Government and the economy
Pearson Edexcel · International GCSE · Economics Topic 6 5:09 English narration · English + 中文 subtitles burned in
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Governments chase six macroeconomic objectives.
政府追求六个宏观经济目标。
They pull three main policy levers: fiscal, monetary and supply-side.
它们使用三类主要政策工具：财政政策、货币政策和供给侧政策。
And because the objectives clash, every policy accepts a trade-off.
由于各目标相互冲突，每项政策都要接受某种取舍。
The six objectives: economic growth, a rise in real GDP; low and stable inflation; low unemployment; a balance on the current account, with exports close to imports; protecting the environment; and redistributing income to cut inequality and poverty.
六个目标：经济增长，即实际 GDP 上升；低而稳定的通货膨胀；低失业；经常账户平衡，出口接近进口；保护环境；以及收入再分配，减少不平等和贫困。
Real GDP swings around its trend.
实际 GDP 围绕趋势线波动。
In a boom, output is above trend: growth and inflation are high and unemployment falls.
繁荣时，产出高于趋势：增长和通胀都高，失业下降。
Then a downturn.
然后是衰退期的下滑。
In a recession output falls below trend and unemployment rises.
经济衰退时，产出跌到趋势以下，失业上升。
Then recovery.
然后是复苏。
The CPI is a weighted basket.
CPI 是一个加权的商品篮子。
Three goods carry weights of 50, 30 and 20. Their price relatives are 110, 100 and 120.
三种商品的权重分别是 50、30 和 20，价格指数分别是 110、100 和 120。
Weight each one: 55 plus 30 plus 24 makes 109.
逐项加权：55 加 30 加 24 等于 109。
Against a base of 100, inflation is 9 percent.
与基期 100 相比，通胀率为百分之 9。
The model starts at an output of 70 and a price level of 55, where AD meets SRAS.
模型从产出 70、价格水平 55 开始，即 AD 与 SRAS 的交点。
A rise in costs, such as dearer energy, shifts SRAS left.
成本上升，例如能源变贵，使 SRAS 左移。
Output falls to 50 and prices rise to 65.
产出降到 50，价格升到 65。
That is cost-push.
这就是成本推动型通胀。
Demand-pull is different: AD shifts right, and output rises with prices.
需求拉动型则不同：AD 右移，产出和价格一起上升。
Inflation erodes real pay when wages lag prices.
当工资跟不上物价时，通胀侵蚀实际工资。
It makes exports dearer abroad.
它让出口在国外变贵。
Firms pay menu costs to change their prices.
企业要付出菜单成本来改价。
And uncertainty weakens confidence and investment.
不确定性还削弱信心和投资。
Five types.
五种类型。
Cyclical unemployment comes from too little demand in a downturn.
周期性失业来自经济下滑时需求不足。
Structural, when an industry declines and skills no longer fit.
结构性失业是某个行业衰落、技能不再匹配。
Seasonal, when work stops with the season.
季节性失业是工作随季节停止。
Frictional, between jobs.
摩擦性失业发生在换工作之间。
Voluntary, when people choose not to take the work offered.
自愿失业是人们选择不接受现有工作。
A current-account deficit follows poor-quality or dear domestic goods and an overvalued currency.
经常账户赤字源于本国商品质量差或价格高，以及货币高估。
The environment is protected through taxes, subsidies, regulation, fines, permits and public parks.
保护环境的手段有税收、补贴、监管、罚款、排放许可和公园。
Redistribution uses progressive taxes, benefits, and spending on education and health.
再分配依靠累进税、福利以及教育和医疗支出。
Fiscal policy uses taxes and government spending to change demand.
财政政策利用税收和政府支出改变需求。
Monetary policy uses interest rates, and quantitative easing, through the cost of borrowing.
货币政策利用利率和量化宽松，通过借贷成本起作用。
Supply-side policy raises the economy's capacity.
供给侧政策提高经济的产能。
And controls work directly, through rules.
管制则通过规则直接起作用。
The central bank raises its interest rate.
中央银行提高利率。
Borrowing becomes dearer and saving more rewarding.
借钱变贵，储蓄回报更高。
Consumption and investment fall, so AD shifts left.
消费和投资下降，所以 AD 左移。
Firms find it harder to raise prices, and inflation falls.
企业更难涨价，通胀下降。
A reflationary fiscal or monetary policy shifts AD up by 15 along an unchanged SRAS.
扩张性的财政或货币政策使 AD 上移 15。
Equilibrium moves from 70 to 85 in output, and from 55 to 62.5 in the price level: more output, but higher prices.
均衡产出从 70 升到 85，价格水平从 55 升到 62.5：产出更多，但价格也更高。
Supply-side policy shifts SRAS right instead, raising output with lower prices.
供给侧政策则使 SRAS 右移，在价格更低的同时提高产出。
Its measures: education and training, deregulation, infrastructure, and lower taxes on business and income to encourage investment and work.
措施包括：教育和培训、放松管制、基础设施，以及降低企业税和所得税，以鼓励投资和工作。
Four trade-offs.
四种取舍。
Cutting inflation by deflating demand costs jobs.
通过紧缩需求降低通胀会减少就业。
Fast growth overheats into demand-pull inflation.
增长过快会过热，引发需求拉动型通胀。
More output brings more pollution.
产出增加带来更多污染。
And inflation makes exports dearer, worsening the current account.
通胀让出口变贵，经常账户恶化。
Country K's index: food has weight 30 and index 115, giving 3450.
K 国的指数：食品权重 30、指数 115，得 3450。
Energy, 20 times 130, gives 2600.
能源 20 乘 130，得 2600。
Other goods, 50 times 104, give 5200.
其他商品 50 乘 104，得 5200。
The total, divided by 100, is 112.5: prices have risen 12.5 percent.
总和除以 100 等于 112.5：价格上涨了百分之 12.5。
For: higher rates cut demand and expectations, can be changed quickly, and inflation fell to 2%.
支持：加息抑制需求和通胀预期，调整迅速，通胀也降到了百分之 2。
Against: the cause was cost-push, and rates cannot lower the world price of gas; they cost growth and jobs, and take one to two years.
反对：这次是成本推动型通胀，利率无法降低世界天然气价格；加息损害增长和就业，并需要一到两年才见效。
Judgement: use a mix, with moderate rate rises, help with energy bills, and supply-side investment.
判断：组合使用，适度加息，补贴能源账单，并进行供给侧投资。
Check yourself.
自我检测。
A CPI of 109 means 9 percent inflation.
CPI 为 109 意味着通胀率百分之 9。
Cost-push shifts SRAS left: prices up, output down.
成本推动使 SRAS 左移：价格上升，产出下降。
A rate rise shifts AD left.
加息使 AD 左移。
Supply-side policy shifts SRAS right.
供给侧政策使 SRAS 右移。
And growth trades off against inflation and the environment.
增长要与通胀和环境取舍。