Principles of Economicsby Published 01 Mar 2003
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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 presents the politics and science of economic theories to tomorrow's decision-makers.
Principles of Economics Reviews
It is wonderful for beginners and to understand basic level of certain topics. Beside giving a good basic level understanding, it makes reader learned how to develop further reading and to know unsolved topics broadly. It teaches but mainly, besides teaching, giving basic reasoning methods to learn further topics in detail.
I am in a beginning level economics class as a freshman in college and this book has been really helpful for me. Many of the concepts in economics can be confusing because economics is introducing a new was of thinking as opposed to just memorization. Because of this, it is important to get a book that teaches the concepts in a way that are broken down to a very low level and highlights the fundamental concepts within the subject. The book does well and uses examples of very simplified markets in which the concepts can be clearly seen and identified. By establishing this base knowledge of how economics works at simple levels, it makes it easier to identify how things work on larger scale markets. This book also includes two different viewpoints of economics. In the microeconomics portion of the textbook, readers learn how actions in markets affect individual homes and small firms. In the macroeconomics section of the textbook, it discusses how markets and transactions affect the economy as a whole. Each section of the book is very informative and breaks down the information in a way that is understandable for beginners. I would highly recommend this book!
There are many academic books in the field of economics but this one is best. It holds everything that a student is looking for in an academic book. The language is pretty simple and consists of many things like eloquence, elegancy, good examples, understandable graphs and most important FYI(for your information).
Overall, the book is an impressive piece. If you are a student of economics or not and wants to understand the principles of it you should surely consider this book.
This is a mainstream economics textbook which means that it uses competitive market model (upward supply and downward demand curves) to explain almost everything. What bothers me about this model is that it doesn't apply to majority of markets in modern economy. There are barely any price takers, I can't think of a firm that hires labor or capital the way that neoclassic theory explains, ... . Not surprisingly this approach reduces large part of economics (especially microeconomics) to a study detached from real world.
Throughout the book author assures the reader that although theory may not portray the real world, but it is a useful simplification and its results are not far from observations. Is this claim true? Except competitive markets; monopoly, monopolistic competition and oligopoly are introduced in the book. I also found all these models quite simple so why for example monopolistic competitive model (which includes most markets in modern economy) is not used anywhere else is a mystery to me. But second part of his claim is more important, does it really work? Author gives some evidence here and there but they are far less than to be persuasive. Controversial claims such as 'minimum wage and unions cause unemployment', 'rent ceiling causes shortage in rental markets' are provided with no evidence. I understand Popperian falsification has serious limits in economics so I don't blame author for lack evidence but he is certainly to blame for failing to mention these subtleties.
This book provided me with an excellent foundation for further economic study. For a textbook, the author writes in a very readable way and explains the concepts extremely well. The author does a fair job being neutral; however, one can sense his leanings.