EC143: In A Recent Opinion Piece In Scientific American Titled “GDP Is The Wrong Tool For Measuring: Principles Of Macroeconomics Assignment, NUI, Ireland
| University | National University of Ireland (NUI) |
| Subject | EC143: Principles Of Macroeconomics |
SECTION A
A1(GDP) In a recent opinion piece in Scientific American titled “GDP is the Wrong Tool for Measuring what Matters”, Prof. Joseph Stiglitz (Nobel Memorial Prize in Economic Science 2001) argues that there is a “disjuncture between GDP and societal well-being and that GDP fails to be a good measure of economic performance”.
Critically evaluate whether you agree or disagree with the entirety of the above statement. Use case studies and examples of alternative indicators of wellbeing, where appropriate.
SECTION B
B1. Employment and Unemployment
You are employed as an Irish economic consultant. Your manager asks you to complete a report comparing Ireland’s employment and unemployment performance relative to another industrialized country.
You have to write a short economic report comparing Ireland to one of the following countries:
1) United Kingdom https://www.ons.gov.uk/employmentandlabourmarket
2) Canada https://www150.statcan.gc.ca/n1/en/subjects/Labour
3) New Zealand https://www.stats.govt.nz/topics/labour-market
4) Australia http://www.abs.gov.au/Employment-and-Unemployment
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Specifically, your economic report should address the following:
1. Summarise the key employment and labor market indicators for Ireland. You should use the CSO website https://www.cso.ie/en/statistics/labourmarket/
2. Compare and contrast Ireland’s current employment/unemployment situation with ONE of the countries listed above.
NB: You should address the following issues in this report:
• Changes in employment over the past two years
• Sectoral changes in employment
• Changes in unemployment over the past two years, including the impact of Covid19
• Current profile of unemployment
• Labour force participation and employment rates
• Changes in average earnings over the past two years and current earnings by sector
B2. Productivity and Economic Growth
a) Define productivity. List and describe any two (2) determinants of productivity.
b) Using your own examples, discuss the key mechanisms by which a country’s current and future demographics may influence the level of GDP per person in that country over time.
B3. The Monetary System
a) Explain the elements of a simple model of the money market, and how it can be used to explain the determination of the interest rate.
b) Explain and illustrate how an economic recovery (for example, post-pandemic growth) would be reflected in macroeconomic balance sheets.
B4. Basic Keynesian model + IS/LM
a) Explain and illustrate how equilibrium is arrived at in the basic Keynesian model, and how a fiscal expansion would affect such an equilibrium. (10 marks)
b) Explain how the money market in the IS/LM models affects fiscal policy, and relate this to current concerns over planned fiscal expansion in the United States.
B5. Aggregate Demand/Aggregate Supply
(a) How does the Aggregate Demand/Aggregate Supply model improve upon more basic macro models?
(b) Use the Aggregate Demand/Aggregate Supply framework to illustrate policy responses to major economic shocks, using the global pandemic as a general example.
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