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Principles of Macroeconomics 8th Edition - 9781305971509
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Principles of Macroeconomics 8th Edition

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N. Gregory Mankiw

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978-1305971509

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8th edition | 2017

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ISBN: 978-1305971509 SKU: BS1377 Category: Economics Tags: Economics, Macroeconomics, Principles of Macroeconomics, Principles of Macroeconomics 8th Edition
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Description

Principles of Macroeconomics 8th Edition

Principles of Macroeconomics Eighth Edition:

Now you can master the principles of macroeconomics with the help of the most popular, widely-used economics textbook by students worldwide — Mankiw’s PRINCIPLES OF MACROECONOMICS, 8E. With its clear and engaging writing style, this book emphasizes only the material that will help you better understand the world in which you live, will make you a more astute participant in the economy, and will give you a better understanding of both the potential and limits of economic policy. The latest relevant examples bring macroeconomic principles to life. Acclaimed text author N. Gregory Mankiw explains, “I have tried to put myself in the position of someone seeing economics for the first time. My goal is to emphasize the material that students should and do find interesting about the study of the economy.” Powerful student-focused digital resources are available in leading MindTap and Aplia digital learning and homework solutions that reinforce the principles presented in this edition.

Additional ISBNs:

∗ eText ISBN: 1337516880, 978-1337516884, 9781337516884

  • See additional information on the Amazon.

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Contents

Principles of Macroeconomics 8th Edition:

Preface: To the Student
Acknowledgments
Contents
Part I: Introduction
Chapter 1: Ten Principles of Economics
1-1 How People Make Decisions
1-1a Principle 1: People Face Trade-offs
1-1b Principle 2: The Cost of Something Is What You Give Up to Get It
1-1c Principle 3: Rational People Think At the Margin
1-1d Principle 4: People Respond to Incentives
1-2 How People Interact
1-2a Principle 5: Trade Can Make Everyone Better Off
1-2b Principle 6: Markets Are Usually a Good Way to Organize Economic Activity
FYI: Adam Smith and the Invisible Hand
Case Study: Adam Smith Would Have Loved Uber
1-2c Principle 7: Governments Can Sometimes Improve Market Outcomes
1-3 How the Economy As a Whole Works
1-3a Principle 8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Servi
1-3b Principle 9: Prices Rise When the Government Prints Too Much Money
1-3c Principle 10: Society Faces a Short-Run Trade-off Between Inflation and Unemployment
1-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 2: Thinking Like An Economist
2-1 The Economist As Scientist
2-1a The Scientific Method: Observation, Theory, and More Observation
2-1b The Role of Assumptions
2-1c Economic Models
2-1d Our First Model: The Circular-Flow Diagram
2-1e Our Second Model: The Production Possibilities Frontier
2-1f Microeconomics and Macroeconomics
2-2 The Economist As Policy Adviser
2-2a Positive Versus Normative Analysis
2-2b Economists in Washington
2-2c Why Economists’ Advice Is Not Always Followed
2-3 Why Economists Disagree
2-3a Differences in Scientific Judgments
2-3b Differences in Values
2-3c Perception Versus Reality
Ask the Experts: Ticket Resale
2-4 Let’s Get Going
In The News: Why You Should Study Economics
Summary
Key Concepts
Questions For Review
Problems and Applications
Appendix: Graphing: A Brief Review
Chapter 3: Interdependence and the Gains From Trade
3-1 A Parable For the Modern Economy
3-1a Production Possibilities
3-1b Specialization and Trade
3-2 Comparative Advantage: The Driving Force of Specialization
3-2a Absolute Advantage
3-2b Opportunity Cost and Comparative Advantage
3-2c Comparative Advantage and Trade
3-2d The Price of the Trade
FYI: The Legacy of Adam Smith and David Ricardo
3-3 Applications of Comparative Advantage
3-3a Should Serena Williams Mow Her Own Lawn?
In the News: Economics Within a Marriage
3-3b Should the United States Trade With Other Countries?
Ask The Experts: Trade Between China and the United States
3-4 Conclusion
Summary
Key Concepts
Questions For Review
Problems and Applications
Part II: How Markets Work
Chapter 4: The Market Forces of Supply and Demand
4-1 Markets and Competition
4-1a What Is a Market?
4-1b What Is Competition?
4-2 Demand
4-2a The Demand Curve: The Relationship Between Price and Quantity Demanded
4-2b Market Demand Versus Individual Demand
4-2c Shifts in the Demand Curve
Case Study: Two Ways to Reduce the Quantity of Smoking Demanded
4-3 Supply
4-3a The Supply Curve: The Relationship Between Price and Quantity Supplied
4-3b Market Supply Versus Individual Supply
4-3c Shifts in the Supply Curve
4-4 Supply and Demand Together
4-4a Equilibrium
4-4b Three Steps to Analyzing Changes in Equilibrium
4-5 Conclusion: How Prices Allocate Resources
Ask The Experts: Price Gouging
In The News: Price Increases After Disasters
Summary
Key Concepts
Questions For Review
Problems and Applications
Chapter 5: Elasticity and Its Application
5-1 The Elasticity of Demand
5-1a The Price Elasticity of Demand and Its Determinants
5-1b Computing the Price Elasticity of Demand
5-1c the Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities
5-1d The Variety of Demand Curves
FYI: A Few Elasticities From the Real World
5-1e Total Revenue and the Price Elasticity of Demand
5-1f Elasticity and Total Revenue Along a Linear Demand Curve
5-1g Other Demand Elasticities
5-2 The Elasticity of Supply
5-2a The Price Elasticity of Supply and Its Determinants
5-2b Computing the Price Elasticity of Supply
5-2c The Variety of Supply Curves
5-3 Three Applications of Supply, Demand, and Elasticity
5-3a Can Good News For Farming Be Bad News For Farmers?
5-3b Why Did OPEC Fail to Keep the Price of Oil High?
5-3c Does Drug Interdiction Increase or Decrease Drug-Related Crime?
5-4 Conclusion
Summary
Key Concepts
Questions For Review
Problems and Applications
Chapter 6: Supply, Demand, and Government Policies
6-1 Controls on Prices
6-1a How Price Ceilings Affect Market Outcomes
Case Study: Lines At the Gas Pump
Case Study: Rent Control in the Short Run and the Long Run
6-1b How Price Floors Affect Market Outcomes
Ask The Experts: Rent Control
Case Study: The Minimum Wage
Ask the Experts: The Minimum Wage
6-1c Evaluating Price Controls
6-2 Taxes
6-2a How Taxes on Sellers Affect Market Outcomes
6-2b How Taxes on Buyers Affect Market Outcomes
Case Study: Can Congress Distribute the Burden of a Payroll Tax?
6-2c Elasticity and Tax Incidence
Case Study: Who Pays the Luxury Tax?
6-3 Conclusion
Summary
Key Concepts
Questions For Review
Problems and Applications
Part III: Markets and Welfare
Chapter 7: Consumers, Producers, and the Efficiency of Markets
7-1 Consumer Surplus
7-1a Willingness to Pay
7-1b Using the Demand Curve to Measure Consumer Surplus
7-1c How a Lower Price Raises Consumer Surplus
7-1d What Does Consumer Surplus Measure?
7-2 Producer Surplus
7-2a Cost and the Willingness to Sell
7-2b Using the Supply Curve to Measure Producer Surplus
7-2c How a Higher Price Raises Producer Surplus
7-3 Market Efficiency
7-3a The Benevolent Social Planner
7-3b Evaluating the Market Equilibrium
In the News: The Invisible Hand Can Park Your Car
Case Study: Should There Be a Market For Organs?
Ask the Experts: Supplying Kidneys
7-4 Conclusion: Market Efficiency and Market Failure
Summary
Key Concepts
Questions For Review
Problems and Applications
Chapter 8: Application: The Costs of Taxation
8-1 The Deadweight Loss of Taxation
8-1a How a Tax Affects Market Participants
8-1b Deadweight Losses and the Gains From Trade
8-2 The Determinants of the Deadweight Loss
Case Study: The Deadweight Loss Debate
8-3 Deadweight Loss and Tax Revenue As Taxes Vary
Case Study: The Laffer Curve and Supply-side Economics
Ask the Experts: The Laffer Curve
8-4 Conclusion
Summary
Key Concept
Questions For Review
Problems and Applications
Chapter 9: Application: International Trade
9-1 The Determinants of Trade
9-1a The Equilibrium Without Trade
9-1b The World Price and Comparative Advantage
9-2 The Winners and Losers From Trade
9-2a The Gains and Losses of An Exporting Country
9-2b The Gains and Losses of An Importing Country
9-2c Effects of a Tariff
FYI: Import Quotas: Another Way to Restrict Trade
9-2d The Lessons For Trade Policy
9-2e Other Benefits of International Trade
In the News: Trade As a Tool For Economic Development
9-3 The Arguments For Restricting Trade
9-3a The Jobs Argument
In the News: Should the Winners From Free Trade Compensate the Losers?
9-3b The National-Security Argument
9-3c The Infant-Industry Argument
9-3d The Unfair-Competition Argument
9-3e The Protection-as-a-Bargaining-Chip Argument
Case Study: Trade Agreements and the World Trade Organization
Ask the Experts: Trade Deals
9-4 Conclusion
Summary
Key Concepts
Questions For Review
Problems and Applications
Part IV: The Data of Macroeconomics
Chapter 10: Measuring a Nation’s Income
10-1 The Economy’s Income and Expenditure
10-2 The Measurement of GDP
10-2a “GDP Is the Market Value . . .”
10-2b “. . . of All . . .”
10-2c “. . . Final . . .”
10-2d “. . . Goods and Services . . .”
10-2e “. . . Produced . . .”
10-2f “. . . Within a Country . . .”
10-2g “. . . In a Given Period of Time.”
FYI: Other Measures of Income
10-3 The Components of GDP
10-3a Consumption
10-3b Investment
In the News: Sex, Drugs, and GDP
10-3c Government Purchases
10-3d Net Exports
Case Study: The Components of U.S. GDP
10-4 Real Versus Nominal GDP
10-4a A Numerical Example
10-4b The GDP Deflator
Case Study: A Half Century of Real GDP
In the News: Gauging the High-Tech Economy
10-5 Is GDP a Good Measure of Economic Well-Being?
In the News: Measuring Macroeconomic Well-being
Case Study: International Differences in GDP and the Quality of Life
10-6 Conclusion
Summary
Key Concepts
Questions For Review
Problems and Applications
Chapter 11: Measuring the Cost of Living
11-1 The Consumer Price Index
11-1a How the CPI Is Calculated
FYI: What’s in the CPI’s Basket?
11-1b Problems in Measuring the Cost of Living
In the News: Monitoring Inflation in the Internet Age
11-1c the GDP Deflator Versus the Consumer Price Index
11-2 Correcting Economic Variables For the Effects of Inflation
11-2a Dollar Figures From Different Times
FYI: Mr. Index Goes to Hollywood
Case Study: Regional Differences in the Cost of Living
11-2b Indexation
11-2c Real and Nominal Interest Rates
Case Study: Interest Rates in the U.S. Economy
11-3 Conclusion
Summary
Key Concepts
Questions For Review
Problems and Applications
Part V: The Real Economy in the Long Run
Chapter 12: Production and Growth
12-1 Economic Growth Around the World
12-2 Productivity: Its Role and Determinants
12-2a Why Productivity Is So Important
FYI: Are You Richer Than the Richest American?
12-2b How Productivity Is Determined
FYI: A Picture Is Worth a Thousand Statistics
FYI: The Production Function
Case Study: Are Natural Resources a Limit to Growth?
12-3 Economic Growth and Public Policy
12-3a Saving and Investment
12-3b Diminishing Returns and the Catch-up Effect
12-3c Investment From Abroad
12-3d Education
12-3e Health and Nutrition
12-3f Property Rights and Political Stability
12-3g Free Trade
12-3h Research and Development
Ask the Experts: Innovation and Growth
In the News: Curmudgeon Versus Optimist
12-3i Population Growth
In the News: Using Experiments to Evaluate Aid
12-4 Conclusion: The Importance of Long-Run Growth
Summary
Key Concepts
Questions For Review
Problems and Applications
Chapter 13: Saving, Investment, and the Financial System
13-1 Financial Institutions in the U.S. Economy
13-1a Financial Markets
13-1b Financial Intermediaries
FYI: Key Numbers For Stock Watchers
13-1c Summing Up
13-2 Saving and Investment in the National Income Accounts
13-2a Some Important Identities
13-2b the Meaning of Saving and Investment
13-3 The Market For Loanable Funds
13-3a Supply and Demand For Loanable Funds
13-3b Policy 1: Saving Incentives
13-3c Policy 2: Investment Incentives
13-3d Policy 3: Government Budget Deficits and Surpluses
Ask the Experts: Fiscal Policy and Saving
Case Study: The History of U.S. Government Debt
FYI: Financial Crises
13-4 Conclusion
Summary
Key Concepts
Questions For Review
Problems and Applications
Chapter 14: The Basic Tools of Finance
14-1 Present Value: Measuring the Time Value of Money
FYI: The Magic of Compounding and the Rule of 70
14-2 Managing Risk
14-2a Risk Aversion
14-2b The Markets For Insurance
14-2c Diversification of Firm-Specific Risk
14-2d The Trade-Off Between Risk and Return
14-3 Asset Valuation
14-3a Fundamental Analysis
14-3b The Efficient Markets Hypothesis
Case Study: Random Walks and Index Funds
Ask the Experts: Diversification
14-3c Market Irrationality
14-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 15: Unemployment
15-1 Identifying Unemployment
15-1a How Is Unemployment Measured?
Case Study: Labor-Force Participation of Men and Women in the U.S. Economy
15-1b Does the Unemployment Rate Measure What We Want It To?
15-1c How Long Are the Unemployed Without Work?
15-1d Why Are There Always Some People Unemployed?
FYI: The Jobs Number
15-2 Job Search
15-2a Why Some Frictional Unemployment Is Inevitable
15-2b Public Policy and Job Search
15-2c Unemployment Insurance
15-3 Minimum-Wage Laws
Case Study: Who Earns the Minimum Wage?
In the News: Should the Minimum Wage Be Raised to $15 An Hour?
15-4 Unions and Collective Bargaining
15-4a The Economics of Unions
15-4b Are Unions Good or Bad For the Economy?
15-5 The Theory of Efficiency Wages
15-5a Worker Health
15-5b Worker Turnover
15-5c Worker Quality
15-5d Worker Effort
Case Study: Henry Ford and the Very Generous $5-a-day Wage
15-6 Conclusion
Summary
Key Concepts
Questions for Review
Questions and Applications
Part VI: Money and Prices in the Long Run
Chapter 16: The Monetary System
16-1 The Meaning of Money
16-1a The Functions of Money
16-1b The Kinds of Money
In the News: Why Gold?
16-1c Money in the U.S. Economy
Case Study: Where Is All the Currency?
FYI: Why Credit Cards Aren’t Money
16-2 The Federal Reserve System
16-2a The Fed’s Organization
16-2b The Federal Open Market Committee
16-3 Banks and the Money Supply
16-3a The Simple Case of 100-Percent-Reserve Banking
16-3b Money Creation With Fractional-Reserve Banking
16-3c The Money Multiplier
16-3d Bank Capital, Leverage, and the Financial Crisis of 2008–2009
16-4 The Fed’s Tools of Monetary Control
16-4a How the Fed Influences the Quantity of Reserves
16-4b How the Fed Influences the Reserve Ratio
16-4c Problems in Controlling the Money Supply
Case Study: Bank Runs and the Money Supply
In the News: A Trip to Jekyll Island
16-4d The Federal Funds Rate
16-5 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 17: Money Growth and Inflation
17-1 The Classical Theory of Inflation
17-1a The Level of Prices and the Value of Money
17-1b Money Supply, Money Demand, and Monetary Equilibrium
17-1c The Effects of a Monetary Injection
17-1d A Brief Look At the Adjustment Process
17-1e The Classical Dichotomy and Monetary Neutrality
17-1f Velocity and the Quantity Equation
Case Study: Money and Prices During Four Hyperinflations
17-1g The Inflation Tax
FYI: Hyperinflation in Zimbabwe
17-1h The Fisher Effect
17-2 The Costs of Inflation
17-2a A Fall in Purchasing Power? the Inflation Fallacy
17-2b Shoeleather Costs
17-2c Menu Costs
17-2d Relative-Price Variability and the Misallocation of Resources
17-2e Inflation-induced Tax Distortions
17-2f Confusion and Inconvenience
17-2g A Special Cost of Unexpected Inflation: Arbitrary Redistributions of Wealth
17-2h Inflation Is Bad, But Deflation May Be Worse
Case Study: The Qizard of Oz and the Free-Silver Debate
17-3 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part VII: The Macroeconomics of Open Economies
Chapter 18: Open-Economy Macroeconomics: Basic Concepts
18-1 The International Flows of Goods and Capital
18-1a The Flow of Goods: Exports, Imports, and Net Exports
Case Study: The Increasing Openness of the U.S. Economy
In the News: The Complicated Politics of Trade Agreements
18-1b The Flow of Financial Resources: Net Capital Outflow
18-1c The Equality of Net Exports and Net Capital Outflow
18-1d Saving, Investment, and Their Relationship to the International Flows
18-1e Summing Up
Case Study: Is the U.S. Trade Deficit a National Problem?
Ask the Experts: Trade Balances and Trade Negotiations
18-2 The Prices For International Transactions: Real and Nominal Exchange Rates
18-2a Nominal Exchange Rates
18-2b Real Exchange Rates
FYI: The Euro
18-3 A First Theory of Exchange-Rate Determination: Purchasing-Power Parity
18-3a The Basic Logic of Purchasing-Power Parity
18-3b Implications of Purchasing-Power Parity
Case Study: The Nominal Exchange Rate During a Hyperinflation
18-3c Limitations of Purchasing-Power Parity
Case Study: The Hamburger Standard
18-4 Conclusion
Summary
Key Concepts
Questions For Review
Problems and Applications
Chapter 19: A Macroeconomic Theory of the Open Economy
19-1 Supply and Demand For Loanable Funds and For Foreign-Currency Exchange
19-1a The Market For Loanable Funds
19-1b The Market For Foreign-Currency Exchange
FYI: Purchasing-Power Parity As a Special Case
19-2 Equilibrium in the Open Economy
19-2a Net Capital Outflow: The Link Between the Two Markets
19-2b Simultaneous Equilibrium in Two Markets
FYI: Disentangling Supply and Demand
19-3 How Policies and Events Affect An Open Economy
19-3a Government Budget Deficits
19-3b Trade Policy
19-3c Political Instability and Capital Flight
In the News: Is a Strong Currency Always in a Nation’s Interest?
Case Study: Capital Flows From China
Ask the Experts: Currency Manipulation
19-4 Conclusion
Summary
Key Concepts
Questions For Review
Problems and Applications
Part VIII: Short-Run Economic Fluctuations
Chapter 20: Aggregate Demand and Aggregate Supply
20-1 Three Key Facts about Economic Fluctuations
20-1a Fact 1: Economic Fluctuations Are Irregular and Unpredictable
20-1b Fact 2: Most Macroeconomic Quantities Fluctuate Together
20-1c Fact 3: As Output Falls, Unemployment Rises
20-2 Explaining Short-Run Economic Fluctuations
20-2a The Assumptions of Classical Economics
20-2b The Reality of Short-Run Fluctuations
20-2c The Model of Aggregate Demand and Aggregate Supply
20-3 The Aggregate-Demand Curve
20-3a Why the Aggregate-demand Curve Slopes Downward
20-3b Why the Aggregate-demand Curve Might Shift
20-4 The Aggregate-Supply Curve
20-4a Why the Aggregate-supply Curve Is Vertical in the Long Run
20-4b Why the Long-Run Aggregate-supply Curve Might Shift
20-4c Using Aggregate Demand and Aggregate Supply to Depict Long-Run Growth and Inflation
20-4d Why the Aggregate-supply Curve Slopes Upward in the Short Run
20-4e Why the Short-Run Aggregate-supply Curve Might Shift
20-5 Two Causes of Economic Fluctuations
20-5a The Effects of a Shift in Aggregate Demand
FYI: Monetary Neutrality Revisited
Case Study: Two Big Shifts in Aggregate Demand: The Great Depression and World War Ii
Case Study: The Great Recession of 2008–2009
In the News: What Have We Learned?
20-5b The Effects of a Shift in Aggregate Supply
Case Study: Oil and the Economy
FYI: The Origins of the Model of Aggregate Demand and Aggregate Supply
20-6 Conclusion
Summary
Key Concepts
Questions For Review
Problems and Applications
Chapter 21: The Influence of Monetary and Fiscal Policy on Aggregate Demand
21-1 How Monetary Policy Influences Aggregate Demand
21-1a The Theory of Liquidity Preference
21-1b The Downward Slope of the Aggregate-Demand Curve
FYI: Interest Rates in the Long Run and the Short Run
21-1c Changes in the Money Supply
21-1d The Role of Interest-Rate Targets in Fed Policy
Case Study: Why the Fed Watches the Stock Market (and Vice Versa)
21-1e The Zero Lower Bound
21-2 How Fiscal Policy Influences Aggregate Demand
21-2a Changes in Government Purchases
21-2b The Multiplier Effect
21-2c a Formula For the Spending Multiplier
21-2d Other Applications of the Multiplier Effect
21-2e The Crowding-Out Effect
21-2f Changes in Taxes
FYI: How Fiscal Policy Might Affect Aggregate Supply
21-3 Using Policy to Stabilize the Economy
21-3a the Case For Active Stabilization Policy
In the News: How Large Is the Fiscal Policy Multiplier?
Case Study: Keynesians in the White House
Ask the Experts: Economic Stimulus
21-3b The Case Against Active Stabilization Policy
21-3c Automatic Stabilizers
21-4 Conclusion
Summary
Key Concepts
Questions For Review
Problems and Applications
Chapter 22: The Short-Run Trade-off Between Inflation and Unemployment
22-1 The Phillips Curve
22-1a Origins of the Phillips Curve
22-1b Aggregate Demand, Aggregate Supply, and the Phillips Curve
22-2 Shifts in the Phillips Curve: The Role of Expectations
22-2a The Long-Run Phillips Curve
22-2b The Meaning of “Natural”
22-2c Reconciling Theory and Evidence
22-2d The Short-Run Phillips Curve
22-2e The Natural Experiment For the Natural-Rate Hypothesis
22-3 Shifts in the Phillips Curve: The Role of Supply Shocks
22-4 The Cost of Reducing Inflation
22-4a The Sacrifice Ratio
22-4b Rational Expectations and the Possibility of Costless Disinflation
22-4c The Volcker Disinflation
22-4d The Greenspan Era
22-4e a Financial Crisis Takes Us For a Ride Along the Phillips Curve
22-5 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part IX: Final Thoughts
Chapter 23: Six Debates Over Macroeconomic Policy
23-1 Should Monetary and Fiscal Policymakers Try to Stabilize the Economy?
23-1a Pro: Policymakers Should Try to Stabilize the Economy
23-1b Con: Policymakers Should Not Try to Stabilize the Economy
23-2 Should the Government Fight Recessions With Spending Hikes Rather Than Tax Cuts?
23-2a Pro: The Government Should Fight Recessions With Spending Hikes
23-2b Con: The Government Should Fight Recessions With Tax Cuts
23-3 Should Monetary Policy Be Made By Rule Rather Than By Discretion?
23-3a Pro: Monetary Policy Should Be Made By Rule
23-3b Con: Monetary Policy Should Not Be Made By Rule
FYI: Inflation Targeting
23-4 Should the Central Bank Aim For Zero Inflation?
23-4a Pro: The Central Bank Should Aim For Zero Inflation
23-4b Con: The Central Bank Should Not Aim For Zero Inflation
In the News: On Kiwis and Currencies
23-5 Should the Government Balance Its Budget?
23-5a Pro: The Government Should Balance Its Budget
23-5b Con: The Government Should Not Balance Its Budget
23-6 Should the Tax Laws Be Reformed to Encourage Saving?
23-6a Pro: The Tax Laws Should Be Reformed to Encourage Saving
Ask the Experts: Taxing Capital and Labor
23-6b Con: The Tax Laws Should Not Be Reformed to Encourage Saving
23-7 Conclusion
Summary
Questions For Review
Problems and Applications
Glossary
Index

About the Author

N. Gregory Mankiw
N. Gregory Mankiw

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 research includes work on price adjustment, consumer behavior, financial markets, monetary and fiscal policy, and economic growth. His published articles have appeared in academic journals, such as the “American Economic Review”, “Journal of Political Economy”, and “Quarterly Journal of Economics”, and in more widely accessible forums, such as “The New York Times”, “The Washington Post”, and “The Wall Street Journal.”

He has written two popular textbooks–the intermediate-level textbook Macroeconomics (Worth Publishers) and the introductory textbook Principles of Economics (Cengage Learning). Principles of Economics has sold over two million copies and has been translated into twenty languages.

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 Federal Reserve Bank of Boston and the Congressional Budget Office, 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.

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Principles of Macroeconomics 8th Edition - 9781305971509

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