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ECONOMICS, 5e Roger Arnold CHAPTER 9 Economic Instability http://cnnfn.cnn.com/2001/02/16/ europe/g7/ Business news Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 107 Exhibit 1 Keynes’s View of Say’s Law in a Money Economy Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 108 Exhibit 2 The Economy Gets “Stuck” in a Recessionary Gap Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 109 Exhibit 3 A Question of How Long It Takes for Wage Rates and Prices to Fall Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 110 Exhibit 4 Consumption and Saving at Different Levels of Disposable Income (in billions) Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 111 Exhibit 5 The Derivation of the Total Expenditures (TE) Curve Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 112 Exhibit 6 The Three States of the Economy Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 113 Exhibit 7 The Economy: In Equilibrium, and in a Recessionary Gap, Too Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 114 Exhibit 8 A Change in Autonomous Investment Spending Relative to a Change in Real GDP Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 115 Exhibit 9 Unemployment Rates in Industry, 1925–1928, and 1929–1933; Percentage Decrease in Prices, 1929–1932 SOURCE: Interwar Unemployment in International Perspective, Barry Eichengreen and T.J. Hatton (Dordrecht/Boston/London: Kluwer Academics Publishers). Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 116 Exhibit 10 Autonomous Investment Spending and the Multiplier Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 117 Exhibit 11 The Keynesian AS Curve Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 118 Exhibit 12 Can the Private Sector Remove the Economy from a Recessionary Gap? Arnold Economics, 5e / Ch. 9 Economic Instability ©2001 South-Western College Publishing 119
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