Basic lecture notes. Macroeconomics: National Accounting

When talking about national economic turnover, we are talking about the movement of funds in the economy during one separate period. (The fact is that money is a universal measure for flows of goods, services, resources, etc., which means that the magnitude of flows of real goods can be measured and compared using their value.) During this period, ways of generating income for various participants are considered economic relations and ways of spending the income received. We are also talking about the accumulation of national wealth in the course of the national economic cycle.

Since the national economic circulation is built on the basis budgets individual economic entities, first we will consider ways to present the budget of an individual economic entity.

Budget of any economic entity is a record of all income and expenses of the economic entity in question for the period, on the basis of which conclusions can be drawn about the accumulation or expenditure of its wealth (property). Those. The budget is a report on the cash flow of an individual economic entity for the year.

There are four ways to present a budget:

As a budget equation.
In the form of a table (matrix).
In cash flow patterns.
In the form of an account. In fact, in the form of an income and expense account, where income is written out in one part and expenses in the other.

In a market economy, all budgets are interconnected, since the expenses of one entity always become the income of another. As a result, a circulation of funds occurs. National economic circulation– a set of interconnected budgets of economic entities. Like any budget, the national economic circulation is represented in four ways.

An idea of what the national economic circulation looks like in the form of a diagram is given by the diagram of macroeconomic relations from the previous chapter: From which markets can be excluded, and it is also necessary to add property sector.

And in order to present the national economic circulation in the form of a set of accounting accounts, there is national accounting system.

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Ministry of Agriculture of the Russian Federation

Novosibirsk State Agrarian University

Faculty of Economics

Department of Economic Theory and World Economy

Abstract on macroeconomics

National economic circulation and national accounting

Completed by: D.O. Karavaeva

student 4105 gr.

Checked by: E.V.Sharavina

Novosibirsk 2014

Introduction

In the mid-twentieth century, the vast majority of developed and developing countries came to understand the need for government regulation of their economic activities. Regulation can be carried out in a wide variety of forms, which are conventionally divided into administrative, expressed in legislative acts and regulations of authorities, and economic, involving the use of such levers as taxes, prices, loans, etc. State intervention makes it possible to mitigate the negative consequences of crisis phenomena and to use available human, natural, material and financial resources more efficiently and rationally.

The System of National Accounts is a modern information system used in almost all countries of the world to describe and analyze the development of a market economy at the macro level: to study economic activity across the country and its regions on the basis of interconnected balances (accounts) reflecting the flow of products and their financial equivalents between economic agents in the process of performing various economic transactions.

National accounting is based on the national economic circulation model.

It reflects the functioning of the national economy in the form of closed flows of goods, services and money moving between macroeconomic entities: the state, business firms, households.

The purpose of the work is to study national economic turnover and national accounting.

Study the history of the SNA and its indicators;

Consider models of national economic circulation;

Identify problems in the formation of the Russian SNA.

1. National accounting

1.1 History of the system of national accounts (SNA)

The terms “system of national accounts” and “system of national accounting” (in a more abbreviated version - “national accounts” and “national accounting”, respectively) are synonymous, although the former is currently most often used in Russian-language professional statistical, economic and social sciences. political literature.

The System of National Accounts (SNA) is a system of interrelated macroeconomic indicators, classifications and groupings that characterize all the main economic processes, conditions and results of reproduction of a market-oriented economy. The SNA is a system for organizing information about macroeconomic processes; in this sense, it is national accounting within the country as a whole (in this aspect, the term “national accounting* is more adequate). The theoretical basis of the system of indicators under consideration, or accounting system, is modern concepts, categories and concepts that explain the functioning mechanism of a market economy, which is why the SNA is also called a “macrostatistical model of a market economy.”

The SNA arose in a number of developed countries in the late 30s of the 20th century, and as a systematic work within the framework of official statistics - after the end of the Second World War (primarily in England, the USA, France, Germany, Scandinavian countries)! The construction of the SNA is the result of combining two areas in macroeconomic calculations: national income statistics and business cycle studies in conjunction with modeling the mechanism for regulating a market economy. The first direction is associated with the names of such major economists and statisticians as K. Clark, S. Kuznets, A. Marshall. The second is rightfully associated primarily with J. M. Keynes, one of the greatest economists of the 20th century. By the way, according to a number of specialists in the field of macroeconomic analysis, Keynes is the “theoretical father” of national accounting (in the broad sense of the word).

In countries with market economies, the SNA is widely used by the government and territorial authorities in analysis and in making political and economic decisions. All main aspects of the state’s economic and social policy are reflected in the SNA indicators (economic growth, institutional and sectoral structures of the economy, the welfare of the population and quality of life, inflation, problems of budget deficit and public debt, increased foreign economic relations, etc.).

national gross income

1.2 Indicators of the system of national accounts

To determine the state of the economy as a whole, it is necessary to summarize the state of the economies of each firm. The set of macroeconomic indicators is called the system of national accounts.

1. Gross national product (GNP) is the market value of all goods and services intended for final consumption produced by factors of production belonging to a given country during a certain period of time (year).

Gross national product serves as the main indicator by which national production is measured.

When calculating GNP, goods and services produced by factors of production owned by a given country are taken into account. This means that GNP includes goods and services produced abroad by firms in a given country.

2. Gross domestic product (GDP) - measures the value of the final products produced in the territory of a given country over a certain period, regardless of whether the factors of production are owned by citizens of a given country or belong to foreigners.

Final goods and services are those that are purchased during the year for final consumption and are not used for intermediate consumption.

The value of GNP does not include the cost of products produced within the household on personal plots for personal consumption.

GNP calculations are based on official statistics, which means that the shadow economy is not taken into account. There are nominal and real GNP.

Nominal GDP (GDP) measures the value of output in a given period at prices of that period or in current monetary units.

Nominal GNP varies from year to year for two reasons. Firstly, the physical volume of output of goods changes, and secondly, market prices change. Real GNP (GDP) measures the physical volume of output in the economy in different periods of time by valuing all goods produced in both periods at the same or constant prices (comparable, basic). To calculate the real volume of GNP, a base year is selected.

3. Total social product (SOP). It is the sum of the prices of all goods and services produced during the year. The SOP exceeds GDP by the amount of imports and intermediate products (IP), which refers to the value of goods and services consumed in the process of producing GDP.

4. Gross national disposable income (GNIDI).

GNRDP = GNP + Net transfers from abroad.

Net transfers from abroad are transfers received from the rest of the world (donations, humanitarian aid) minus similar transfers transferred abroad. The GNR is used for final consumption and national saving.

5. Net national product (NNP).

As a measure of gross annual output, GNP has one important drawback: it overstates output by the cost of annual depreciation charges and by the amount of indirect taxes. Economists are interested, first of all, in the amount that production actually added to the welfare of society, and the amount of depreciation charges accumulated in special funds does not increase the welfare of society. By reducing the value of GNP by the amount of depreciation charges accrued for the year, you can obtain the net national product (NNP).

NNP = GNP - the cost of depreciation of fixed capital (depreciation).

This indicator measures the total annual output of goods and services that a country produced and consumed across all sectors of its national economy. PNP shows the amount of income of suppliers of economic resources for the land, labor, capital, and entrepreneurial ability provided to them, with the help of which this PNP was created.

6. National income (NI).

The only component that does not reflect the true contribution of economic resources to NNP are indirect taxes.

This means that in order to determine the indicator of the total volume of wages, rental payments and profits, it is necessary to subtract the amount of indirect taxes from the NNP. The resulting indicator is called “national income”.

ND = NNP - Indirect taxes + Subventions.

Indirect taxes include excise taxes, VAT, and customs duties.

National income (NI) is the value newly created during the year, characterizing what production in a given year added to the welfare of society. Therefore, when calculating it, unlike GDP, it does not include the amounts of depreciation, indirect taxes, and government subsidies.

This is the net “earning income” of society, and this determines the importance of income as a macroeconomic indicator and its widespread use in comparative analysis.

National income includes products from the sphere of material production, as well as the cost of products from the service sector. According to the methodology of international statistics, the quantitative difference between gross domestic product and national income is equal to the cost of depreciation.

7. Personal income (PI).

LD = ND - corporate profits - social security contributions - net % + dividends + transfer payments from the state to the population + personal income received in the form of %.

8. Disposable personal income (RDI).

RLD = LD - Personal tax and non-tax payments.

Personal tax and non-tax payments include tax on personal income, property tax, transport fares, and utilities. RLD is the funds remaining at the disposal of households after fulfilling tax obligations to the state. RLD is used for consumption and savings. Consumption (C) is the most important and largest component of GNP. Savings (S) are defined as income minus consumption. All income can be divided into two groups - income from labor and income from property (non-labor). In addition to the above flow quantities, stock indicators are used in macroeconomics:

Property (assets) - any source of legal unearned income. Property includes both real assets (for example, capital, land) and financial assets (stocks, bonds and other securities), in addition to property rights and intellectual property.

An asset portfolio is a set of assets owned by an economic entity.

National wealth is the total assets owned by households, firms and the state.

Real (cash) cash balances are the stock of means of payment that an economic entity wishes to hold in the form of cash.

9. National wealth (ND) - a set of material and intangible benefits created by the labor of previous and current generations and involved in the process of reproduction of natural resources that society has at a certain point in time; an important macroeconomic indicator characterizing the economic power of countries.

2. National economic circulation

2.1 Model of the circulation of income and expenses

The interaction of economic agents with each other in the commodity, resource, financial and currency markets can be considered using a model of the circulation of income and expenses. The model is quite simple at first glance and, nevertheless, very meaningful and effective in explaining how the economic system functions.

The circulation model, like all other models, simplifies reality by describing only the most significant processes necessary to understand the essence of economic relations. With a detailed study, we would risk obtaining a complex, difficult-to-understand scheme, the theoretical value of which would hardly be higher. In particular, the model does not take into account household expenses for the purchase of real estate and construction. Only those private sector investment decisions that are carried out by businesses are considered.

Production activities associated with the creation of “new” value are carried out in the model only by the sector of private firms. Households only provide the resources necessary for this, and the state performs the function of redistributing income, producing non-market goods and pursuing economic policy. In reality, however, households can also produce goods and services for sale or for their own use, without forming a legal entity. There are also state-owned enterprises that produce products sold on the market.

In the model, state budget revenues are only tax revenues, and the work of government employees is paid through the redistribution of income earned in the production of the total product. In the circuit diagram, the wages of this category of workers are received by households not through the resource market, but in the form of payment for services purchased by the state from the private sector on the goods market. In a simple model of circulation with the participation of the outside world, it is usually not taken into account that households can receive factor income from abroad from the use of their resources by foreign producers; there are also no factor incomes from the outside world earned in the country. The exchange of transfer payments, both at the private sector level and at the state level, in the form of economic assistance, is also not taken into account. Thus, the entire income of the national economy can be earned only in the production of domestic product within the country. In the extended circuit model, we abandon this premise. Like all models, the circular flow model describes an ideal situation: “transparent”, efficiently functioning markets with free pricing, the absence of central bank interventions in the foreign exchange market leading to changes in official foreign exchange reserves, and the movement of financial assets and capital across borders not limited by national barriers.

2.2 Circulation models

Two-sector circulation model. The main actors in almost any economic system that allows private ownership of resources and freedom of enterprise are the people who live in it. Needs and desires prompt them to purchase goods and services, and in order to obtain the necessary funds for this, they are forced to somehow participate in the process of social production (or live off the people participating in this production). We can say that it is the household sector and the production sector (firms) that form the basis of the economy. It is quite obvious, therefore, that considering the functioning of the entire system should begin with an analysis of the relationships between these two groups of subjects.

At the first stage, we abstract from the state and the outside world and assume that the economy has only the private sector. On the one hand, this practically cannot happen, therefore, such an assumption makes the model unrealistic, but on the other hand, there is interaction between firms and households without the participation of the state and foreigners. These connections are demonstrated by the two-sector circulation model.

Households own resources but need goods and services to satisfy their needs. Firms are ready to produce goods and services, but to do this they need resources. People provide their resources to firms to participate in production, and firms pay for these resources. People use the income received to purchase goods.

Household spending on goods and services that satisfy their needs is called consumer spending, and in the absence of other spending, it constitutes firms' revenue from the sale of goods and services. This income received from sales goes, first of all, to pay for the resources used in production: hired labor, capital, land. Subtracting resource costs from revenue, we obtain the profit of firms, which belongs to their owners. All proceeds from the sale, having completed the circuit, are returned to households. Consequently, the total income of economic agents is identically equal to their total expenses on the commodity market, i.e. market value of the produced product.

However, even for the simplest two-sector model, too many simplifications were made. First, people generally do not spend all their income on consumption. The portion of income not spent on goods and services is saved. Of course, individuals may have no savings or even negative savings - living "in debt", spending more than they earned. However, overall the household sector tends to have positive savings. These savings, in fact, are withdrawals from income, since they are not returned in the form of consumer spending on the commodity market, and then - in the form of revenue - to producers of goods and services. These are called “leakages” from the income stream, or “withdrawals.”

In the real economy, part of this money remains in the form of cash, part is deposited in various bank accounts, and part is used to purchase securities. It is obvious that in an economy with an active financial sector that enjoys the confidence of the population, the share of cash in savings will be small. The circulation model assumes that households keep all their savings in banks or use them to purchase securities.

Secondly, in addition to consumer spending on the product market, there are also firm expenses. They buy from each other raw materials, semi-finished products, tools, building materials, equipment and other goods, provide each other with services - transport, legal, consulting, security, etc. Part of the costs is immediately included by firms in the cost of their product and returned with proceeds from the sale . Other costs are paid off gradually, sometimes over several years. These are business investment expenses. These include, in particular, costs for the construction or acquisition of real estate and the purchase of equipment by firms.

Thirdly, it is almost impossible that people will want to buy exactly as many goods and services as firms have produced and offer for sale. Most likely, production and sales volumes will not coincide. If more goods are produced than purchased, firms will accumulate inventories of unsold goods. The costs of firms to create additional, albeit not always planned, reserves are another type of investment by firms in production. Excess of sales volume over output is possible only through the use of past reserves, then their value will decrease.

The revenue from which firms can cover their expenses is usually received from the sale of the finished product; The production process has already been completed at this point. However, firms often have to pay for resources much earlier, either before or during production. In addition, if all the proceeds are distributed among the owners of resources, including the withdrawal of profits by the owners of firms, they simply have no funds left for investment. The financial market, which receives household savings, offers sources of financing much needed by companies.

There are several options for firms to attract savings from the financial market. Typically, producers prefer to borrow money from financial intermediaries, most often commercial banks, and less often resort to issuing securities. In any case, investment is made from savings available in the economy. Unlike savings, which are withdrawn from the income stream by owners, investment increases aggregate spending on goods and services. By supplementing household consumption, they compensate for the lack of spending in the goods market resulting from household savings. This kind of expenditure (in this case investment) is called “infusion” into the economy, or “injections”.

Thus, the total expenses of economic agents in the commodity market are composed of consumer and investment expenses in a two-sector model.

So, total private sector spending is equal to the sum of consumer and investment spending:

Households distribute the income received between consumption and savings:

All production income received by the household sector is equal to total expenditure:

E = Y, or C + I = C + S.

Subtracting consumer spending from the left and right sides of the identity, we obtain: I = S, or Amount of injections into the economy = Amount of withdrawals from the economy.

A sharp drop in demand in the commodity market will lead to a decline in production and a decrease in firms' demand for resources: unemployment will rise and the crisis will intensify.

On the other hand, it is household savings that are the main source of investment funds, coming to the disposal of firms indirectly, through financial intermediaries, or directly, through the acquisition of business-issued securities by people.

Three-sector circulation model. Now let's look at what changes are taking place in the economic system with the appearance of another active participant in it - the state. The circulation model, which reveals the relationships between three national economic agents - households, firms and the state - in an economy still closed from the outside world, becomes three-sector. The influence of the state on the economic system can go in two directions. On the one hand, both in the model and in life, the state acts as an independent economic agent, consuming goods and services, using household labor, having its own finances and participating in the creation of total income. On the other hand, its presence and policies in different spheres of economic life change the behavior of households and firms and their relationships. Often these directions intersect.

With the advent of the state, the income earned by resource owners in the production of a real product, including the profits of firms, is no longer income that they can completely control. Part of the income earned goes to the state in the form of taxes, and the payers can be both direct producers and households.

Taxes paid by households and businesses reduce the amount of income received from participation in production and disposable income. At the same time, total costs on the commodity market and total output decrease. The negative impact of taxes is partially offset by the reverse flow of government transfers to the private sector. On the other hand, government purchases of goods and services complement consumer spending by households and investment spending by firms in the product market, increasing firms' revenue from sales of the total product. The overall effect of government intervention depends on the relationship between these flows, i.e. from the state budget balance.

Four-sector circuit model. The four-sector model of the circulation of income and expenses examines economic connections and interactions between all economic agents, including the outside world, and already gives a fairly holistic picture of the functioning of the entire economic system.

Part of the total income spent on paying for foreign goods is withdrawn from the national economy, increasing the flow of “leakages”. If an increase in import costs occurs unexpectedly, firms are faced with a fall in demand in the goods market and the accumulation of stocks of unsold products, which may cause a decrease in production in the future. On the other hand, foreign economic agents, having gained access to the domestic market, buy goods produced in the territory countries.

The lack of funds to pay for imports can be financed by loans provided by the foreign sector or by the sale of assets (securities, real estate, etc.). Since the economy needs credit from the outside world, this is usually accompanied by an increase in interest rates. There is an influx (import) of capital into the financial market. The funds available for investment in domestic production are increasing.

With negative net exports, as has already been shown, there is a depreciation of the national currency in relation to the currencies of trading partners or the “world” currency in which international payments are made. Domestic production becomes comparatively cheaper, and the country's competitiveness improves somewhat. However, in a real economy, such a situation cannot continue indefinitely (unless the country is the issuer of that very “world” currency). When economic agents' foreign currency reserves are depleted and capital inflows from abroad are insufficient (obviously, this will happen sooner or later), the country's solvency on world markets may be at risk, forcing the state to make tough adjustments to economic policy. This situation is called a balance of payments crisis.

3. Modern problems of the formation of the Russian SNA

The use of SNA is necessary for conducting effective macroeconomic policy of the state, economic forecasting, and for international comparisons of national income. The process of transition to a market model of economic management and building a civilized market society is a complex and lengthy process, inextricably linked with problems of various kinds and in almost all spheres of society.

The first step towards achieving the set goal (formation of the Russian SNA in the conditions of market economic methods) should be the development of conceptual, theoretical, methodological and statistical aspects of the structure of the new macro-model of the economy, institutional, sectoral and industry groupings of the national economy. In general, the main problems of forming the SNA in Russia can be reduced to the following:

Conceptual (development of basic provisions and principles for the formation of the Russian analogue of the 1993 UN SNA version; interpretation of production activity and determination of its boundaries;
determining the cost composition of the product; development of the structure of the state budget, etc.);

Theoretical (rigorous scientific substantiation of the formation of a system of basic macroeconomic indicators in market conditions and the correspondence of the mechanism of their functioning to the economic structure of the economy);

Institutional (classification of institutional units according to functional principles);

Methodological (formation of a modern market forecasting methodology based on the principles of equivalence and interdependence of economics and politics, when the calculation of forecast indicators is based on data from regulatory legal acts that meets the needs of the Russian specific business of statistical accounting and forecasting bodies, government bodies, as well as international requirements and standards ; creation on this basis of a balance method for describing the economy, adequate to the market model of economics in Russia; development of methodological approaches to the formation of the structure of reporting indicators of the socio-economic development of the national economy: production, consumption (intermediate and final), distribution and redistribution of income, interpretation of financial; flows; classification of income and expenses; determination of the category of savings and others);

Organizational and legal (affirmation of property rights and distribution of the boundaries of their type structure; creation of an integral reporting system on the basis of the State Statistics Committee of Russia, formed on the basis of the mandatory submission of reporting data by the Central Bank of Russia, the Ministry of Finance, the Customs Committee and other services and departments that are holders of financial and non-financial reporting information the nature of enterprises and organizations, characterizing the development of the national economy of the country as a whole and within the framework of the monetary sector, the government sector and the external sector of the economy);

Statistical (updating the unified state register of enterprises and organizations of the State Statistics Committee of Russia (USRPO); revising the procedure and methods for collecting external and internal data sources, their generalization and development of new data sources using new methods that meet the requirement of building a system of national balances).

Conceptual problems of forming the SNA in a market economy boil down to:

1. Determining the boundaries of production activity in a market business model;

2. Development of basic conceptual provisions for the further development of the national economy and, in accordance with this, determining the composition of the system of main indicators of socio-economic development of the national economy;

3. Development of the basic principles for the formation of the Russian system of national balances (integrity and balance in the context of institutional sectors of the economy as a whole for the economy as a whole; validity of the calculation of macroeconomic indicators, due to the interrelation of indicators and instruments and parameters of state socio-economic policy in the context of all its directions );

4. Development of basic principles for the functioning of the Russian system of national balances;

5. Determination of the main directions of development of the SNA in accordance with the established version of the development of the national economy in the future;

6. Development of basic principles for the formation of scenario forecast conditions;

7.Development of the basic principles for forming a system of macroeconomic indicators in the reporting and forecast periods, operating on the basis of tools and parameters of various directions of state socio-economic policy;

8. Development of basic principles for the formation of short-term, medium-term and long-term forecasts using various directions of state socio-economic policy, their tools and parameters;

9. Compliance of the conceptual provisions of forcing the Russian system of national accounts with the basic concepts of the 1993 UN SNA. in its general form, international requirements and standards.

The theoretical basis of the Russian SNA should be a system of views characteristic of the future market economy of Russia, built on the principles of theoretical concepts of the formation of the Russian SNA; the mechanism of its functioning and determining the boundaries of action. National accounts are available in almost all capitalist states, but not a single country has a system in its pure form. The reason lies in the very nature of the capitalist economy, in which government agencies do not have full access to the economic information of private enterprises.

Problems of a theoretical nature in the Russian economy as a whole, at present, come down to the definition and development of a holistic and interconnected system of macroeconomic balances, the indicators of which are calculated on the basis of the tools and parameters of various areas of state socio-economic policy, enshrined in regulations. The balance of macroeconomic indicators and government policy parameters is carried out both across institutional sectors of the economy and within the entire economy as a whole, achieved at each level of balancing, respectively, through the use of end-to-end indicators of the balance sheet system and through the development of a consolidated balance of resource flows.

Statistical problems. The transition of forms of relations (the specificity of forms of ownership and their transformation), their instability, the emergence and functioning of special transitional economic forms, which are a manifestation of the mixture of old and new. One of the important problems associated with the introduction of the SNA into the statistical practice of economic calculations in Russia is the restructuring of the previously existing reporting system and the creation on its basis of a new one that is adequate to the basic concepts of the general SNA. Analysis is the final stage of any statistical research. Analysis of economic development, as a rule, is carried out with the aim of identifying the main relationships and proportions of social production; the degree of influence of individual factors on the results of economic activity; obtaining theoretical conclusions; education of the feasibility and directions for further improvement of the statistical methodology used; formulation of practical conclusions about the main trends in the development of socio-economic processes and their effectiveness.

Analysis of general economic indicators and their relationship in dynamics allows us to assess the correctness of Russia’s economic policy and take timely measures to adjust economic activity and foreign economic relations.

Conclusion

The national product is the result of the functioning of the country's economy and the activities of its economic entities. The process of creation and movement of a national product can be represented in the form of closed flows of goods, services and money moving between economic entities within a single national economic circulation. The national product in physical form is the totality of all goods and services created in a given country over a certain period of time (usually a year), and in monetary form it is the total cost of these goods and services.

In most developed and developing countries, the national product is the sum of goods and services produced in all sectors of the economy. It is calculated using the System of National Accounts (SNA).

The System of National Accounts is a statistical model of a market economy that reflects the functioning of the national economy in the form of closed flows of goods, services and money moving between macroeconomic entities.

The system of national accounts studies and records the process of creation, distribution and redistribution of the national product and national income in the country. With its help, it is possible to determine macroeconomic indicators of the state of the economy for different periods of time in order, on the basis of this information, to determine the degree of achievement of the goals of the national economy, develop economic policy, and conduct a comparative analysis of the economic potential of different countries.

The SNA studies transactions between subjects of the national economy. Economic subjects (agents) of the national economy here include economic units that carry out economic transactions with material or financial assets: non-financial enterprises; financial institutions and organizations; government agencies providing services that are not subject to purchase and sale; private non-profit organizations; households; abroad (rest of the world).

As a result of the interaction of macroeconomic entities, relationships are formed between them that determine sustainable patterns of development of the entire economy. The analysis of these relationships is carried out on the basis of a general model of the circulation of products and income.

Bibliography

1. Zhuravleva G. P., Aleksandrov D. G. Economic theory. Macroeconomics.

2. Sazhina M. A., Chibrikov G. G. Economic theory: a textbook for universities. - M.: Norma, 2001. 456 p.

3. Tarasevich L. S., Grebennikov P. I. Macroeconomics: textbook. -- 6th ed., rev. and additional - M.: Higher Education, 2006. 654 p.

4.URL: http://stud24.ru/economics/narodnohozyajstvennyj-krugooborot/27271-82476-page1/html/

5.URL:http://stud24.ru/economics/nacionalnoe-schetovodstvo/183843-536637-page1/html/

6.URL:http://www.grandars.ru/student/ekonomicheskayateoriya/makroekonomicheskiy-krugooborot/html/

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2.3. Model of national economic turnover.

As a result of the relationships that develop between macroeconomic entities in the process of production, distribution and consumption of material goods and services, stable cash flows are formed in the economy, which together constitute the national economic turnover of income and expenses.

Circulation of income and expenses in the national economy

RESOURCE MARKET

(factors of production)

Services Payment for services

factors factors

production production

Taxes Taxes

HOME STATE FIRMS

FARMS

Transfers Subsidies

Sale Payment

government goods

procurement of goods

GOOD MARKET

Clockwise (solid line), firms receive factor services from households through the factor market (services of labor, capital, land, entrepreneurship). In turn, through the goods market, various material and intangible benefits flow from firms to households: food, cars, various types of services, etc. The movement of all these real flows of resources and, of course, products is paid for by cash flows, the counterclockwise movement of which is shown by the dotted line. Firms provide payments to households for factor services. For households, this is their income, and for firms, these payments represent expenses. Households provide payments to firms for final goods and services. For households, these payments are expenses; for firms, they are income.

This diagram shows the circulation of real goods and cash flows in a closed economy. If, in addition to households and firms, we introduce the state into the scheme, we will see that the state collects taxes from firms and households, while providing transfers and subsidies. In addition, the state purchases labor services and other factors in the resource market, and various products produced by firms in the goods market.

2.4. Methods for calculating GDP as the most important indicator for measuring the volume of national production.

There are three main methods used to calculate GDP:

· Value added method.

GDP is the monetary value of all final goods and services produced in an economy in a year. This takes into account the annual volume of final goods and services created in the country. To correctly calculate GDP, it is necessary to take into account all products and services produced in a given year, but without repeated, double counting. This is why the definition of GDP refers to final goods and services. These goods are consumed within households and firms, and do not participate in further production, unlike intermediate goods. If intermediate products used to produce other goods (flour purchased by a bakery for baking bread) are included in GDP, then an overestimation of GDP is obtained (the price of flour will be taken into account several times).

The value added indicator, which represents the difference between firms' sales of their finished products and purchases of materials, tools, fuel and services from other firms, allows us to eliminate double counting. Value added is the market price of a firm's products minus the cost of raw materials consumed and materials purchased from suppliers.

By summing up the value added produced by all firms in a country, one can determine GDP, which represents the market valuation of all goods and services produced.

· Method of calculating GDP by expenditure.

Since GDP is defined as the monetary value of final goods and services produced during the year, it is necessary to sum up all expenses of economic entities for the purchase of final products. When calculating GDP based on expenditure or the flow of goods (this method is also called the production method), the following quantities are summed up:

1. Consumer expenditures of the population (C).

2. Gross private investment in the national economy (I g).

3. Government procurement of goods and services (G).

4. Net exports (NX), which represents the difference between a given country's exports and imports.

GDP = C + I g + G + NX

· Method of calculating GDP based on income (distribution method).

GDP can be represented as the sum of factor incomes (wages, interest, profit, rent), i.e. defined as the sum of remunerations of owners of production factors. GDP includes the income of all entities operating within the geographical boundaries of a given country, both residents (citizens living in the territory of a given country, with the exception of foreigners who have been in the country for less than a year) and non-residents. GDP also includes indirect and direct taxes on businesses, depreciation, property income and retained earnings. What is a cost for some subjects is income for others.

Combining two approaches to calculating GDP based on expenses and income.

Both methods are considered equivalent and should ultimately yield the same value of GDP.

Not all transactions carried out by economic entities during the period under calculation (per year) are included in the GDP indicator. Firstly, these are transactions with financial instruments: purchase and sale of securities - shares, bonds, etc. Financial transactions are not directly related to changes in current real production. Secondly, the sale and purchase of second-hand items and goods that have been used. Their value was taken into account earlier. Thirdly, private transfers (for example, gifts), in this case this is only a redistribution of funds between private economic entities. Fourthly, government transfers.

This is only a redistribution of funds between private economic entities. Fourth, government transfers. 3. The role of macroeconomic indicators National accounts indicators, widely used in economic theory and statistics, are calculated on the basis of GDP. The system of national networks links together the most important economic indicators - the volume of production of goods and...

In the 5th year, the downward trend in LD was not continued, since its significant increase was again observed to 3602. The dynamics of the LDD coincided with the dynamics of LD. The trend of a significant increase in macroeconomic indicators in the 5th year reflects the gradual improvement of the country's economic condition. Table 3 presents the calculation of real GDP and the GDP deflator relative to the 1st and previous years. Real...

In nominal and real values. Nominal GDP is usually used in statistics, but in order to avoid distortions when analyzing the main macroeconomic indicator, nominal GDP should be adjusted for the price level. 4. NATIONAL WEALTH The economic content of the category “national wealth” is multidimensional and represents the goal of the economic activity of any...

NNP is GNP minus that part of the created product that is necessary to replace the means of production worn out in the process of production (depreciation). An important macroeconomic indicator is national income (NI). From the point of view of resource owners, ND measures their income from participation in production for the current period. NI is defined as the sum of the income of all...

The model of national economic turnover underlies the SNA, since it allows one to analyze the flows of income and expenses carried out between agents. It describes the flow of goods and services exchanged between firms and households, balanced by a counterflow of cash payments. The analysis should begin with the simplest version of the circuit in an economic system in which there is no government and financial markets, as well as the foreign sector of the economy. To simplify the study, we assume that households spend all their income on consumer goods, and firms sell their products to households immediately after the production process.

A simplified circuit diagram can be presented as follows (Fig. 2.1).

Flows of real goods and services are directed clockwise. Households and firms are connected to each other by two groups of markets: product markets, in which households purchase goods and services produced by firms; resource markets in which firms purchase from households the resources needed to carry out the production process. Flows of goods and services move clockwise through these markets, balanced by counterclockwise flows of money payments. Households make cash payments for goods and services they purchase in product markets. Firms acquire labor and other resources for cash payments, which take the form of wages, interest, and rental payments. Factors of production that are owned by firms are usually accounted for as purchases from households, which are the ultimate owners of these firms. Thus, all production costs can be viewed as cash payments for inputs purchased by firms from households. If a firm has some balance left after covering all its costs, it makes a profit.

Of all the flows presented in the diagram, two deserve close attention: national income and total expenditures on the national product. National income is understood as the total amount of wages, rent, interest and profit that make up the total income of households. National product is an estimate of the total value of all goods and services produced in the economic system. Total expenditure on a national product is the flow of cash payments that flow through product markets to firms and balance the flow of real goods and services. In the simplified scheme under consideration, the values of national income and national product are equal by definition. There are two ways in which this identity can be proven.

Suppose that households spend all their income on consumer goods as soon as they receive it, and firms sell all the products they produce directly to households. The amount of cash payments made by buyers must be equal to the amount of cash received by sellers. Thus, in a flow considered in terms of total household expenditure, national product must equal national income. 1 National income and national product are interconnected through payments for productive resources. When firms receive payments for the goods and services they sell, they use a portion of their payments to pay income to the owners of factors of production; what remains is profit. Consequently, both resource payments and profits are counted as amounts that are passed on entirely to households, and total resource payments are equal to national income. The logic of our analysis requires the introduction of the following factors into the model: savings, investments and financial markets. The fact is that the amount of annual household expenses is usually less than the amount of income. That part of them that does not go to purchase goods and services, as well as to pay taxes, is called savings. Their most common form is the use of part of the income either to create savings in the form of deposits in banking institutions, or to purchase securities.

If households spend on average less than they earn, then firms, on the contrary, spend on average more than they receive from the sale of their products. This situation arises due to the fact that in addition to payments for resources that are necessary to maintain production volume at the current level, firms must make investments, i.e. expenditures that directly contribute to the growth of the total amount of capital in the economic system. Investments consist of two components: investments in fixed capital, i.e. acquisition of newly produced capital goods; investments in inventories, which represent the accumulation of stocks of raw materials to be used in the production process, or unsold finished goods.

As noted above, the amount of annual household expenses is somewhat less than the amount of their income, while firms spend more than they receive from the sale of their goods. There is a system of special economic institutions whose function is to move cash flows from households, owners of savings, to firms, which are borrowers. These institutions are called financial markets. The most common ones include banks, insurance companies, pension funds and some other organizations (Fig. 2.2).

Rice. 2.2. Circularity model incorporating financial markets

With the inclusion of financial markets in the circuit model, a new problem arises. There are already two ways in which cash flows from households to product markets: direct, through consumer spending, and indirect, in which savings are converted into investments through financial markets. In accordance with this, there are two groups of people who make independent decisions: households and entrepreneurs. Is it possible under these conditions to talk about equality of national income and national product? To prove this identity, it is necessary to use the concepts of aggregate demand and supply. Aggregate supply is the total value of all goods and services produced in an economic system. Aggregate demand is a valuation of the total volume of purchases of all goods and services produced. The national product (aggregate supply) is equal to the amount of planned expenditures (aggregate demand) only when the economic system is in equilibrium. However, regardless of whether the economy is in equilibrium or not, the national product is always equal to the amount of expenditures incurred. This is because investment in inventory plays a balancing role. If the amount of planned expenses

is insufficient compared to the total supply, inventories accumulate. In this case, adding the amount of unplanned investment in inventory to planned expenses, we obtain the equality of the total expenses incurred to the total supply. If the amount of planned expenses exceeds the total supply, the level of inventories decreases. Then, since the unplanned investment in inventory becomes negative, it is subtracted from the planned expenditure, i.e. total spending becomes equal to total supply.

The next step is to include the public sector in the model (Figure 2.3). The participation of this element is carried out in three ways: through taxes, government procurement and loans. Taxes are withdrawals of funds from the population. However, this flow is partially offset by the flow of transfer payments, which include payments to low-income individuals and unemployment benefits. To obtain a reliable estimate of the net cash flow from households to the government, it is necessary to subtract transfer payments from tax revenues. The resulting value is net taxes.

Government procurement

Product markets

State

Financial markets

Resource markets

Rice. 2.3. Circular model with inclusion of the public sector

Consider the following link between government and product markets. We have already taken into account one category of government spending - transfers - when characterizing net taxes. Another category is represented by government procurement, i.e. payments by the government for goods and services purchased from private firms, as well as wages and salaries of government employees. For the sake of simplicity, we will assume that the wages and salaries of government employees pass through product markets on their way to households.

The government must strive to maintain a balance between its income and expenditure. This is not always feasible, and a situation of budget deficit may arise. In this case, the government resorts to borrowing from financial markets. Typically, loans are made through the sale of government bonds and other securities to other business agents.

Resource markets

Net capital inflow

Rice. 2.4. Model of an open economic system

Circulation of income and expenses in the national economy

RESOURCE MARKET

(factors of production)

Services Payment for services

factors factors

production production

Taxes Taxes

HOME STATE FIRMS

FARMS

Transfers Subsidies

Sale Payment

government goods

procurement of goods

GOOD MARKET