Table of Contents

Part I: INTRODUCTION. 1. Ten Principles of Economics. 2. Thinking Like an Economist. 3. Interdependence and the Gains from Trade. Part II: HOW MARKETS WORK. 4. The Market Forces of Supply and Demand. 5. Elasticity and Its Application. 6. Supply, Demand, and Government Policies. Part III: MARKETS AND WELFARE. 7. Consumers, Producers, and the Efficiency of Markets. 8. Applications: The Costs of Taxation. 9. Application: International Trade. Part IV: THE ECONOMICS OF THE PUBLIC SECTOR. 10. Externalities. 11. Public Goods and Common Resources. 12. The Economics of Healthcare. 13. The Design of the Tax System. Part V: FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY. 14. The Costs of Production. 15. Firms in Competitive Markets. 16. Monopoly. 17. Monopolistic Competition. 18. Oligopoly. Part VI: THE ECONOMICS OF THE LABOR MARKET. 19. The Markets for the Factors of Production. 20. Earnings and Discrimination. 21. Income Inequality and Poverty. Part VII: TOPICS FOR FURTHER STUDY. 22. The Theory of Consumer Choice. 23. Frontiers in Microeconomics. Part VIII: THE DATA OF MACROECONOMICS. 24. Measuring a Nation's Income. 25. Measuring the Cost of Living. Part IX: THE REAL ECONOMY IN THE LONG RUN. 26. Production and Growth. 27. Saving, Investment, and the Financial System. 28. The Basic Tools of Finance. 29. Unemployment. Part X: MONEY AND PRICES IN THE LONG RUN. 30. The Monetary System. 31. Money Growth and Inflation. Part XI: THE MACROECONOMICS OF OPEN ECONOMICS. 32. Open-Economy Macroeconomics: Basic Concepts. 33. A Macroeconomic Theory of the Open Economy. Part XII: SHORT-RUN ECONOMIC FLUCTUATIONS. 34. Aggregate Demand and Aggregate Supply. 35. The Influence of Monetary and Fiscal Policy on Aggregate Demand. 36. The Short-Run Trade-off between Inflation and Unemployment. Part XIII: FINAL THOUGHTS. 37. Six Debates over Macroeconomic Policy. Appendix: How Economists Use Data.

About the Author

N. Gregory Mankiw is the Robert M. Beren Professor of Economics at Harvard University. For 14 years he taught EC10 Principles, the most popular course at Harvard. Dr. Mankiw studied economics at Princeton University and MIT. He 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. Dr. Mankiw's articles have appeared in academic journals such as the American Economic Review, Journal of Political Economy and Quarterly Journal of Economics. His work has also appeared in more widely accessible forums, including The New York Times, The Washington Post, The Wall Street Journal and Fortune. Dr. 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, Dr. Mankiw served as chairman of the President’s Council of Economic Advisers.