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Скачати одним файлом. Книга: Англійська для економістів - Гаращенко
21 GNP, 22 Aggregate demand, 23 Aggregate demand, 24 Inflation, 25 Economic growth
The most important items included in the GNP calculated under the expenditure (or flow-of-product) method are: personal consumption (durable and non-durable consumer goods and services), gross private domestic investment, government expenditure on goods and services, and net exports of goods and services. The GNP can also be calculated by adding up all types of income (such as wages, salaries, rents, profits, etc.) and depreciation (income method), or by adding up the values added by the industries composing the economy (output method).
Although the GNP is a very useful concept, its usefulness as a measure of national welfare and in international comparisons is increasingly being called into doubt by economists. The GNP has been criticised because it fails to include the value added by non-market activities (e.g., the work of housewives) and value of leisure, while, on the other hand, it does include “regrettable” – i.e., expenditure intended to remedy some evil which might never have come into existence but for activities leading to a higher GNP (e.g., treatment of occupational diseases, anti-pollution expenditure). Furthermore, the GNP fails to account for the unwanted by-products (“bads”, or externalities”, in economic jargon) of the economic process, which certainly have to be taken into account when assessing the net benefit of this process to society as a whole. The prime example is certainly pollution.
Another shortcoming is that the GNP does not allow for the wealth - creating effect of consumer durables, which are treated as consumer expenditure (and not as investment). Is this misleading practice really only due to accounting problems, or at least also to a reflection of our “throw-away” society?
To remedy some of these defects, different measures of national welfare have been developed, of which the most important are NNW (net national welfare) and indices based on social indicators (e.g., number of cars and telephones, suicides, child mortality, etc.).
Vocabularythe total value – загальна вартість
deduction – віднімання, зниження, висновок
to depreciate – знецінювати
depreciation charge – плата зниження вартості
intermediate input – проміжний
to exclude – виключати, вилучати
duplication – подвоєння
current prices – поточні ціни
constant prices – постійні ціни
deflator – дефлятор (скорочення, зниження)
leisure – дозвілля
pollution – забруднення
regrettables – прикрощі
to remedy – відшкодувати, виправляти
externalities – зовнішні обставини
to assess – оцінювати майно для оподаткування
net benefit – чистий прибуток
shortcoming – вада, дефект
net national welfare – чистий національний прибуток
indices – індекси.
І. Complete the sentences using the text:1. The gross national product is the total … .
2. The GNP at current prices is called … .
3. The most important items included in the GNP calculated under the expenditure method are: … .
4. The GNP fails to account for … .
5. Another shortcoming is that … .
6. To remedy some of these defects … .
II. Answer these questions, basing your answers on the text:1. What is the definition of GNP?
2. What does «Gross» mean?
3. What does «final»mean?
4. How is the GNP at current prices called?
5. How is the GNP at constant prices called?
6. How may the real GNP be calculated?
7. What items are included in the GNP calculated under the expenditure method?
8. Why has the GNP been criticised?
9. What are the shortcomings of the GNP?
10. What different measures of national welfare have been developed to remedy these defects?
III. Say whether these statements are true or false and if they are false, say why.1. The gross national product is the total value at current or at constant prices – of all final goods and services produced by a nation's economy in a year.
2. The GNP at current prices is called the "nominal GNP".
3. The GNP at constant prices is called the "real GNP".
4. There are two methods of calculating the GNP.
5. The GNP is a very useful concept.
6. The GNP has no shortcomings.
Книга: Англійська для економістів - Гаращенко
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