N GREGORY MANKIW - MACROECONOMICS

ELEVENTH EDITION

• N. GREGORY MANKIW
• Harvard University

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ISBN-13: 978-1-319-38799-0

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N. Gregory Mankiw is the Robert M. Beren Professor of Economics at Harvard University. He began his study of economics at Princeton University, where he received an A.B. in 1980. After earning a Ph.D. in economics from MIT, he began teaching at Harvard in 1985 and was promoted to full professor in 1987. At Harvard, he has taught both undergraduate and graduate courses in macroeconomics. He is also author of the best-selling introductory textbook Principles of Economics (Cengage).

Professor Mankiw is a regular participant in academic and policy debates. His research ranges across macroeconomics and includes work on price adjustment, consumer behavior, financial markets, monetary and fiscal policy, and economic growth. 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, a trustee of the Urban Institute, and an adviser to the Congressional Budget Office and the Federal Reserve Banks of Boston and New York. From 2003 to 2005 he was chair of the Presidents Council of Economic Advisers.

Professor Mankiw lives in Massachusetts with his wife, Deborah. He has three adult children Catherine, Nicholas, and Peter each of whom has taken at least one course in economics.

To Deborah

Those branches of politics, or of the laws of social life, in which there exists a collection of facts or thoughts sufficiently sifted and methodized to form the beginning of a science should be taught ex professo. Among the chief of these is Political Economy, the sources and conditions of wealth and material prosperity for aggregate bodies of human beings....

The same persons who cry down Logic will generally warn you against Political Economy. It is unfeeling, they will tell you. It recognises unpleasant facts. 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 winds and waves too are very unfeeling. 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.

John Stuart Mill, 1867

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Worth Publishers has worked closely with Greg Mankiw and a team of talented economics instructors to assemble a variety of resources for instructors and students. We have been delighted by all of the positive feedback we have received.

Achieve is a comprehensive set of interconnected teaching and assessment tools. It incorporates the most effective elements from Macmillans market-leading solutions in a single, easy-to-use platform. Our resources were co-designed with instructors and students, using a foundation of learning research and rigorous testing.

Achieve is an online learning system that supports students and instructors at every step, from the first point of contact with new content to demonstrating mastery of concepts and skills. Powerful resources including an integrated e-book, robust homework, and a wealth of interactives create an extraordinary learning resource for students.

With a game-like interface, this popular and effective quizzing engine offers students a low-stakes way to brush up on concepts and help identify knowledge gaps. The more questions a student answers correctly, the more difficult the questions become. Each question is written specifically for the text and is linked to the relevant e-book section, providing both an incentive to read and a framework for an efficient reading experience.

The Achieve e-book allows students to highlight and take notes; instructors can choose to assign sections of the e-book as part of their course assignments. The e-book includes step-by-step graphs for complex figures.

Step-by-step graphs that are integrated into the e-book mirror how an instructor constructs graphs in the classroom. By breaking down the process into its components, these graphs create more manageable chunks for students to understand each step of the process. These graphs are also available as lecture slides.

These skill-building activities pair sample end-of-chapter problems with targeted feedback and video explanations to help students solve problems step by step. This approach allows students to work independently, tests their comprehension of concepts, and prepares them for class and exams.