© 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair 1 Prepared by: edy suandi hamid Pengantar Ilmu Ekonomi edy suandi.

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1 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair 1 Prepared by: edy suandi hamid Pengantar Ilmu Ekonomi edy suandi hamid (lectures note)

2 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Referensi 1.Karl E. Case dab Ray C. Fair, Principle of Macroeconomics, cetakan ke-5 (atau terakhir), 1999 2.P.A. Samuelson and William D Nordhaus, Economics, cetakan ke-16, McGrawhill 3.Boediono, Ekonomi Makro, BPFE Yogyakarta 4.Aried wijaya, Ekonomika Makro 5.Ace Partadireja, Perhitungan Pendapatan Nasional, LP3ES 6.Sadono Sukirno, Pengantar Teori Makro Ekonomi, UI Press 7.Lain-lain yang relevan!!

3 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Munculnya Ekonomi Moderen Ditandai dgn Buku Adam Smith (1776) berjudul “An Inquiry into the Nature of the Wealth of the Nations”Ditandai dgn Buku Adam Smith (1776) berjudul “An Inquiry into the Nature of the Wealth of the Nations” Buku ini memfokuskan pada Ekonomi Mikro  AS: penggagas dari Ekonomi Mikro: membahas prilaku unit ekonomi individual (pasar, perusahan, rumahtangga, faktor produksi, harga, dsb)Buku ini memfokuskan pada Ekonomi Mikro  AS: penggagas dari Ekonomi Mikro: membahas prilaku unit ekonomi individual (pasar, perusahan, rumahtangga, faktor produksi, harga, dsb)

4 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Perkembangan teori ekonomi moderen sangat pesat setelah munculnya tulisan AS tsb. Ini ditandai dari artikel dan buku2 yg ditulis oleh Alfred Marshall, David ricardo, JM Mills, Karl Marx, Wlaras, JM Keynes, dsb.Perkembangan teori ekonomi moderen sangat pesat setelah munculnya tulisan AS tsb. Ini ditandai dari artikel dan buku2 yg ditulis oleh Alfred Marshall, David ricardo, JM Mills, Karl Marx, Wlaras, JM Keynes, dsb.

5 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Apa yg dipelajari oleh Ekonom? Aspek yg dipelajari: Uang, produksi, konsumsi, distribusi brg dan jasa, pembangunan, dsb-nya.Aspek yg dipelajari: Uang, produksi, konsumsi, distribusi brg dan jasa, pembangunan, dsb-nya. Mempelajari bgmn harga tanah, modal dan tenagakerja terbentuk dlm perekonomian, dan bgmn harga tsb mengalokasikan sumberdayaMempelajari bgmn harga tanah, modal dan tenagakerja terbentuk dlm perekonomian, dan bgmn harga tsb mengalokasikan sumberdaya Menyelidiki prilaku pasar uangMenyelidiki prilaku pasar uang Manganalisis akibat dari kebijakan pemerintah pada efisiens pasarManganalisis akibat dari kebijakan pemerintah pada efisiens pasar Menganalisis distribusi pendapatanMenganalisis distribusi pendapatan Menganalisi dampak pengeluaran pemrthMenganalisi dampak pengeluaran pemrth Menganalisis pola perdagangan dsbnya.Menganalisis pola perdagangan dsbnya.

6 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Pengertian Ilmu Ekonomi 1.Ilmu yg mempelajari bagaimana manusia mengalokasikan sumberdaya yg langka utk menghasilkan komoditi yg diinginkan, dan mendistribsikannya ke masyarakat. 2.Ilmu yg mempelajari tingkah laku manusia dalam mengalokasikan sumber2 alam secara efisien 3.Ilmu yg mempelajari tindakan/aktivitas manusia yg ditimbulkan karena keterbatasan sbrdaya dan adanya kegunaan alternatif sbrdaya tsb, utk memenuhi kebutuhan manusia agar dicapai kepuasan optimal

7 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Three Basic Questions

8 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Gambar tsb menunjukkan bgmn pasar menjawab tiga pertanyaan dasar ekonomi. 1.Apa yg akan diproduksi? Ditentukan oleh penilaian konsumen atas barang yg diminta (demand) dibandingkan dg penawarannya (opportunity cost) Apabila permintaan barang tsb lebih besar dibandingkan penawaran  Diproduksi

9 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Bagaimana Menghasilkan Barang tsb? Ini ditentukan oleh prilaku produsen Produsen akan mencari metode produksi yg paling rendah biayanya sehingga bisa meningkatkan keuntungan Adanya persaingan menyebabkan harga tidak terlalu jauh menyimpang dari biaya produksinya

10 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Untuk siapa komoditi dihasilkan? Barang yg dihasilkan dialokasikan utk konsumen yg mau membayar pada harga yg ditetapkanBarang yg dihasilkan dialokasikan utk konsumen yg mau membayar pada harga yg ditetapkan Krn daya beli berbeda  pasar akan menimbulkan ketidakmerataan dalam distribusi barang/jasaKrn daya beli berbeda  pasar akan menimbulkan ketidakmerataan dalam distribusi barang/jasa

11 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Ekonomi Normatif dan Positif Ilmu Ekonomi Positif: membahas ttg apa dan bagaimana senyatanya masalah2 ekonomi dipecahkan.Ilmu Ekonomi Positif: membahas ttg apa dan bagaimana senyatanya masalah2 ekonomi dipecahkan. Menjelaskan fakta-fakta ekonomiMenjelaskan fakta-fakta ekonomi Menjelaskan: apa yg terjadi; apa yg akan terjadi; apa implikasi kebijakan pemerintahMenjelaskan: apa yg terjadi; apa yg akan terjadi; apa implikasi kebijakan pemerintah Misal: Inflasi akan lebih dari 10%; pengangguran akan meningkat; Jika pajak meningkat, konsumsi akan turun

12 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair IE Normatif Mempelajari ttg apa yg seharusnya terjadi, atau bgmn seharusnya masalah ek rakyat dipecahkan Menyangkut masalah etika dan nilai Misal: pemerataan hrs ditingkatkan; Pemerintah hrs menurunkan inflasi; kebijakan pemerintah hrs memperkecil pengangguran

13 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Cabang Utama Ekonomi Secara grs besar ada 2 cabang IESecara grs besar ada 2 cabang IE 1.Ilmu Ekonomi Makro: Mempelajari aktivitas ek secara keseluruhan (nasional, global)  agregatif Misalnya: pertumbuhan ek; inflasi; neraca pembayaran; investasi dsbnya

14 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair 2. Ilmu Ekonomi Mikro: mempelajari aktivitas prilaku ekonomi individual, atau bagian atau unit kecil perekonomian: permintaan dan penawaran individual atau perusahaan2. Ilmu Ekonomi Mikro: mempelajari aktivitas prilaku ekonomi individual, atau bagian atau unit kecil perekonomian: permintaan dan penawaran individual atau perusahaan Harga mobil; penawaran minyak; permintaan tenaga kerja dsbnyaHarga mobil; penawaran minyak; permintaan tenaga kerja dsbnya

15 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Macroeconomics

16 The Roots of Macroeconomics The Great Depression was a period of severe economic contraction and high unemployment that began in 1929 and continued throughout the 1930s.The Great Depression was a period of severe economic contraction and high unemployment that began in 1929 and continued throughout the 1930s.

17 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair The Roots of Macroeconomics Classical economists applied microeconomic models, or “market clearing” models, to economy-wide problems.Classical economists applied microeconomic models, or “market clearing” models, to economy-wide problems. The failure of simple classical models to explain the prolonged existence of high unemployment during the Great Depression provided the impetus for the development of macroeconomics.The failure of simple classical models to explain the prolonged existence of high unemployment during the Great Depression provided the impetus for the development of macroeconomics.

18 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Recent Macroeconomic History In 1936, John Maynard Keynes published The General Theory of Employment, Interest, and Money.In 1936, John Maynard Keynes published The General Theory of Employment, Interest, and Money. Keynes believed governments could intervene in the economy and affect the level of output and employment.Keynes believed governments could intervene in the economy and affect the level of output and employment. Fine-tuning was the phrase used by Walter Heller to refer to the government’s role in regulating inflation and unemployment.Fine-tuning was the phrase used by Walter Heller to refer to the government’s role in regulating inflation and unemployment.

19 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Macroeconomic Concerns Three of the major concerns of macroeconomics are:Three of the major concerns of macroeconomics are: Inflation Inflation Output growth Output growth Unemployment Unemployment

20 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Inflation Inflation is an increase in the overall price level.Inflation is an increase in the overall price level. Hyperinflation is a period of very rapid increases in the overall price level. Hyperinflations are rare, but have been used to study the costs and consequences of even moderate inflation.Hyperinflation is a period of very rapid increases in the overall price level. Hyperinflations are rare, but have been used to study the costs and consequences of even moderate inflation.

21 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Output Growth The business cycle is the cycle of short-term ups and downs in the economy.The business cycle is the cycle of short-term ups and downs in the economy. The main measure of how an economy is doing is aggregate output:The main measure of how an economy is doing is aggregate output: Aggregate output is the total quantity of goods and services produced in an economy in a given period. Aggregate output is the total quantity of goods and services produced in an economy in a given period.

22 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Output Growth A recession is a period during which aggregate output declines. Two consecutive quarters of decrease in output signal a recession.A recession is a period during which aggregate output declines. Two consecutive quarters of decrease in output signal a recession. A prolonged and deep recession becomes a depression.A prolonged and deep recession becomes a depression. The size of the growth rate of output over a long period is also a concern of macroeconomists and policy makers.The size of the growth rate of output over a long period is also a concern of macroeconomists and policy makers.

23 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Unemployment The unemployment rate is the percentage of the labor force that is unemployed.The unemployment rate is the percentage of the labor force that is unemployed. The unemployment rate is a key indicator of the economy’s health.The unemployment rate is a key indicator of the economy’s health. The existence of unemployment seems to imply that the aggregate labor market is not in equilibrium. Why do labor markets not clear when other markets do?The existence of unemployment seems to imply that the aggregate labor market is not in equilibrium. Why do labor markets not clear when other markets do?

24 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Government in the Macroeconomy There are three kinds of policy that the government has used to influence the macroeconomy:There are three kinds of policy that the government has used to influence the macroeconomy: 1. Fiscal policy 2. Monetary policy 3. Growth or supply-side policies

25 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Government in the Macroeconomy Fiscal policy refers to government policies concerning taxes and expenditures.Fiscal policy refers to government policies concerning taxes and expenditures. Monetary policy consists of tools used by the Federal Reserve to control the money supply.Monetary policy consists of tools used by the Federal Reserve to control the money supply. Growth policies are government policies that focus on stimulating aggregate supply instead of aggregate demand.Growth policies are government policies that focus on stimulating aggregate supply instead of aggregate demand.

26 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair The Components of the Macroeconomy Everyone’s expenditures go somewhere. Every transaction must have two sides.Everyone’s expenditures go somewhere. Every transaction must have two sides.

27 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair The Three Market Arenas Households, firms, the government, and the rest of the world all interact in the goods-and-services, labor, and money markets.Households, firms, the government, and the rest of the world all interact in the goods-and-services, labor, and money markets.

28 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair The Three Market Arenas Households and the government purchase goods and services (demand) from firms in the goods-and services market, and firms supply to the goods and services market.Households and the government purchase goods and services (demand) from firms in the goods-and services market, and firms supply to the goods and services market. In the labor market, firms and government purchase (demand) labor from households (supply).In the labor market, firms and government purchase (demand) labor from households (supply). The total supply of labor in the economy depends on the sum of decisions made by households. The total supply of labor in the economy depends on the sum of decisions made by households.

29 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair The Three Market Arenas In the money market—sometimes called the financial market—households purchase stocks and bonds from firms.In the money market—sometimes called the financial market—households purchase stocks and bonds from firms. Households supply funds to this market in the expectation of earning income, and also demand (borrow) funds from this market.Households supply funds to this market in the expectation of earning income, and also demand (borrow) funds from this market. Firms, government, and the rest of the world also engage in borrowing and lending, coordinated by financial institutions.Firms, government, and the rest of the world also engage in borrowing and lending, coordinated by financial institutions.

30 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Financial Instruments Treasury bonds, notes, and bills are promissory notes issued by the federal government when it borrows money.Treasury bonds, notes, and bills are promissory notes issued by the federal government when it borrows money. Corporate bonds are promissory notes issued by corporations when they borrow money.Corporate bonds are promissory notes issued by corporations when they borrow money.

31 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Financial Instruments Shares of stock are financial instruments that give to the holder a share in the firm’s ownership and therefore the right to share in the firm’s profits.Shares of stock are financial instruments that give to the holder a share in the firm’s ownership and therefore the right to share in the firm’s profits. Dividends are the portion of a corporation’s profits that the firm pays out each period to its shareholders.Dividends are the portion of a corporation’s profits that the firm pays out each period to its shareholders.

32 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Economic Growth To increase the production of one good without decreasing the production of the other, the PPF curve must shift outward.To increase the production of one good without decreasing the production of the other, the PPF curve must shift outward. From point D, the economy can choose any combination of output between F and G.From point D, the economy can choose any combination of output between F and G. Outward shifts of the curve represent economic growth.Outward shifts of the curve represent economic growth.

33 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Economic Growth Not every sector of the economy grows at the same rate.Not every sector of the economy grows at the same rate. In this historic example, productivity increases were more dramatic for corn than for wheat over the 50-year period.In this historic example, productivity increases were more dramatic for corn than for wheat over the 50-year period.

34 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair The Economic Problem The economic problem: Given scarce resources, how, exactly, do large, complex societies go about answering the three basic economic questions?The economic problem: Given scarce resources, how, exactly, do large, complex societies go about answering the three basic economic questions? Economic systems are the basic arrangements made by societies to solve the economic problem. They include:Economic systems are the basic arrangements made by societies to solve the economic problem. They include: Command economies Command economies Laissez-faire economies Laissez-faire economies Mixed systems Mixed systems

35 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair The Economic Problem In a command economy, a central government either directly or indirectly sets output targets, incomes, and prices.In a command economy, a central government either directly or indirectly sets output targets, incomes, and prices. In a laissez-faire economy, literally from the French: “allow (them) to do,” individual people and firms pursue their own self-interests without any central direction or regulation. The central institution of a laissez-faire economy is the free-market system.In a laissez-faire economy, literally from the French: “allow (them) to do,” individual people and firms pursue their own self-interests without any central direction or regulation. The central institution of a laissez-faire economy is the free-market system. A market is the institution through which buyers and sellers interact and engage in exchange.A market is the institution through which buyers and sellers interact and engage in exchange.

36 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Laissez-Faire Economies: The Free Market Consumer sovereignty is the idea that consumers ultimately dictate what will be produced (or not produced) by choosing what to purchase (and what not to purchase). Consumer sovereignty is the idea that consumers ultimately dictate what will be produced (or not produced) by choosing what to purchase (and what not to purchase). Free enterprise: under a free market system, individual producers must figure out how to plan, organize, and coordinate the production of products and services.Free enterprise: under a free market system, individual producers must figure out how to plan, organize, and coordinate the production of products and services.

37 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Laissez-Faire Economies: The Free Market The distribution of output is also determined in a decentralized way. The amount that any one household gets depends on its income and wealth.The distribution of output is also determined in a decentralized way. The amount that any one household gets depends on its income and wealth. The basic coordinating mechanism in a free market system is price. Price is the amount that a product sells for per unit. It reflects what society is willing to pay.The basic coordinating mechanism in a free market system is price. Price is the amount that a product sells for per unit. It reflects what society is willing to pay.

38 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Mixed Systems, Markets, and Governments Markets are not perfect, and governments play a major role in all economic systems in order to: Minimize market inefficiencies Minimize market inefficiencies Provide public goods Provide public goods Redistribute income Redistribute income Stabilize the macroeconomy Stabilize the macroeconomy Promote low levels of unemployment Promote low levels of unemployment Promote low levels of inflation Promote low levels of inflation

39 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair The Method of Economics Normative economics, also called policy economics, analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action.Normative economics, also called policy economics, analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action. Positive economics studies economic behavior without making judgments. It describes what exists and how it works.Positive economics studies economic behavior without making judgments. It describes what exists and how it works.

40 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Economic Policy Criteria for judging economic outcomes: Efficiency, or allocative efficiency. An efficient economy is one that produces what people want at the least possible cost.Efficiency, or allocative efficiency. An efficient economy is one that produces what people want at the least possible cost. Equity, or fairness of economic outcomes.Equity, or fairness of economic outcomes. Growth, or an increase in the total output of an economy.Growth, or an increase in the total output of an economy. Stability, or the condition in which output is steady or growing, with low inflation and full employment of resources.Stability, or the condition in which output is steady or growing, with low inflation and full employment of resources.

41 © 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair Ekonomi Pembangunan