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Lecture 1 summary
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Summary of 3 pages for the course EKN 320 at UP (Lecture 1 summary)
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CHAPTER 1Introduction
Criteria used to judge performance of the economy:
1. Economic growth
- Most important criteria
- Growth = better levels of development and increased prosperity
- Growth is a prerequisite for improving quality of life for citizens
2. Full employment
- Generations want to live a better life than previous generations
- Breaking the cycle of poverty
3. Price stability
- Refers to a lack of significant inflation
- Real world example → US announced stimulus packages for business for Covid-19
→ resulted in higher inflation rates
4. Balance of payments stability
- To do with international trade and linkages between a country’s economy and
the rest of the world
5. Equitable (fair) distribution of income
- Refers to distribution that is related to the amount of input make to the economy
by individuals
- This is of rising concern in developing and developed economies → the rich get
richer, and the poor get poorer = major policy concern
Sources of economic data:
- South African Reserve Bank (SARB)
o Quarterly Bulletin
o Annual Economic Report
o Monthly release of selected data
- Stats SA
o Data on economic growth
o Data on employment/unemployment
o Data on inflation
- National treasury
o Budget review
- Development bank
- Financial press
o Finweek
o Fin24
o Business Day
- IMF
o International Financial Statistics
o Government Finance Statistics
o Balance of Payments Statistics
o Direction of Trade Statistics
- World Bank
o World Development Report
- United Nations
o Human Development Report
- The Economist
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