【正文】 n purchases of financial products. G (government spending) is the sum of government expenditures on final goods and services. It includes salaries of public servants, purchases of weapons for the military and any investment expenditure by a government. It does not include any transfer payments, such as social security or unemployment benefits.X (exports) represents gross exports. GDP captures the amount a country produces, including goods and services produced for other nations39。 consumption, therefore exports are added.M (imports) represents gross imports. Imports are subtracted since imported goods will be included in the terms G, I, or C, and must be deducted vt. 扣除，減去；演繹 to avoid counting foreign supply as domestic. 2) Production approachSum total of market value of final goods and services produced in a country during 1 year.216。 Economic activities (. industries) are classified into various sectors.216。 Estimate the gross value of domestic output in various sectors。216。 Determine the intermediate consumption, ., the cost of material, supplies and services used to produce final goods or services.Deduct intermediate consumption from gross value to obtain the gross value added.Gross value added = gross value of output – value of intermediate consumption.3) Ine approach:Total factor ine = employee pensation + corporate profits + proprietor39。s [pr?39。pra??t?] ine + rental ine + net interestEconomics theory mainstreamClassical economics : the first modern school of economic thought Adam Smith, David RicardoAdam Smith39。s The Wealth of Nations in 1776 is usually considered to mark the beginning of classical economics.Classical economists claimed that free markets regulate themselves, when free of any intervention. Adam Smith referred to a metaphorical [39。m?t?39。f?r?kl] invisible hand, which will move markets towards their natural equilibrium, without requiring any outside intervention.Everyone is seeking to maximize their own interest. During this way, the social interest will also be improved unconsciously and reach the best and most efficient situation automatically.Labor theory of value: the economic value of a good or service is determined by the total amount of labor required to produce it.A modity has:a value (note the link is to a nonMarxian definition of value)a usevalue (or utility)an exchange valuea price (it could be an actual selling price or an imputed ideal price)Neoclassical economics: It was expressed by E. Roy Weintraub Three central assumptions1) People have rational preferences between outes that can be identified and associated with values.2) Individuals maximize utility and firms maximize profits.3) People act independently on the basis of full and relevant information.4) Perfect petition The pursing of interest and utility is the best way to allocate of resources.Keynesian economics: The economy as unable to maintain itself at full employment and believed that it was necessary for the government to step in.Government is visible hand.1) A reduction in interest rates (monetary policy)2) Government investment in infrastructure (fiscal policy).Investment by government in infrastructure injects ine into the economy by creating business opportunity, employment and demand.A central conclusion of Keynesian economics is that, in some situations, no strong automatic mechanism moves output and employment towards full employment levels.Government spending can be used to increase aggregate demand, more demand need more supply, more supply need more workers, more job chance. Thus increasing economic activity, reducing unemployment and deflation. 增加貨幣供給、需求增加、經(jīng)濟(jì)增長(zhǎng)、失業(yè)減少、物價(jià)上漲、通貨膨脹，減少貨幣供給、需求減少、經(jīng)濟(jì)停滯、失業(yè)增加、物價(jià)下跌、通貨緊縮。即經(jīng)濟(jì)衰退與通貨膨脹不會(huì)同時(shí)存在，但在70年代西方資本主義國(guó)家普遍出現(xiàn)了經(jīng)濟(jì)增長(zhǎng)停滯、失業(yè)增加、通貨膨脹同時(shí)存在，凱恩思主義受到質(zhì)疑。Institutional Economics: focuses on understanding the role of institutions in shaping economic behavior. Thorstein VeblenNew Institutional Economics: 1) Property rightsCoase theorem : if trade in an externality is possible and there are sufficiently low transaction costs and clear property right, bargaining will lead to an efficient oute regardless of the initial allocation of property.2) Transaction costs:搜尋成本（Searching Cost）：包括尋找最適交易對(duì)象的成本及尋找交易標(biāo)的物的成本。協(xié)議成本（Negotiating Cost）：指交易雙方為消除歧見，所進(jìn)行談判與協(xié)商的成本。訂約成本（Contracting Cost）：當(dāng)雙方達(dá)成共識(shí)而進(jìn)行交易時(shí)，簽訂契約所投入的成本。監(jiān)督成本（Monitoring Cost）：指契約簽訂后，監(jiān)督對(duì)方是否依約執(zhí)行的成本。違約成本（Enforcement Cost）：指契約簽訂后，當(dāng)交易一方違約時(shí)，另一方為激勵(lì)契約之履行所花費(fèi)的成本。銀行產(chǎn)生的原因 intermedia3) Principal agent theory:The problem arises where the two parties have different interests and asymmetric [,es?39。m?tr?k] asymmetrisch information (the agent having more information), such that the principal cannot directly ensure that the agent is always acting in its (the principal39。s) best interests.Various mechanisms may be used to align the interests of the agent with those of the principal. In employment, employers (principal) may use profit sharing, efficiency wages, performance measurement (including financial statements), the agent posting a bond, or the threat of termination of employment.