Principles of Economics

Gregory Mankiw's 10 Principles of Economics

1. People face trade-offs

2. The cost of something is what you give up to get it

3. Rational people think at the margin

4. People respond to incentives

5. Trade can make everyone better off

6. Markets are usually a good way to organize economic activity

7. Governments can sometimes improve market outcomes

8. A country's standard of living depends on its ability to produce goods and services

9. Prices rise when the government prints too much money

10. Society faces a short-run tradeoff between inflation and unemployment

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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 Design of the Tax System

PARTV: FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY

13. The Costs of Production

14. Firms in Competitive Markets

15. Monopoly

16. Monopolistic Competition

17. Oligopoly

PART VI: THE ECONOMICS OF THE LABOR MARKET

18. The Markets for the Factors of Production

19. Earnings and Discrimination

20. Income Inequality and Poverty

PART VII: TOPICS FOR FURTHER STUDY

21. The Theory of Consumer Choice

22. Frontiers in Microeconomics

PART VIII: THE DATA OF MACROECONOMICS

23. Measuring a Nation’s Income

24. Measuring the Cost of Living

PART IX: THE REAL ECONOMY IN THE LONG RUN

25. Production and Growth

26. Saving, Investment, and the Financial System

27. Tools of Finance

28. Unemployment and Its Natural Rate

PARTX: MONEY AND PRICES IN THE LONG RUN

29. The Monetary System

30. Money Growth and Inflation

PART XI: THE MACROECONOMICS OF OPEN economics

31. Open-Economy Macroeconomics: Basic Concepts

32. A Macroeconomic Theory of the Open Economy

PART XII: SHORT-RUN ECONOMIC FLUCTUATIONS

33. Aggregate Demand and Aggregate Supply

34. The Influence of Monetary and Fiscal Policy on Aggregate Demand

35. The Short-Run Tradeoff between Inflation and Unemployment

PART XIII: FINAL THOUGHTS

36. Six Debates over Macroeconomic Policy