded growth via investment activities is postulated. For practical purposes, the abstract notion of «economic growth» has to be operationalised. The most common indicator of economic growth is the real gross domestic product (GDPr). Therefore, in Sect. 9.3 it is outlined how the GDPr is computed within the United Nations’ System of National Accounts (SNA). Furthermore, the procedure used in the SNA to account for the stock of national wealth is sketched.

Suggested Citation

  • Alfred Endres & Volker Radke, 2018. "Fundamental Concepts of Macroeconomics," Springer Texts in Business and Economics, in: Economics for Environmental Studies, edition 2, chapter 9, pages 145-216, Springer.
    • Handle: RePEc:spr:sptchp:978-3-662-54828-8_9
    DOI: 10.1007/978-3-662-54828-8_9
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