With its clear and engaging writing style, Principles of Economics By N. Gregory Mankiw, continues to be one of the most popular books on economics available today.

Mankiw emphasizes material that you're likely to find interesting about the economy (particularly if you're studying economics for the first time), including real-life scenarios, useful facts, and the many ways economic concepts play a role in the decisions you make every day.

INTRODUCTION
Ten Principles of Economics
The word economy comes from the Greek word oikonomos, which means “one who manages a household.” At first, this origin might seem peculiar. But in fact, households and economies have much in common.

A household faces many decisions. It must decide which members of the household do which tasks and what each member gets in return: Who cooks dinner? Who does the laundry? Who gets the extra dessert at dinner? Who gets to choose what TV show to watch? In short, the household must allocate its scarce resources among its various members, taking into account each member’s abilities, efforts, and desires.

Like a household, a society faces many decisions. A society must find some way to decide what jobs will be done and who will do them. It needs some people to grow food, other people to make clothing, and still others to design computer software.

Once society has allocated people (as well as land, buildings, and machines) to various jobs, it must also allocate the output of goods and services they produce. It must decide who will eat caviar and who will eat potatoes. It must decide who will drive a Ferrari and who will take the bus.

The management of society’s resources is important because resources are scarce. Scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have. Just as each member of a household cannot get everything he or she wants, each individual in a society cannot attain the highest standard of living to which he or she might aspire. ...

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Hardcover: 872 pages
Author: N. Gregory Mankiw
Publisher: South-Western College Pub; 5 edition (September 29, 2008)
Language: English
ISBN-10: 0324589972
ISBN-13: 978-0324589979

Greg Mankiw's Blog

I am a professor of economics at Harvard University, where I teach introductory economics (ec 10) among other courses. I use this blog to keep in touch with my current and former students. Teachers and students at other schools, as well as others interested in economic issues, are welcome to use this resource.

ABOUT THE ATUHOR
N. Gregory Mankiw is Professor of Economics at Harvard University. He has taught macroeconomics, microeconomics, statistics, and principles of economics.

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 including THE NEW YORK TIMES, THE WASHINGTON POST, THE WALL STREET JOURNAL, and FORTUNE.

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. In addition, he maintains a very popular blog for students of economics at www.gregmankiw.blogspot.com.

Mankiw's Ten Principles of Economics, Translated by Yoram Bauman, Ph.D. - Ep 27

Best selling economist, Gregory Mankiw, has given us 10 principles to understand economics with. "Standup Economist", Yoram Bauman, translates those principles for us in this week's Ignite episode. This work is licensed under a Creative Commons Attribution-Share Alike 3.0 United States License.

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