Principles of Microeconomics

by N. Gregory Mankiw

In writing this textbook, Mankiw has tried to put himself in the position of someone seeing economics for the first time. The author's conversational writing style is superb for presenting the politics and science of economic theories to tomorrow's decision-makers. Because Mankiw wrote it for the students, the book stands out among all other principle texts by intriguing students to apply an economic way of thinking in their daily lives. Receiving such praise as "perhaps the best ever" textbook in economic principles, it's no wonder Mankiw's prize project has quickly become one of the most successful books ever to be published in the college marketplace.

Genres: Economics, Textbooks, Nonfiction, Business, Reference, School, Finance

425 pages, Paperback

First published January 1, 1997

About the author

Nicholas Gregory Mankiw is an American macroeconomist who is currently the Robert M. Beren Professor of Economics at Harvard University. Mankiw is best known in academia for his work on New Keynesian economics.
Mankiw has written widely on economics and economic policy. As of February 2020, the RePEc overall ranking based on academic publications, citations, and related metrics put him as the 45th most influential economist in the world, out of nearly 50,000 registered authors. He was the 11th most cited economist and the 9th most productive research economist as measured by the h-index. In addition, Mankiw is the author of several best-selling textbooks, writes a popular blog, and has since 2007 written approximately monthly for the Sunday business section of The New York Times. According to the Open Syllabus Project, Mankiw is the most frequently cited author on college syllabi for economics courses.
Mankiw is a conservative, and has been an economic adviser to several Republican politicians. From 2003 to 2005, Mankiw was Chairman of the Council of Economic Advisers under President George W. Bush. In 2006, he became an economic adviser to Mitt Romney, and worked with Romney during his presidential campaigns in 2008 and 2012. In October 2019, he announced that he was no longer a Republican because of his discontent with President Donald Trump and the Republican Party

Reviews

[Amit Mishra · Rating 4 out of 5]

I strongly prefer this argument that academic writing is really difficult. You don't have the creative freedom to do something new. In the case of economics, it is more restricted.
However, you can simplify things and present them to the readers. And Prof Mankiw has done the same. His language is lucid and pretty easy that can be understood by any student. It starts from basic and provides us with lots of information and goes in-depth analysis of a certain topic as well. The section For Your Information(FYI) is something that I like the most.

[Ali · Rating 3 out of 5]

First 22 chapters of Mankiw's Principles of Economics contains this book. I couldn't find any reliable information about differences of these two books when choosing which one to read so I felt obligated to share it.

[Carissa · Rating 1 out of 5]

torn between selling it and burning it tbh

[John · Rating 2 out of 5]

Lays on the laissez-faire free market stuff very very thick. Mankiw makes some fairly basic fallacies of equation (e.g. his ideas on net job gains from breakdown of trade barriers fail to differentiate between types of jobs -- such as programming vs. Wal-Mart checkout clerk) but generally a decent economics book that nicely explain why many commonly held economic beliefs are uninformed knee-jerk mistakes.

[Cameron · Rating 5 out of 5]

FANTASTIC Text Book. Mankiw explanes principles in an incredible way. Reading this book gives the reader the lexicon and understanding needed to proceed in additional economic reading and a framework to develop strong articulate opinions on economic outcomes.

[Nona · Rating 5 out of 5]

მიყვარს.
და მაინც,ვანოს დამსახურებით უფრო.

[rachel · Rating 2 out of 5]

just delightful. perfect for some light reading

[Zack it 0ff · Rating 5 out of 5]

I'm feeling grateful for knowing such an excellent book. Without dramatizing, I confidently say that I enjoyed every second of the time spent reading it.

Mr. Mankiw has that easy-to-understand, fun-to-read, but not-so-shallow-that-it-makes-you-bored writing style. accompanied with wit and humor, all these things have successfully conveyed economics in this book as a subject that is not dull and dismal (dismal science, as they said), but as one that everyone has wished they'd learned before. very enjoyable.

added with columns like FYI, Study Case, & What's in the News, making it not feel out of touch with reality. as many might find the case in an enormous amount of econ textbooks (like the one I used in college, sadly).

One who wishes to understand this book fully should read the problem section and solve it, as it will solidify such understanding and fill In the gaps.

Hands down, one of my favorite readings in 2023 🥶

[کافه ادبیات · Rating 4 out of 5]

اقتصاددانان نیز برای درک جهان واقعی از الگوها (مدل ها) استفاده می کنند، ولی الگوی طراحی شده از سوی یک اقتصاددان احتمالا به جای چوب، چسب و پلاستیک از نمادها و معاملات مختلف ساخته شده است. اقتصاددانان اسباب بازی اقتصاد را به منظور توصیف متغیرهای اقتصادی مانند GDP، تورم و بیکاری طراحی می کنند و می سازند. الگوهای اقتصادی ارتباط بین متغیرها را نشان می دهند. این الگوها بسیار مفیدند، زیرا به ما کمک می کنند از جزئیات صرف نظر و فقط بر روابط مهم بین متغیرها تمرکز کنیم.

[arnold (anna) feng · Rating 4 out of 5]

fall semester trauma incurred aside, this textbook is written pretty well-- also mankiw is a legend

[fuyukotoomuch · Rating 3 out of 5]

สนุกดีน่ะ อธิบายเข้าใจง่าย

[Hamed Ersi · Rating 5 out of 5]

Excellent book!

[Joshua Enns-Wind · Rating 2 out of 5]

I read this as a textbook to an introductory microeconomics course. It did a pretty poor job. A couple of times, it did a good job explaining some concept. About 9 times out of 10, my prof did a much better job explaining ideas from the textbook. 49 times out of 50, I walked away from reading it angry. It felt like it was just missing something and made assumptions that are so unrealistic to the world. It did help a little through the course, so I can’t give it 1 star, but feeling so angry makes me want to anyways.

[Matt · Rating 5 out of 5]

Everyone should read an economics textbook and this is a good one.

Most of the big concepts are simple to understand but incredibly powerful. Things like opportunity cost, comparative advantage, importance of incentives, dead weight loss, etc. they can help you understand how we might fix some of the big problems in both society and within our own lives.

This is not exciting reading but I think it’s important reading.

[Nicholas Metherall · Rating 3 out of 5]

Holy Canoli! Wowzers! What a welcome to the world of Microeconomics!

From opportunity cost to division of labour! This textbook provided me with the underlying theory, principles needed to understand the world of firms, supply and demand!

With ample case studies and plenty of exercises to work through, this book will set you up for your introduction to set out on your journey as an economist!

Get ready to be 'supplied' with knowledge and to 'demand' more books like this!

[Shamwil · Rating 4 out of 5]

[Rudy Xing]

very useful book

[shiv! · Rating 1 out of 5]

nothing but pain from this never again

[sophie]

I'm never taking economics again

[Barack Liu · Rating 5 out of 5]

024-Principles of Microeconomics-Gregory Mankiw-Economics-1991
Barack

——The cost of something is what we have to give up to get it.

" Principles of Microeconomics " first published in 1998. It is a "Bachelor of Economics introductory textbook".

Gregory Mankiw was born in Ukraine in 1958 and later emigrated to the United States with his family. At 29, he became one of the youngest tenured professors in Harvard history. Representative works: "Economic Principles", "Macroeconomics", etc.

Economics is essentially a science that studies how people make choices under scarce conditions and how these choices affect society. Natural science studies how nature "makes decisions", while economics studies how humans "make decisions." In my opinion, to judge whether research is "scientific", it should be based on its research method rather than the research object.

Why do people like to speak in a loud voice at the party? Why are infant and child safety seats only available in cars and not on airplanes? Why does prohibiting cigarette dealers from advertising on TV help cigarette dealers? After reading "Principles of Microeconomics", I suddenly found that many social phenomena can be explained by the models in economics.

Game theory was the first theory of economics proposed by mathematician John Nash in the 1950s. If you are isolated from the world, and you only have one partner, your life is under threatening and your life-sustaining supplies are insufficient. How would you choose? Cooperation or betrayal?

Many books and movies depicting the survival stories of a small group of people in an isolated system now have shadows of the concept of the prisoner's dilemma, either light or dark. The entire society is essentially an independent system, and the story of "multiple players repeating the game" is staged. But because there are too many participants, it is far more complicated than the "two-player game".

The various production activities we engage in are usually to maximize the benefits. The interest here does not only refer to economic benefits. Perhaps the word "satisfaction" is more appropriate. Jeremy Bentham tried to quantitatively analyze the measure of desire, calling it "utility". But even today, humans cannot measure it accurately.

Humans are sentimental animals, and the decisions we make often appear to economists to be irrational. One of the most obvious facts is probably the interference of sunk costs with human decisions. We are making various decisions every day, big or small. Sometimes, it will fall into such a dilemma. A lot of human, material and financial resources have been invested in the early stage of an event, but the more likely it is to find the success probability of this event is very small. Even from the beginning, it is self-deceiving to think that there is a success possibility.

Rationality tells us that we should let go decisively at this time, but it is often possible to continue to stick to the sunk costs that have been paid. The actual situation is often that the opportunity cost continues to increase, and the opportunity income continues to decrease, thus falling into the mud of greater losses.

Today, should the development of our young students be comprehensive or specialized? This is a problem of specialization. Specialization gives individuals a comparative advantage, which means that in fact, you needn’t do many things yourself. But over-specialization may make us less resistant to risk.

When there are demand and supply, there is a market. When everyone wants to buy or sell, there is inevitable competition among individuals. Under realistic conditions, complete competition is unlikely to exist, and there will always be barriers of one kind or another. In some special industries, incomplete markets under monopoly, oligopoly, and monopolistic competition conditions are gradually formed. The software industry with high fixed costs and low variable costs is characterized by significant economies of scale.

Sometimes our actions often produce some gains or losses that we do not want to happen subjectively to others. For example, if you turn on the computer's external audio in the bedroom, video chat with friends, or play games, it is a negative externality for roommates. It is a positive externality for others to take back the roommate's takeaway when you walk out of the bedroom to get the takeaway for yourself.

Among the many factors that influence us to make correct decisions, information is a key factor that cannot be underestimated. Information is often unequal, and the risk of gambling is often implied in the process of searching for information. Just like when you are bargaining with someone, it is really difficult to predict the reservation price of the other party without screwing up the transaction.

Efficiency and fairness are often difficult to achieve. Public goods are fair and may be inefficient. It may be difficult to pursue an average of everyone or the world is fair. Just like the forest on public land will soon be cut down, the whales on the high seas will be destroyed. Although global environmental problems are very serious most countries are reluctant to make great efforts to give other countries a free ride.

What everyone owns, actually nobody owns. But if everyone is governed by their neighbors and neighbors, it will make the power of collective and cooperation impossible to show, which is precisely one of the secrets of human victory over other species. How to seek the balance of maximizing benefits in competition and cooperation is an eternal proposition.

14/12/03
20/05/04

[Mila Mikhail · Rating 2 out of 5]

Manuel de cours pour introduction à la microéconomie a l’université. C’est le premier manuel de cours que je n’aime pas. Je sais bien que ce n’était qu’un cours d’introduction mais le manuel était beaucoup trop simpliste. J’ai eu beaucoup de difficulté à traduire les exemples présentés dans ce livre à la vraie vie et il y en a qui étaient carrément irréalistes. De plus, le manuel se contredit plusieurs fois. C’est vrai que les contradictions sont inhérentes au capitalisme et que je ne suis pas économiste, mais ça complique ma compréhension de la matière. Je donne deux étoiles car c’était quand même un beau manuel plein de graphiques, de tableaux et de sections de révision.

[Vietcombank Securities · Rating 5 out of 5]

Lỡ nhịp cuối phiên? Tìm hiểu ngay lệnh plo trong chứng khoán là gì!
Nắm rõ bản chất lệnh plo trong chứng khoán là gì sẽ giúp nhà đầu tư tận dụng tốt cơ hội giao dịch sau giờ.
Đồng thời, hiểu đúng lệnh plo trong chứng khoán là gì cũng là bí quyết để bạn khớp lệnh với giá đóng cửa an toàn.
Khám phá chi tiết tại VCBS: https://www.vcbs.com.vn/chi-tiet-kien...

[Hoa Đinh Thị Thanh · Rating 5 out of 5]

Yêu kinh tế và tài chính nhiều lắm

[isabellalev430]

This will count towards my 2022 goal bc I read like 20 chapters in this book.

[Jeor · Rating 4 out of 5]

Learnt little from it but it's excellent introductory book, I'd recommend

[Swapnil · Rating 5 out of 5]

Everyone should read

[Coni Werner · Rating 4 out of 5]

Leído por Introducción a la economía (hasta la mitad del libro).

[Chris · Rating 4 out of 5]

I'm counting this toward my goodreads goal, because.... yeah. 400 pages of economics. Feels bad, man.

[João Pedro Lopes · Rating 4 out of 5]

https://miro.com/app/board/uXjVMqGtHN...

[Cat · Rating 5 out of 5]

the only reason I got a 5 on the AP exam God bless