FUNDAMENTAL OF ECONOMICS

SESI 8-9:
PRODUKSI DAN
PERTUMBUHAN
EKONOMI
P E N G U K U R A N P D B , P R O D U K T I V I TA S , D A N
P E RT U M B U H A N

Ledi Trialdi @2023

 1
M E M A H A M I M A K R O E KO N O M I

PENGUKURAN PDB &

2 P E R T U M B U H A N E KO N O M I

P R O D U K T I V I TA S DA N
3 P E R T U M B U H A N E KO N O M I

KEBIJAKAN PERTUMBUHAN
PRODUKSI DAN
PERTUMBUHAN
4
EKONOMI

FUNDAMENTAL OF ECONOMICS
CLASSIC
BEFORE
1930’s
 Microeconomic (or market
AL clearing) models to deal with
ECONOM economy-wide problems
ISTS  Self-corrective economy
 Limited role of government

1
M E M A H A M I M A K R O E KO N O M I
FUNDAMENTAL OF ECONOMICS
THE GREAT
(in the US
DEPRESSION
1930’s) AGGREGATE
ECONOMIC
INDICATORS
MATTER!
 Economic growth
 Unemployment rate 1
 MInflation
E M A H A rate
M I M A K R O E KO N O M I
FUNDAMENTAL OF ECONOMICS
 Negative economic GDP returned to
growth (1929–1933 and its 1929 level in
1938) 1937

THE
GREAT
DEPRES
(in the US
1930’s)
US economic growth (%)
US real GDP (billion USD) SION
1
M E M A H A M I M A K R O E KO N O M I
FUNDAMENTAL OF ECONOMICS
 Prolonged
high
THE
unemployme
nt GREAT
DEPRES
(in the US
1930’s)
SION
Deflatio
n 1
M E M A H A M I M A K R O E KO N O M I
FUNDAMENTAL OF ECONOMICS
N O / L AT E S E L F - CLASSICAL
CORRECTING ECONOMIC
MECHANISM MODEL
FA I L U R E

the impetus for the development

MACROECO
of

NOMICS 1
M E M A H A M I M A K R O E KO N O M I
FUNDAMENTAL OF ECONOMICS
 M E M A H A M I M A K R O E KO N O M I
1

KEYNES
(1936)stabilization
Government
policy
 The General Theory of Employment, Interest, and
Money.
 Keynes emphasized effective demand (i.e. aggregate
demand): during periods of low private demand, the
government can stimulate aggregate demand to lift the
economy out of recession.

J.M. Keynes

FUNDAMENTAL OF ECONOMICS
T E S T. . .

1. Bagaimana pandangan ekonomi sebelum

tahun 1930?
2. Apa yang terjadi di tahun 1930-an?
3. Apa tiga indikator utama makroekonomi?
4. Kondisi apa yang menjadi pencetus
perkembangan ilmu makroekonomi?
5. Apa peran Keynes dalam makroekonomi?

FUNDAMENTAL OF ECONOMICS
 income expenditure
1 MONEY MONEY
MARKET
of output

OUTPUT OUTPUT
Goods & services Goods & services

FIRMS C I R C U L A R F LOW HOUSEHOLDS

Factor of production Factor of production

INPUT INPUT
MARKET
of input
MONEY MONEY
expenditure income
FUNDAMENTAL OF ECONOMICS
 income expenditure
1 MONEY MONEY
MARKET
of output

OUTPUT OUTPUT
Goods & services Goods & services

EXPENDITU
FIRMS C I R C U L A R F LOW HOUSEHOLDS

RE
INCOME
Factor of production Factor of production
INPUT INPUT
MARKET
of input
MONEY MONEY
expenditure income
FUNDAMENTAL OF ECONOMICS
 M E M A H A M I M A K R O E KO N O M I
1

C I R C U L A R F LOW
FUNDAMENTAL OF ECONOMICS
 M E M A H A M I M A K R O E KO N O M I
1
T H E F U N DA M E N TA L
M A R K E T A N A LY S I S
P
AS
A G G R E G AT E
S U P P LY  Factors affecting the
OVERALL PRICE LEVEL.

Total supply of goods and

services in the economy curves’ slope
P*  Factors affecting the
A G G R E G AT E
curve’s shift
DEMAND  AD-AS interaction
Total demand for goods and  The market
services in the economy
AD equilibrium
Y
Y*
AGGREGATE OUTPUT LEVEL,
FUNDAMENTAL OF ECONOMICS
 M E M A H A M I M A K R O E KO N O M I
1
OUTPUT
LEVEL
 RECESSION
Two consecutive quarters of decline in
output
 DEPRESSION
Long and deep Peak
recession

Peak

o f g r o wth ECONO
Trend
MIC
BUSIN
Trough ESS
the rise and fall of the aggregate
output

Trough
CYCLE
TIME
FUNDAMENTAL OF ECONOMICS
T E S T. . .

1. Apa yang diperlihatkan circular flow?

2. Bagaimana leakage terjadi dalam ekonomi?
3. Apakah analisis pasar dibutuhkan dalam
makroekonomi? Apa bedanya dengan di
mikroekonomi?
4. Apa saja yang terjadi dalam business cycle?

FUNDAMENTAL OF ECONOMICS
 1
M E M A H A M I M A K R O E KO N O M I

PENGUKURAN PDB &

2 P E R T U M B U H A N E KO N O M I

P R O D U K T I V I TA S DA N
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KEBIJAKAN PERTUMBUHAN
PRODUKSI DAN
PERTUMBUHAN
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EKONOMI

FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

is the M A R K E T
Only those that have market value (or tradable) are taken into
V AL
account. UandEservices that are not tradable are excluded.
Goods

GDP
of A L L
Comprehensive. All that is legally produced in the economy.

FINAL
For final use/consumption, not for production of other
output
GOODS AND
S E RV I C E S
Includes tangible goods and intangible services.

PRODUCED
Must be currently produced. Used goods without added value or
goods produced in the past are not taken into account.

WITHIN A
No matter who produces, as long as produced in the domestic
C O U N T RY
country.
IN A GIVEN PERIOD OF
May be annual or quarterly.
TIME

FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

GDP
MARKET EXCLUDES:
Only those that have market value (or tradable) are taken into
V AL UandEservices that are not tradable are excluded. NON-TRADABLE
account. Goods
OUTPUT
ALL
Comprehensive. All that is legally produced in the economy. ILLEGAL OUTPUT
FINAL
For final use/consumption, not for production of other INTERMEDIARY
output
GOODS AND OUTPUT

S E RV I C E S
Includes tangible goods and intangible services.

PRODUCED
Must be currently produced. Used goods without added value or
goods produced in the past are not taken into account.
USED OUTPUT

WITHIN A N O N - D O M E S T I C A L LY
No matter who produces, as long as produced in the domestic
C O U N T RY
country. PRODUCED OUTPUT
IN A GIVEN PERIOD OF
May be annual or quarterly.
TIME
FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

MARKET
Only those that have market value (or tradable) are taken into
V AL
account. UandEservices that are not tradable are excluded.
Goods

ALL
Comprehensive. All that is legally produced in the economy.

FINAL
For final use/consumption, not for production of other
output
GOODS AND
S E RV I C E S
Includes tangible goods and intangible services.

PRODUCED
Must be currently produced. Used goods without added value or
goods produced in the past are not taken into account.

WITHIN A
No matter who produces, as long as produced in the domestic
C O U N T RY
country.
IN A GIVEN PERIOD OF
May be annual or quarterly.
TIME
FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

 CONSUMPTION
All household spending, goods and services, durable and non durable,
(barCnew)housing purchases
 INVESTMENT
EXPENDIT Spending on capital goods, inventories and structures (including
(factories
I ) and household purchases) by the private sector (non-
URE
government) for future use. It does not include the purchase of stocks,
bonds and other securities.

A( GPD PP CRI GON A

X)
C  GOVERNMENT
Spending on goods and services, including government investment.
P UR CH is notA SES (G)
H Transfer payment included.

 N E T E X P O RT
Exports are goods and services that are produced domestically, but
(purchased
N XbyXforeign Mparties.
) Imports, on the other hand, are part of the
domestic spendings ( or ), but produced outside the domestic economy, so
they must be excluded from the GDP calculation.

FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

EXPENDIT
URE
A( GPD PP CRI GON A
X)
C
H

FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

EXPENDIT
URE FINAL CONSUMPTION = = 3 X
A( GPD PP CRI GON A
X)
C $50
H GDP

$150

FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

GDP (GROSS DOMESTIC

PRODUCT)
G D P National Income
receipts of factor income from the rest of the world
+ indirect taxes minus subsidies
payments of factor income to the rest of the world
+ depreciation
Gross National Product (GNP)
depreciation + net factor income payment to
Net National Product (NNP)
indirect taxes minus subsidies plus other the rest of the world
National Income
corporate profits minus dividends
social insurance payments
personal interest income received from the
INCOME
government and consumers APPROACH
Compensation of employees,
proprietors’ income, corporate profits,
transfer payments to persons
net interest, rental income... with
Personal Income
some adjustments
personal taxes
Disposable Personal Income

FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

G D P National Income
+ indirect taxes minus subsidies
+ depreciation
Producing
+ net factor income payment to
Farming sheep Producing cost of wool =
wool of $25 income to sweaters of $150
Prawesh & the rest of the world
cost = Prawesh’s others Omar’s profit
income to profit
others = $25 = $100

= $5
= $20
non wool cost
GDP INCOME
APPROACH
= income to
more others
Compensation of employees,
proprietors’ income, corporate profits,
= $25 net interest, rental income... with
some adjustments
$150
FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

 Omit intermediary
output
 Avoid double counting
problem
PRODUCTIONAPPROACH
GDP is sum of all production sectors’ value-added
total sales value of final products
change in inventory

unsold output (or new inventory) sold inventory

FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

Farming sheep Producing cost of wool = Producing

wool of $25 income to sweaters of $150

cost =
Prawesh &
others Omar’s profit
PRODUCTIONAPPROACH
Prawesh’s
income to profit
GDP is sum of all production sectors’ value-added
others = $25 = $100 total sales value of final products
= $20 change in inventory
non wool cost VA4
= $5
VA2 = income to

GDP
VA1 more others

= $25

VA3

FINAL SALES = 3 X $150

$50
FUNDAMENTAL OF ECONOMICS
T E S T. . .

1. Apa saja metode pengukuran PDB?

2. Apa saja komponen PDB dari sisi
pengeluaran?
3. Mengapa ada net export dalam komponen
pengeluaran PDB
4. Mengapa PDB dihitung dengan menjumlah-
kan nilai tambah produksi?

FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

 G D P AT C O N S TA N T P R I C E
(Value
R EofA L price
GDP GD P ) at base year ( quantity at current year
of output

 G D P AT C U R R E N T P R I C E
economic growth rate at year (Value
NO of M
GDPI price
N AofLoutput
G atDcurrent
P ) year quantity at current year

Value of output (price quantity) of  G D P D E F L AT O R

output Shows the overall price level of goods and services produced in
the economy. Can be used to measure inflation from the
production side
𝑁𝑜𝑚𝑖𝑛𝑎𝑙 𝐺𝐷𝑃
𝐺𝐷𝑃 𝐷𝑒𝑓𝑙𝑎𝑡𝑜𝑟=
𝑅𝑒𝑎𝑙 𝐺𝐷𝑃

FUNDAMENTAL OF ECONOMICS
2 P E N G U K U R A N P D B & P E R T U M B U H A N E K O N ONOMINAL
M I GDP:

GDP DEFLATOR: REAL GDP:

𝑌 2017 350
𝐷𝑒𝑓 2017 = ×100= ×100=100
𝑦 2017 350

𝑌 201 8 70 0
𝐷𝑒𝑓 2018= ×100= × 100=100
𝑦 2018 70 0

𝑌 201 9 1 ,2 00
𝐷𝑒𝑓 2018= ×100= ×100=171.43
𝑦 2019 700

FUNDAMENTAL OF ECONOMICS
 2 P E N G U K U R A N P D B & P E R T U M B U H A N E KNOMINAL
ONOM I
GDP:

% CHANGE:

𝑟 2018 =100 %
% CHANGE
𝑟 2019 =71.43 %

GDP DEFLATOR: REAL GDP:

𝑌 2017 350
𝐷𝑒𝑓 2017 = ×100= ×100=100
𝑦 2017 350
INFLATION RATE: ECONOMIC GROWTH:
𝑌 201 8 70 0
𝐷𝑒𝑓 2018= ×100= × 100=100 𝑔 2018 =100 %
𝜋 2018 =0 % 𝑦 2018 70 0
𝑌 201 9 1 ,2 00 𝑔 2019 =0 %
𝜋 2019 =71.43 % 𝐷𝑒𝑓 2018= ×100= ×100=171.43
𝑦 2019 700

FUNDAMENTAL OF ECONOMICS
2 P E N G U KU R A N P D B & P E RT U M B U H A N E KO N O M I

economic
performance/
development GDP
MEASUREME economic
productivity
NT

standard of
living
but GDP
OMITS
size of economy leisure time, equality,
quality of environment,
FUNDAMENTAL OF ECONOMICS
 2 P E N G U K U R A N P D B & P E R T U M B U H A N ENOMINAL
KO N O M I
GDP:

% CHANGE:

𝑟 2018 =100 %

𝑟 2019 =71.43 %

GDP DEFLATOR: REAL GDP:

𝑌 2017 350
𝐷𝑒𝑓 2017 = ×100= ×100=100
𝑦 2017 350
INFLATION RATE: ECONOMIC GROWTH:
𝑌 201 8 70 0
𝐷𝑒𝑓 2018= ×100= × 100=100 𝑔 2018 =100 %
𝜋 2018 =0 % 𝑦 2018 70 0
𝑌 201 9 1 ,2 00 𝑔 2019 =0 %
𝜋 2019 =71.43 % 𝐷𝑒𝑓 2018= ×100= ×100=171.43
𝑦 2019 700

FUNDAMENTAL OF ECONOMICS
T E S T. . .

1. PDB apakah yang menggunakan harga

konstan/base year?
2. Apa indikator yang menjadi harga agregat
pada perhitungan PDB?
3. Untuk menghitung pertumbuhan ekonomi,
PDB nominal/riilkah yang digunakan?
4. Apa kelemahan PDB?

FUNDAMENTAL OF ECONOMICS
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PENGUKURAN PDB &

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KEBIJAKAN PERTUMBUHAN
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EKONOMI

FUNDAMENTAL OF ECONOMICS
3 P R O D U K T I V I TA S D A N P E R T U M B U H A N E K O N O M I

“Countries with higher per capita income

tend to have better standards of living.”

ABILITY TO
PRODUCE
depend on productivity of the people, the
labor...

FUNDAMENTAL OF ECONOMICS
3 P R O D U K T I V I TA S D A N P E R T U M B U H A N E K O N O M I

ABILITY TO
PRODUCE depend on productivity of the people, the
labor...
𝑄 𝐾 𝐻 𝑁 with constant returns
national
𝑌 = 𝐴𝐹 (𝐿, 𝐾 ,𝐻 , 𝑁) = 𝐴𝐹 (1, , , )to scale production
output 𝐿 𝐿 𝐿 𝐿 function
technology natural resources
labor/worker human capital
SOURCES
physical
capital OF
ECONO
MIC
FUNDAMENTAL OF ECONOMICS
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M E M A H A M I M A K R O E KO N O M I

PENGUKURAN PDB &

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EKONOMI

FUNDAMENTAL OF ECONOMICS
4 KEBIJAKAN PERTUMBUHAN

𝑄 𝐾 𝐻 𝑁
PUBLIC 𝐿
= 𝐴𝐹 ( 1, , ,
𝐿 𝐿 𝐿
)
POLICIES
 Encoraging S AV I N G &  P H Y S I C A L C A P I TA L per
 Attracting F
INOV
REESI G
TMN ENT labor
Stock of equipment and structure used to produce goods and
services
 Promoting IENDVUECSAT
T MI O
ENT  H U M A N C A P I TA L per labor
The knowledge and skills that the workforce gets through education,
 Increasing H
N E A LT H Q U A L I T Y training and experience.
 MaintainingP R O P E RT Y R I G H T &  N AT U R A L R E S O U R C E S
POLITICAL per laborinputs of goods and services from nature, such as
Production
 Opening F SRTAEB
E ITLR
I TAYD E land, rivers and mineral reserves

 Promoting R & D F O R N E W  TECHNOLOGICAL

 Increasing P
TO ECPU
HL NAT
O LIOOGNY? Public understanding of the best way to produce goods and
K NOWLEDGE
services.

ECONOMIC
GROWTH FUNDAMENTAL OF ECONOMICS
4 KEBIJAKAN PERTUMBUHAN

SAV I N G & I N V ES T M E N T

SACRIFICE HIGHER
CURRENT LONG-RUN
ECONOMI
CONSUMPT HIGHER
C GROWTH
C A PI TAL
HIGHER I OHNI G H E R TO LABOR
S AV I N G INVESTMENT H I GT H
RA I OE R
PRODUCTIVITY
FUNDAMENTAL OF ECONOMICS
4 KEBIJAKAN PERTUMBUHAN

F O R E I G N I N V ES T M E N T
FOREIGN DIRECT
INVE
Physical capital investments thatSare
Tfunded,
M Eowned
N Tand
operated directly by foreign entities

P O RT F O L I O
IInvestments
N V E financed
S T MbyEforeign
N Tfunds but operated
by domestic companies. Decisions for spending
capital made by domestic companies.

 Increase stock of capital

 Absorb more labor
 Increase wages
 Improve production
technology

FUNDAMENTAL OF ECONOMICS
4 KEBIJAKAN PERTUMBUHAN

C A P I TA L I N V ES T M E N T
𝑌 /𝐿 𝑌 /𝐿
DIMINISHING RETURNS
T O C A P I TA L
𝐷 Growth of
𝐷
𝐶 developed
Output per labor (productivity)

countries 𝐶

T H E C AT C H - U P
( C O NEVFEF
REGC
ENT
𝐵 𝐵 CE)
Growth of
Developing
𝐴 countries 𝐴

𝐾/𝐿 𝐾/𝐿
Capital per labor Starting point, Starting
developing point,
countries developed
countries
FUNDAMENTAL OF ECONOMICS
4 KEBIJAKAN PERTUMBUHAN

Poor countries tend

to grow at faster
rates than rich
countries...

FUNDAMENTAL OF ECONOMICS
4 KEBIJAKAN PERTUMBUHAN

E D U C AT I O N A N D H E A LT H
 Investment on human capital
 Producing positive
externalities
 Vicious SvsU Cvirtuous
ESSFUL
cyle M O R E SMART HIGHER
L POLICIES & H E A LT H Y PORDUCTI
PEOPLE VITY
BETTER
ECONOMY
Brain drain
problem
Educated workers from the countries
may move elsewhere to earn higher
income

FUNDAMENTAL OF ECONOMICS
4 KEBIJAKAN PERTUMBUHAN

P R O P E RT Y
RIGHTS &
P Functioning
O L I T Imarket
CAL
S Attracting
TA B Iinvestment
LITY

FREE
TRADE
 Similar to the effect of
technological discoveries
 Unhealthy trade competition issues
 Increasing productivity and
standards of living
FUNDAMENTAL OF ECONOMICS
4 KEBIJAKAN PERTUMBUHAN

 Advancing technology
 Knowledge becomes public
GROWTH OF
goods
 Patent regulations, tax
POPULATION
– Lowering productivity
– Scarcity of resources per labor
incentive policies or private
More labor to produce goods and
sector’s direct support on
services
R&D, research grants at
More consumer for products
universities
More scientists, inventors, and
experts are driving technological
RESEARCH & progress.

DEVELOPMENT

FUNDAMENTAL OF ECONOMICS
4 KEBIJAKAN PERTUMBUHAN

INJUSTICE
unsustainable
RESOURCES DEPLETION
unsustainable

INSTITUTION
AL
DEVELOPMENT

Sustainabl
D E V EeL O P
MENT FUNDAMENTAL OF ECONOMICS
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M E M A H A M I M A K R O E KO N O M I

PENGUKURAN PDB &

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EKONOMI

FUNDAMENTAL OF ECONOMICS
TERIMA
KASIH