N. Gregory Mankiw
Biography
Hello People! My name is Greg Mankiw (Nicolas Gregory Mankiw). I was born February 3rd, 1958 in Trenton, New Jersey. And, I'm still alive right at the moment. I attended the Pingry School when I was in high school. The school offers a preparation course for college and hence I did spend my summer studying astronomy in the Summer Science Program. I used to imagine that I would become a scientist as my career. Unfortunately, that childhood dream has not worked out great since I found myself a better suit in Economics instead. I don't know what the reason was until now. Anyways, I chose to pursue my further studies in Economics at the Princeton University. I graduated from Princeton University and obtained my BA. I did my PhD at MIT (Massachusetts Institute of Technology). That's enough to know about my general background, I guess!
- I am currently living in Wellesley, Massachusetts along with my beloved wife and three children. I pretty much like the way things have been set in my life – family, work, etc. It’s really wonderful!
Career:
I am currently a Professor at the Harvard University. At Harvard, I could continue my interests in Economics by teaching Economics students under the course of Ec10. I am also an active writer and web – blogger at the same time. I have written quite a few numbers of textbooks and articles that comment on the theories of economics. Among numbers of the textbooks I have written so far, there are 2 of college textbooks, which gain a huge popularity from people. One is about the intermediate macroeconomics and the other one is called Principles of Economics.
Professor and Journalist at the same time.
- As time passes by, technologies have been invented in order to provide the convenience. I’ve decided to create a blog, which basically aims to help my ec10 students at Harvard. However, it actually welcomes everybody who interests in Economics. The blog link is http://gregmankiw.blogspot.com
2003 -2005
- It had been two years of honors having a chance to work with the President of America. I was one of the President George W. Bush’s economic advisers. Also, I was in charged in the position of the chairman of the national Council of Economic Advisers (CEA)
2006
- Became an official economic adviser to Massachusetts’s governor Mitt Romney’s political action committee, Commonwealth PAC.
2007
- Was an economic adviser to Romney’s presidential campaign.
I am a prolific writer and a regular participant in academic and policy debate as well. I have done a lot of researches as well. My research includes work on
- Price adjustment
- consumer behavior
- Financial market
- Monetary and Fiscal Policy
- Economic growth
I also have articles related to Economics published in famous academic journals and popular forums such as The New York Times and The Wall Street Journal. Basically, the articles tend to reflect on my personal aspects towards each issue being presented.
++ Do Not Forget to Check It Out! ++
Writers (Textbooks)
I also devote myself as a writer of Economics Textbooks. Honestly, I have written quite a lot of textbooks and the most profound ones would be;
- The Intermediate Level Textbook: “ Macroeconomics” (Worth Publisher)
- The Introductory textbook: “Principles of Economics” (South Western/ Thomson)
They have been sold a million of copies and have been translated into 27 languages. It is a huge success for me and thank you for all supports!
My Interest:
The thing in Economics, which catches my attention and interest at all times, must be Macroeconomics. I just love the ways things are placed in Macroeconomics.
Principles / Theories
The following is my most famous 10 principles of Economics. These are published in the textbook called Principle of Economics, which was written by me. Basically, what I think is the most important in an economy and could actually improve an economy, would definitely be Trade!
“Trade makes everything better off.
1. People Face Tradeoffs. To get one thing, you have to give up something else. Making decisions requires trading off one goal against another.
2. The Cost of Something is what You Give Up to Get It. Decision-makers has to consider both the obvious and implicit costs of their actions.
3. Rational People Think at the Margin. A rational decision-maker takes action if and only if the marginal benefit of the action exceeds the marginal cost.
4. People Respond to Incentives. Behavior changes when costs or benefits change.
5. Trade Can Make Everyone Better Off. Trade allows each person to specialize in the activities he or she does best. By trading with others, people can buy a greater variety of goods or services.
6. Markets Are Usually a Good Way to Organize Economic Activity. Households and firms that interact in market economies act as if they are guided by an "invisible hand" that leads the market to allocate resources efficiently. The opposite of this is economic activity that is organized by a central planner within the government.
7.Governments Can Sometimes Improve Market Outcomes. When a market fails to allocate resources efficiently, the government can change the outcome through public policy. Examples are regulations against monopolies and pollution
8. A Country's Standard of Living Depends on Its Ability to Produce Goods and Services. Countries whose workers produce a large quantity of goods and services per unit of time enjoy a high standard of living. Similarly, as a nation's productivity grows, so does its average income.
9. Prices Rise When the Government Prints Too Much Money. When a government creates large quantities of the nation's money, the value of the money falls. As a result, prices increase, requiring more of the same money to buy goods and services.
10. Society Faces a Short-Run Tradeoff Between Inflation and Unemployment. Reducing inflation often causes a temporary rise in unemployment. This tradeoff is crucial for understanding the short-run effects of changes in taxes, government spending and monetary policy.
http://www.swlearning.com/economics/mankiw/principles2e/principles.html
The Influence on The Field of Economics.
I am an economist who supports the New Keynesian. Many people may not be familiar with this term before. However, I do believe that most of you are well familiar with Keynesian Theory by John M. Keynes as it is often mentioned on many resources. Basically, the new Keynesian group has the totally opposite with the old Keynesian- Keynesian theory just does not make much sense to us!
New Keynesian Economics is the school of thought in modern macroeconomics that evolved from the original theory.
“The basic disagreement between new classical and new Keynesian economists is over how quickly wages and prices adjust. New classical economists build their macroeconomic theories on the assumption that wages and prices are flexible. They believe that prices “clear” markets—balance supply and demand—by adjusting quickly. New Keynesian economists, however, believe that market-clearing models cannot explain short-run economic fluctuations, and so they advocate models with “sticky” wages and prices. New Keynesian theories rely on this stickiness of wages and prices to explain why involuntaryunemployment exists and why monetary policy has such a strong influence on economic activity.”
I have done widely research to back up my position. If you are interested in those, you can basically search them online, they are everywhere!.
http://www.econlib.org/library/Enc/NewKeynesianEconomics.html
Biography
Hello People! My name is Greg Mankiw (Nicolas Gregory Mankiw). I was born February 3rd, 1958 in Trenton, New Jersey. And, I'm still alive right at the moment. I attended the Pingry School when I was in high school. The school offers a preparation course for college and hence I did spend my summer studying astronomy in the Summer Science Program. I used to imagine that I would become a scientist as my career. Unfortunately, that childhood dream has not worked out great since I found myself a better suit in Economics instead. I don't know what the reason was until now. Anyways, I chose to pursue my further studies in Economics at the Princeton University. I graduated from Princeton University and obtained my BA. I did my PhD at MIT (Massachusetts Institute of Technology). That's enough to know about my general background, I guess!
- I am currently living in Wellesley, Massachusetts along with my beloved wife and three children. I pretty much like the way things have been set in my life – family, work, etc. It’s really wonderful!
Career:
I am currently a Professor at the Harvard University. At Harvard, I could continue my interests in Economics by teaching Economics students under the course of Ec10. I am also an active writer and web – blogger at the same time. I have written quite a few numbers of textbooks and articles that comment on the theories of economics. Among numbers of the textbooks I have written so far, there are 2 of college textbooks, which gain a huge popularity from people. One is about the intermediate macroeconomics and the other one is called Principles of Economics.
Professor and Journalist at the same time.
- As time passes by, technologies have been invented in order to provide the convenience. I’ve decided to create a blog, which basically aims to help my ec10 students at Harvard. However, it actually welcomes everybody who interests in Economics. The blog link is http://gregmankiw.blogspot.com
2003 -2005
- It had been two years of honors having a chance to work with the President of America. I was one of the President George W. Bush’s economic advisers. Also, I was in charged in the position of the chairman of the national Council of Economic Advisers (CEA)
2006
- Became an official economic adviser to Massachusetts’s governor Mitt Romney’s political action committee, Commonwealth PAC.
2007
- Was an economic adviser to Romney’s presidential campaign.
I am a prolific writer and a regular participant in academic and policy debate as well. I have done a lot of researches as well. My research includes work on
- Price adjustment
- consumer behavior
- Financial market
- Monetary and Fiscal Policy
- Economic growth
I also have articles related to Economics published in famous academic journals and popular forums such as The New York Times and The Wall Street Journal. Basically, the articles tend to reflect on my personal aspects towards each issue being presented.
++ Do Not Forget to Check It Out! ++
Writers (Textbooks)
I also devote myself as a writer of Economics Textbooks. Honestly, I have written quite a lot of textbooks and the most profound ones would be;
- The Intermediate Level Textbook: “ Macroeconomics” (Worth Publisher)
- The Introductory textbook: “Principles of Economics” (South Western/ Thomson)
They have been sold a million of copies and have been translated into 27 languages. It is a huge success for me and thank you for all supports!
My Interest:
The thing in Economics, which catches my attention and interest at all times, must be Macroeconomics. I just love the ways things are placed in Macroeconomics.
Principles / Theories
The following is my most famous 10 principles of Economics. These are published in the textbook called Principle of Economics, which was written by me. Basically, what I think is the most important in an economy and could actually improve an economy, would definitely be Trade!
“Trade makes everything better off.
1. People Face Tradeoffs. To get one thing, you have to give up something else. Making decisions requires trading off one goal against another.
2. The Cost of Something is what You Give Up to Get It. Decision-makers has to consider both the obvious and implicit costs of their actions.
3. Rational People Think at the Margin. A rational decision-maker takes action if and only if the marginal benefit of the action exceeds the marginal cost.
4. People Respond to Incentives. Behavior changes when costs or benefits change.
5. Trade Can Make Everyone Better Off. Trade allows each person to specialize in the activities he or she does best. By trading with others, people can buy a greater variety of goods or services.
6. Markets Are Usually a Good Way to Organize Economic Activity. Households and firms that interact in market economies act as if they are guided by an "invisible hand" that leads the market to allocate resources efficiently. The opposite of this is economic activity that is organized by a central planner within the government.
7.Governments Can Sometimes Improve Market Outcomes. When a market fails to allocate resources efficiently, the government can change the outcome through public policy. Examples are regulations against monopolies and pollution
8. A Country's Standard of Living Depends on Its Ability to Produce Goods and Services. Countries whose workers produce a large quantity of goods and services per unit of time enjoy a high standard of living. Similarly, as a nation's productivity grows, so does its average income.
9. Prices Rise When the Government Prints Too Much Money. When a government creates large quantities of the nation's money, the value of the money falls. As a result, prices increase, requiring more of the same money to buy goods and services.
10. Society Faces a Short-Run Tradeoff Between Inflation and Unemployment. Reducing inflation often causes a temporary rise in unemployment. This tradeoff is crucial for understanding the short-run effects of changes in taxes, government spending and monetary policy.
http://www.swlearning.com/economics/mankiw/principles2e/principles.html
The Influence on The Field of Economics.
I am an economist who supports the New Keynesian. Many people may not be familiar with this term before. However, I do believe that most of you are well familiar with Keynesian Theory by John M. Keynes as it is often mentioned on many resources. Basically, the new Keynesian group has the totally opposite with the old Keynesian- Keynesian theory just does not make much sense to us!
New Keynesian Economics is the school of thought in modern macroeconomics that evolved from the original theory.
“The basic disagreement between new classical and new Keynesian economists is over how quickly wages and prices adjust. New classical economists build their macroeconomic theories on the assumption that wages and prices are flexible. They believe that prices “clear” markets—balance supply and demand—by adjusting quickly. New Keynesian economists, however, believe that market-clearing models cannot explain short-run economic fluctuations, and so they advocate models with “sticky” wages and prices. New Keynesian theories rely on this stickiness of wages and prices to explain why involuntaryunemployment exists and why monetary policy has such a strong influence on economic activity.”
I have done widely research to back up my position. If you are interested in those, you can basically search them online, they are everywhere!.
http://www.econlib.org/library/Enc/NewKeynesianEconomics.html