Part I Introduction 1 Chapter 1 The Science of Macroeconomics 3 Chapter 2 The Data of Macroeconomics 17 John Stuart Mill, 1867īrief contents Preface xxiii Supplements and Media xxxii Would you advise those who go to sea to deny the winds and waves – or to make use of them, and find the means of guarding against their dangers? My advice to you is to study the great writers on Political Economy, and hold firmly by whatever in them you find true and depend upon it that if you are not selfish or hardhearted already, Political Economy will not make you so. The winds and waves too are very unfeeling.
For my part, the most unfeeling thing I know of is the law of gravitation: it breaks the neck of the best and most amiable person without scruple, if he forgets for a single moment to give heed to it. The same persons who cry down Logic will generally warn you against Political Economy.
Among theĬhief of these is Political Economy, the sources and conditions of wealth and material prosperity for aggregate bodies of human beings. Hose branches of politics, or of the laws of social life, on which there exists a collection of facts sufficiently sifted and methodized to form the beginning of a science should be taught ex professo. Professor Mankiw lives in Wellesley, Massachusetts, with his wife, Deborah children, Catherine, Nicholas, and Peter and their border terrier, Tobin. From 2003 to 2005 he was chairman of the President’s Council of Economic Advisers. In addition to his duties at Harvard, he has been a research associate of the National Bureau of Economic Research, a member of the Brookings Panel on Economic Activity, and an adviser to the Federal Reserve Bank of Boston and the Congressional Budget Office. His research ranges across macroeconomics and includes work on price adjustment, consumer behavior, financial markets, monetary and fiscal policy, and economic growth. Professor Mankiw is a regular participant in academic and policy debates. He is also author of the popular introductory textbook Principles of Economics (Cengage Learning). Today, he regularly teaches both undergraduate and graduate courses in macroeconomics.
COST OF A BIG MAC IN 1995 FULL
in economics from MIT, he began teaching at Harvard in 1985 and was promoted to full professor in 1987. He began his study of economics at Princeton University, where he received an A.B. Gregory Mankiw is Professor of Economics at Harvard University. Worth Publishers 41 Madison Avenue New York, NY 10010 Photo by Deborah Mankiw Printed in the United States of America First Printing 2009 Senior Publishers: Catherine Woods and Craig Bleyer Senior Acquisitions Editor: Sarah Dorger Senior Marketing Manager: Scott Guile Consulting Editor: Paul Shensa Senior Development Editor: Marie McHale Development Editor: Jane Tufts Assistant Editor, Media and Supplements: Tom Acox Associate Managing Editor: Tracey Kuehn Project Editor: Dana Kasowitz Art Director: Babs Reingold Cover and Text Designer: Kevin Kall Production Manager: Barbara Anne Seixas Composition: TSI Graphics Printing and Binding: RR Donnelley Cover art: Barbara Ellmann WHAT’S YOUR ANGLE? Encaustic on Wood Panel 24'' x 24'' © 2005 Library of Congress Cataloging-in-Publication Number: 2009924581 ISBN-13: 978-1-4292-1887-0 ISBN-10: 1-4292-1887-8 © 2010, 2007, 2003 by N.
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