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LAGGING ECONOMIC INDICATOR: One of seven economic statistics that tend to move up or down a few months after the expansions and contractions of the business cycle. These statistics paint a pretty clear picture of what the economy was doing a few months back. Lagging economic indicators lag the turning points of the aggregate economy by 3-12 months. After a contraction begins, lagging indicators decline 3 to 12 months later. And 3 to 12 months after a expansion begins, lagging indicators rise.

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Lesson 9: Macro Basics | Unit 2: Macro Problems Page: 7 of 16

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  • The three major goals of the macroeconomy: full employment, stability and growth, and the limitations to achieve them.
  • The three major macroeconomic problems of not reaching the macro goals: production, unemployment and inflation.
  • Difficulties in the production of goods and services that result from the demand and supply sides of the economy.
  • The problems of unemployment : lost production and personal hardships.
  • The problems of inflation: uncertainty, decline value of financial assets, haphazard income and wealth redistribution, and hyperinflation and reduced production.

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ASYMMETRIC INFORMATION

Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.

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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for telephone calls from long-lost relatives.
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