An economist must be “mathematician, historian, statesman, philosopher, in some degree . . . as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician.” So remarked John Maynard Keynes, the great British economist who, as much as anyone, could be called the father of macroeconomics. No single statement summarizes better what it means to be an economist. As Key…
The instructor’s material that accompanies the five versions of Mankiw’s Principles of Economics, Fourth Edition textbooks address the needs of both novice and experienced instructors. To meet the needs of these two groups, this Instructor’s Manual with Solutions Manual comprises both chapter outlines and teaching tips as well as solutions to all of the questions and problems found in…
The word economy comes from the Greek word oikonomos, which means “one who manages a household.” At first, this origin might seem peculiar. But in fact, households and economies have much in common. A household faces many decisions. It must decide which members of the household do which tasks and what each member gets in return: Who cooks dinner? Who does the laundry? Who gets the extra d…