Principles of Economics - N. Gregory Mankiw

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Год выпуска: 2017

Автор: N. Gregory Mankiw

Жанр: Экономика

Формат: PDF

Качество: OCR

Количество страниц: 862

Описание: N. Gregory Mankiw is the Robert M. Beren Professor of Economics at Harvard University. As a student, he studied economics at Princeton University and MIT. As a teacher, he has taught macroeconomics, microeconomics, statistics, and principles of economics. He even spent one summer long ago as a sailing instructor on Long Beach Island.

Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. His work has been published in scholarly journals, such as the _ American Economic Review, Journal of Political Economy, and Quarterly Journal of Economics, and in more popular forums, such as the New York Times and The Wall Street Journal. He is also author of the best-selling intermediate-level textbook Macroeconomics (Worth Publishers). In addition to his teaching, research, and writing, Professor Mankiw has been a research associate of the National Bureau of Economic Research, an adviser to the Congressional Budget Office and the Federal Reserve Banks of Boston and New York, and a member of the ETS test development committee for the Advanced Placement exam in economics. From 2003 to 2005, he served as chairman of the President's Council of Economic Advisers.
Professor Mankiw lives in Wellesley, Massachusetts, with his wife, Deborah, three children, Catherine, Nicholas, and Peter, and their border terrier, Tobin.


Economics is a study of mankind in the ordinary business of life." So wrote Alfred Marshall, the great 19th-century economist, in his textbook, Principles of Economics. We have learned much about the economy since Marshall's time, but this definition of economics is as true today as it was in 1890, when the first edition of his text was published.
Why should you, as a student in the 21st century, embark on the study of economics? There are three reasons.
The first reason to study economics is that it will help you understand the world in which you live. There are many questions about the economy that might spark your curiosity. Why are apartments so hard to find in New York City? Why do airlines charge less for a round-trip ticket if the traveler stays over a Saturday night? Why is Robert Downey, Jr., paid so much to star in movies? Why are living standards so meager in many African countries? Why do some countries have high rates of inflation while others have stable prices? Why are jobs easy to find in some years and hard to find in others? These are just a few of the questions that a course in economics will help you answer.
The second reason to study economics is that it will make you a more astute participant in the economy. As you go about your life, you make many economic decisions. While you are a student, you decide how many years to stay in school. Once you take a job, you decide how much of your income to spend, how much to save, and how to invest your savings. Someday you may find yourself running a small business or a large corporation, and you will decide what prices to charge for your products. The insights developed in the coming chapters will give you a new perspective on how best to make these decisions. Studying economics will not by itself make you rich, but it will give you some tools that may help in that endeavor.
The third reason to study economics is that it will give you a better understanding of both the potential and the limits of economic policy. Economic questions are always on the minds of policymakers in mayors' offices, governors' mansions, and the White House. What are the burdens associated with alternative forms of taxation? What are the effects of free trade with other countries? What is the best way to protect the environment? How does a government budget deficit affect the economy? As a voter, you help choose the policies that guide the allocation of society's resources. An understanding of economics will help you carry out that responsibility. And who knows: Perhaps someday you will end up as one of those policymakers yourself.
Thus, the principles of economics can be applied in many of life's situations. Whether the future finds you following the news, running a business, or sitting in the Oval Office, you will be glad that you studied economics.


Contents

«Principles of Economics»

Introduction

  • Ten Principles of Economics
  • Thinking Like an Economist
  • Interdependence and the Gains from Trade

How Markets Work

  • The Market Forces of Supply and Demand
  • Elasticity and Its Application
  • Supply, Demand, and Government Policies

Markets and Welfare

  • Consumers, Producers, and the Efficiency of Markets
  • Application: The Costs of Taxation
  • Application: International Trade

The Economics of the Public Sector

  • Externalities
  • Public Goods and Common Resources
  • The Design of the Tax System

Firm Behavior and the Organization of Industry

  • The Costs of Production
  • Firms in Competitive Markets
  • Monopoly
  • Monopolistic Competition
  • Oligopoly

The Economics of Labor Markets

  • The Markets for the Factors of Production
  • Earnings and Discrimination
  • Income Inequality and Poverty

Topics for Further Study

  • The Theory of Consumer Choice
  • Frontiers of Microeconomics

The Data of Macroeconomics

  • Measuring a Nation's Income
  • Measuring the Cost of Living

The Real Economy in the Long Run

  • Production and Growth
  • Saving, Investment, and the Financial System
  • The Basic Tools of Finance
  • Unemployment

Money and Prices in the Long Run

  • The Monetary System
  • Money Growth and Inflation

The Macroeconomics of Open Economies

  • Open-Economy Macroeconomics: Basic Concepts
  • Macroeconomic Theory of the Open Economy

Short-Run Economic Fluctuations

  • Aggregate Demand and Aggregate Supply
  • The Influence of Monetary and Fiscal Policy on Aggregate Demand
  • The Short-Run Trade-off between Inflation and Unemployment

Final Thoughts

  • Six Debates over Macroeconomic Policy

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