《當(dāng)代美國經(jīng)濟(jì)》課件

1、5/5/20211 Modern American Economy 5/5/20212 nGDP$14.266 trillion (2009) (nominal; 1st) $14.289 trillion (2009) (PPP; 1st) nGDP growth-2.4% (2009) nGDP per capita$46,442 (2009) (nominal; 17th)$46,442 (2009) (PPP; 6th) nGDP by sector agriculture: (1.2%), industry: (21.9%), services: (76.9%) (2009 est.

2、) nInflation (CPI)1.1% (August 09-10) nPopulation below poverty line14.3% (2009) 5/5/20213 nGini index45 (List of countries) nLabor force 154.5 million (includes unemployed) (2009 est.) nLabor force by occupation farming, forestry, and fishing 0.6%, manufacturing, extraction, transportation, and cra

3、fts 22.6%, managerial, professional, and technical 35.5%, sales and office 24.8%, other services 16.5%note: figures exclude the unemployed (2007) nUnemployment 9.6% (August 2010) 5/5/20214 nMain industries petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, creative industrie

4、s, electronics, food processing, consumer goods, lumber, mining, defense nEase of Doing Business Rank4th 5/5/20215 nExternalExports $1.057 trillion f.o.b (2009 est.) nExport goods agricultural products (soybeans, fruit, corn) 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transi

5、stors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0% (2009) nMain export partners Canada, 13.2%; Mexico, 8.3%; China, 4.3%; Japan, 3.3%. (2009) 5/5/20216 nImports $1.558 trillion c.i.f. (2009 est.) nImport goods agricultu

6、ral products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys) (2009) nMain import partners China, 1

7、5.4%; Canada, 11.6%; Mexico, 9.1%; Japan, 4.9%; Germany, 3.7%. (2009) 5/5/20217 nFDI stock $2.398 trillion (31 December 2009 est.) nGross external debt $13.77 trillion (30 June 2008) 5/5/20218 nPublic finances nPublic debt $13.2 trillion (July 2010) 88% of GDP nRevenues $2.106 trillion (2009) nExpen

8、ses $3.515 trillion (2009) nEconomic aid ODA $19 billion, 0.2% of GDP (2004) 5/5/20219 nThe economy of the United States is the worlds largest national economy. Its nominal GDP was estimated to be $14.3 trillion in 2009, approximately a quarter of nominal global GDP. Its GDP at purchasing power pari

9、ty was also the largest in the world, approximately a fifth of global GDP at purchasing power parity. The U.S. economy also maintains a very high level of output per capita. In 2009, it was estimated to have a per capita GDP (PPP) of $46,381, the 6th highest in the world. 5/5/202110 nSince the 1970s

10、, the United States economy has absorbed savings from the rest of the world. The phenomenon is subject to discussion among economists. Like other developed countries, the United States faces retiring baby boomers who have already begun withdrawing from their Social Security accounts; however, the Am

11、erican population is young and growing when compared to Europe or Japan. The 2008 estimates of the United States public debt by the CIA Factbook and the International Monetary Fund were 61% of GDP, about the same as major European countries. nThe United States has been one of the best-performing dev

12、eloped countries, consistently outperforming European countries. The American labor market has attracted immigrants from all over the world and has one of the worlds highest migration rates. Americans have the second highest income per hour worked. The United States is ranked second, down from first

13、 in 2008-2009 due to the economic crisis, in the Global Competitiveness Report. 5/5/202111 History nThe economic history of the United States has its roots in European settlements in the 16th, 17th, and 18th centuries. The American colonies went from marginally successful colonial economies to a sma

14、ll, independent farming economy, which in 1776 became the United States of America. In 230 years the United States grew to a huge, integrated, industrialized economy that makes up over a quarter of the world economy. The main causes were a large unified market, a supportive political-legal system, v

15、ast areas of highly productive farmlands, vast natural resources (especially timber, coal and oil), and an entrepreneurial spirit and commitment to investing in material and human capital. In addition, the U.S. was able to exploit these resources due to a unique set of institutions designed to encou

16、rage exploration and extraction. As a result, the U.S.s GDP per capita converged on that of the U.K., as well as other nations that it previously trailed economically. The economy has maintained high wages, attracting immigrants by the millions from all over the world. 5/5/202112 nAfter the Great De

17、pression nFor many years following the Great Depression of the 1930s, when the danger of recession appeared most serious, government sought to strengthen the economy by spending heavily itself or cutting taxes so that consumers would spend more, and by fostering rapid growth in the money supply, whi

18、ch also encouraged more spending. In the 1970s, economic woes brought on by the costs of the Vietnam conflict, major price increases, particularly for energy, created a strong fear of inflation. As a result, government leaders came to concentrate more on controlling inflation than on combating reces

19、sion by limiting spending. 5/5/202113 nIdeas about the best tools for stabilizing the economy changed substantially between the 1960s and the 1990s. In the 1960s, government had great faith in fiscal policymanipulation of government revenues to influence the economy. Since spending and taxes are con

20、trolled by the president and the U.S. Congress, these elected officials played a leading role in directing the economy. A period of high inflation, high unemployment, and huge government deficits weakened confidence in fiscal policy as a tool for regulating the overall pace of economic activity. Ins

21、tead, monetary policy assumed growing prominence. 5/5/202114 nSince the stagflation of the 1970s, the U.S. economy has been characterized by somewhat slower growth. nThe worst recession in recent decades, in terms of lost output, occurred in the 1973-75 period of oil shocks, when GDP fell by 3.1 per

22、cent, followed by the 1981-82 recession, when GDP dropped by 2.9 percent. nSince the 1970s the US has sustained trade deficits with other nations. nOutput fell by 1.3 percent in the 1990-91 downturn, and a tiny 0.3 percent in the 2001 recession. The 2001 downturn lasted just eight months. 5/5/202115

23、 Oil crisis 5/5/202116 nIn recent years, the primary economic concerns have centered on: high household debt ($14 trillion) including $2.5 trillion in consumer debt, high national debt ($9 trillion), high corporate debt ($9 trillion), high mortgage debt (over $10 trillion as of 2005 year-end), high

24、unfunded Medicare liability ($30 trillion), high unfunded Social Security liability ($12 trillion), high external debt (amount owed to foreign lenders), high trade deficits, and a serious deterioration in the United States net international investment position (NIIP) (-24% of GDP). In 2006, the U.S

25、economy had its lowest saving rate since 1933. These issues have raised concerns among economists and national politicians. 5/5/202117 nThe U.S. economy maintains a relatively high GDP per capita, with the caveat that it may be elevated by borrowing, a low to moderate GDP growth rate, and a low unem

26、ployment rate, making it attractive to immigrants worldwide. nThe United States entered 2008 during a housing market correction, a subprime mortgage crisis and a declining dollar value. On December 1, 2008, the NBER declared that the United States entered a recession in December 2007, citing employm

27、ent and production figures as well as the third quarter decline in GDP. 5/5/202118 Overview nA central feature of the U.S. economy is the economic freedom afforded to the private sector by allowing the private sector to make the majority of economic decisions in determining the direction and scale o

28、f what the U.S. economy produces. This is enhanced by relatively low levels of regulation and government involvement, as well as a court system that generally protects property rights and enforces contracts. nThe United States is rich in mineral resources and fertile farm soil, and it is fortunate t

29、o have a moderate climate. It also has extensive coastlines on both the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico. Rivers flow from far within the continent, and the Great Lakesfive large, inland lakes along the U.S. border with Canadaprovide additional shipping access. These ext

30、ensive waterways have helped shape the countrys economic growth over the years and helped bind Americas 50 individual states together in a single economic unit. 5/5/202119 nThe number of workers and, more importantly, their productivity help determine the health of the U.S. economy. Throughout its h

31、istory, the United States has experienced steady growth in the labor force, a phenomenon that is both cause and effect of almost constant economic expansion. Until shortly after World War I, most workers were immigrants from Europe, their immediate descendants, or African Americans who were mostly s

32、laves taken from Africa, or slave descendants. Beginning in the early 20th century, many Latin Americans immigrated; followed by large numbers of Asians following removal of nation-origin based immigration quotas. The promise of high wages brings many highly skilled workers from around the world to

33、the United States. 5/5/202120 nLabor mobility has also been important to the capacity of the American economy to adapt to changing conditions. When immigrants flooded labor markets on the East Coast, many workers moved inland, often to farmland waiting to be tilled. Similarly, economic opportunities

34、 in industrial, northern cities attracted black Americans from southern farms in the first half of the 20th century. nIn the United States, the corporation has emerged as an association of owners, known as stockholders, who form a business enterprise governed by a complex set of rules and customs. B

35、rought on by the process of mass production, corporations, such as General Electric, have been instrumental in shaping the United States. Through the stock market, American banks and investors have grown their economy by investing and withdrawing capital from profitable corporations. Today in the er

36、a of globalization, American investors and corporations have influence all over the world. The American government has also been instrumental in investing in the economy, in areas such as providing cheap electricity (such as from the Hoover Dam), and military contracts in times of war. 5/5/202121 nW

37、hile consumers and producers make most decisions that mold the economy, government has a powerful effect on the U.S. economy in at least four areas, as the government uses a capitalist system. Strong government regulation in the U.S. economy started in the early 1900s with the rise of the Progressiv

38、e Movement; prior to this the government promoted economic growth through protective tariffs and subsidies to industry, built infrastructure, and established banking policies, including the gold standard, to encourage savings and investment in productive enterprises. On June 26, 2009, Jeff Immelt, t

39、he CEO of General Electric, called for the United States to increase its manufacturing base employment to 20% of the workforce, commenting that the U.S. has outsourced too much in some areas and can no longer rely on the financial sector and consumer spending to drive demand. 5/5/202122 nEducation n

40、In 2007, Americans stood second only to Canada in the percentage of 35 to 64 year olds holding at least two-year degrees. Among 25 to 34 year olds, the country stands tenth. nImmigration nUnited States received 4.31 immigrants per 1000 people in 2009 - 16th highest rate in the world. 5/5/202123 nEmp

41、loyment nFurther information: List of U.S. states by unemployment rate nUnemployment rate as a percentage of the labor force in the United States according to the U.S. Bureau of Labor Statistics. nIn May 2009, the unemployment rate was 9.4%. A broader measure of unemployment (taking into account mar

42、ginally attached workers, those employed part time for economic reasons, and discouraged workers) was 15.9%. nFemale unemployment continued to be significantly lower than male unemployment (7.5% vs. 9.8%). The unemployment among African-Americans continues to be much higher than white unemployment (

43、at 14.9% vs. 8.6%). nThe Congressional Budget Office forecast that the unemployment rate could reach as high as 9% during 2010. 5/5/202124 nIncome and wealth nAccording to the United States Census Bureau, the pretax median household income in 2007 was $50,233. The median ranged from $68,080 in Maryl

44、and to $36,338 in Mississippi. 5/5/202125 nIn 2007, the median real annual household income rose 1.3% to $50,233, according to the Census Bureau. The real median earnings of men who worked full time, year- round climbed between 2006 and 2007, from $43,460 to $45,113. For women, the corresponding inc

45、rease was from $33,437 to $35,102. The median income per household member (including all working and non- working members above the age of 14) was $26,036 in 2006. 5/5/202126 nThe recently released US Income Mobility Study showed economic growth resulted in rising incomes for most taxpayers over the

46、 period from 1996 to 2005. Median incomes of all taxpayers increased by 24 percent after adjusting for inflation. The real incomes of two-thirds of all taxpayers increased over this period. Income mobility of individuals was considerable in the U.S. economy during the 1996 through 2005 period with r

47、oughly half of taxpayers who began in the bottom quintile moving up to a higher income group within 10 years. In addition, the median incomes of those initially in the lower income groups increased more than the median incomes of those initially in the higher income groups. 5/5/202127 nSectors nEner

48、gy nThe United States is the largest energy consumer in terms of total use, using 100 quadrillion BTUs (105 exajoules, or 29000 TWh) in 2005. The U.S. ranks seventh in energy consumption per-capita after Canada and a number of small countries. The majority of this energy is derived from fossil fuels

49、: in 2005, it was estimated that 40% of the nations energy came from petroleum, 23% from coal, and 23% from natural gas. Nuclear power supplied 8.4% and renewable energy supplied 6.8%, which was mainly from hydroelectric dams although other renewables are included such as geothermal and solar energy

50、. 5/5/202128 nAgriculture nAgriculture is a major industry in the United States and the country is a net exporter of food. nProducts include wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; forest products; fish. 5/5/202129 nManufacturing nUSA is the leadin

51、g manufacturer in the world with a 2007 industrial output of US$2,696,880 millions. Main industries are petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining. 5/5/202130 nFinance nThe New York Stock Exchange is a stoc

52、k exchange located at 11 Wall Street in lower Manhattan, New York City, New York, USA. It is the largest stock exchange in the world by United States dollar value of its listed companies securities.39 As of October 2008, the combined capitalization of all domestic NYSE listed companies was US$10.1 t

53、rillion. nNASDAQ, is an American stock exchange. It is the largest electronic screen-based equity securities trading market in the United States. With approximately 3,800 companies and corporations, it has more trading volume per hour than any other stock exchange in the world. 5/5/202131 nInternati

54、onal trade nThe United States is the most significant nation in the world when it comes to international trade. For decades, it has led the world in imports while simultaneously remaining one of the top three exporters of the world. 5/5/202132 nAs the major epicenter of world trade, the United State

55、s enjoys leverage that many other nations do not. For one, since it is the worlds leading consumer, it is the number one customer of companies all around the world. Many businesses compete for a share of the U.S market. In addition, the United States occasionally uses its economic leverage to impose

56、 economic sanctions in different regions of the world. The U.S. is the top export market for almost 60 trading nations worldwide. 5/5/202133 nSince it is the worlds leading importer, there are many U.S. dollars in circulation all around the planet. The historically stable American economy and effect

57、ive monetary policy led to faith in the U.S. dollar. 2009 has seen government policy that is weakening the US dollar. Large foreign economies own huge dollar reserves (especially as the US is more in debt) so there is a fear that they will move away from the dollar. nIn order to fund the national de

58、bt (also known as public debt), the United States relies on selling U.S. treasury bonds to people both inside and outside the country, and in recent times a growing percent of buyers are international. 5/5/202134 nEconomic predictions and forecasting nPredictions about the direction of the United St

59、ates economy in the short term and long term are crucial factors in determining federal government policies, business decisions, and Federal Reserve decisions. Several institutions make economic predictions, including: Global Insight, and the UCLA Anderson Forecast. Various state agencies, including

60、 the California Department of Finance, also make predictions. 5/5/202135 Currency and central bank nUnited States historical inflation rate 16662004 nThe United States dollar is the unit of currency of the United States. The U.S. dollar is the currency most used in international transactions. Severa