Principles of Economics: study guide

That is how Alfred Marshall, the great 19th century economist, defined economics in his classic textbook, Principles of Economics. The text you have in your hand continues that tradition, from the cover image to the last page. The cover of this and previous editions shows a market scene. It reminds us that economics is about people as they go about their lives. Economics is about buying, selling, setting prices, competing for customers, looking for jobs, and earning a living. It is about why markets so often succeed as a way to run a society and why they sometimes fail. When the Mankiw text was first published, The Economist wrote, "Mr. Mankiw's book sets a new standard for clarity and liveliness." USA Today called it "a grand success." Since then, the book has indeed become the new standard for introducing economics to students like you around the world. It has been translated into twenty languages, and more than a million copies have been sold. Thomson South-Western is pleased to bring you this Fourth Edition.

N. Gregory Mankiw is Robert M. Beren Professor of Economics at Harvard University. He studied economics at Princeton University and MIT. 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. 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.