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Principles of Economics

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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.


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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.

30 review for Principles of Economics

  1. 4 out of 5

    Amit Mishra

    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.

  2. 4 out of 5

    Martyn Lovell

    I didn't study economics in my school or university, but I've been an ardent fan of the subject ever since a very good friend (Raymond, you know who you are!) introduced me to The Economist in my first year of University. Since then I've built up knowledge of the field organically through various sources, but always felt my understanding was lacking in some key areas (especially banking). A while ago I bought this book (which is a 100 level college textbook) to fill that gap. The text and present I didn't study economics in my school or university, but I've been an ardent fan of the subject ever since a very good friend (Raymond, you know who you are!) introduced me to The Economist in my first year of University. Since then I've built up knowledge of the field organically through various sources, but always felt my understanding was lacking in some key areas (especially banking). A while ago I bought this book (which is a 100 level college textbook) to fill that gap. The text and presentation is very strong - clear, engaging and satisfying without going too deep or floating above the surface. The delivery is sometimes pedestrian - I think I could have picked up some concepts quicker than Mankiw is ready to deliver them to me. But overall the book does a great job of surveying the field. I was also impressed that despite Mankiw's relatively well-understood position on issues, the book presents most of the key debates in an even handed way without seeming to put his finger on the scales. The book has lots of good diagrams. It lacks enough references to specific experimental evidence for my preference, but this is perhaps understandable at the 100 level. It is also full of newspaper quotations to bring the topic to life. I found these uninteresting and mostly a space filler, but perhaps they would appeal more to someone who has yet to get excited about the subject. The one amazing thing about the book (which I bought 2nd hand) is the retail price, which seems to be ~250 dollars, seemingly some kind of exorbitant rip off aimed at students where it is a compulsory text. Analyzing the price in economic terms makes one suspect that some kind of market failure is taking place to support this price :) Great foundational book.

  3. 5 out of 5

    Hien

    This is one of few textbooks that didn’t make me fall asleep while reading for hours. With understandable anylisis and detailed examples, it truly is a precious gift for an economics-idiot like me..

  4. 4 out of 5

    Ali

    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 d 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.

  5. 5 out of 5

    Sean

    Better than a text book. An excellent work that explains the basics of economics very well. Peppered with anecdotes and articles from the like of the Economist, the New York Times and The Wall Street Journal that emphasize or clarify the topics discussed in the chapters. Loved it and will keep it as a reference forever.

  6. 4 out of 5

    Ali Managhebi

    For anyone who wants to know how Economics works this is a great book to start with.

  7. 5 out of 5

    Blake Tompkins

    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 i 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! [WC 199]

  8. 5 out of 5

    Ross

    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.

  9. 4 out of 5

    Vusala

    I studied in the university time as a part of class, but every individual no matter occupation can understand and enjoy reading it

  10. 4 out of 5

    Vicky

    I knew what I was getting into, I think, when I started reading the first chapter and found numerous issues with how Mankiw inserts his opinions through the examples he chooses to give, and I'm like: wtf and then my teacher is no different, so I have a lot of supplementary reading to do after this class ends in a couple weeks to balance out—or rather, cleanse out—the material I had been given. I'm in it to gather basic terminology, etc. and interestingly, thru this Chicago lens. . . On Valentine' I knew what I was getting into, I think, when I started reading the first chapter and found numerous issues with how Mankiw inserts his opinions through the examples he chooses to give, and I'm like: wtf and then my teacher is no different, so I have a lot of supplementary reading to do after this class ends in a couple weeks to balance out—or rather, cleanse out—the material I had been given. I'm in it to gather basic terminology, etc. and interestingly, thru this Chicago lens. . . On Valentine's Day, Bonnie sent me that one anti-capitalist love note that had been shared online, that said, "You are worth so much more than your productivity." Then, the following day in class, I had to take answer a question on our quiz that said that the only thing determining our value and wealth was our level of productivity. . .

  11. 5 out of 5

    Faik Yarimca

    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.

  12. 4 out of 5

    Charlie

    Not difficult to understand (except the part of macroeconomics). My first economic book. I really appreciate to the author Mankiw, a economic genius who can translate economical language into simple words. Perhaps one day, when I am smart enough, I will read the part of macroeconomics again.

  13. 5 out of 5

    Justin McGuire

    Hint for buyers: Get the international edition off a used bookseller. All the same content for a fraction of the price.

  14. 4 out of 5

    Mark Koester

    (5th Edition) Clear, understandable, approachable, and, to the extent possible, comprehensive textbook about economics. As an independent learner like me, this book provided a good way to learn more about the basics of economics and many ways to "think economically" too. While the book is intended for a course on economics, it is easy to read and understand if you are studying on your own. The initial chapter does a good job laying out 10 key principles of economics (like trade-offs, opportunity (5th Edition) Clear, understandable, approachable, and, to the extent possible, comprehensive textbook about economics. As an independent learner like me, this book provided a good way to learn more about the basics of economics and many ways to "think economically" too. While the book is intended for a course on economics, it is easy to read and understand if you are studying on your own. The initial chapter does a good job laying out 10 key principles of economics (like trade-offs, opportunity cost, marginal analysis, incentives, markets, etc), and after the author then uses these principles throughout the later chapters on specific topics and questions. I liked how the textbook provided a lot of charts to examine how supply and demand curves work in general and in various scenarios. This made it easy to think how certain relationships work in a market between a the suppliers and consumers and how you get price equilibrium. Understanding how supply and demand works is really the core economics and the book doesn't get away from reiterating it in nearly every possible case. Obviously, this is not a short book. But once you get the core ideas, most of the later chapters could be read independent of one another. This allows you to look at topics as they interest you and what you want to learn. For example, my initial interest was marginal analysis (marginal utility and marginal cost) and macroeconomics (GDP and productivity), and it was easy to focus on this before going into other topics I wanted to explore later, like price control, taxes, economic inequality and monetary policy. Most chapters can be read in 30-45 minutes or split in two or three sessions. Additionally, all of the key terms are explained and then put into context as well. Often times the breakout sections show how a concept works in a real-life newspaper analysis too. So it's pretty easy to jump around if that's how you want to learn. Unlike some other economics books I've read, I found the book largely non-political in its analysis and explanations. It just gives you a way to understand the terms and core ideas of economics without forcing a kind of "political framing" of economics. Interesting, this becomes most obvious in the last chapter where you are provided 5 economic questions and how to debate the pro's and con's of both sides. Ultimately, this really shows how economics is not politically neutral. In fact, many of many societal debates (like a balanced budget, inflation, high or low taxes and even personal savings) are not answered by asking the economists. Instead, our economic policy involves trade-offs too. Definitely a book I would return to for a refresher or reexploration of economics in the future too!

  15. 5 out of 5

    Kiliyan

    I've read this for my intro to economics class and it's simply a fantastic book for learning. There are many real cases presented for pretty much every chapter. There are questions you can work through to see how well you understood everything. And it is explained so clearly and in really simple terms. It builds from the most fundamental principles all the way to complex economic issues. And by the end of it, the world looked a whole lot different. Personally, for me, for the better, but fair wa I've read this for my intro to economics class and it's simply a fantastic book for learning. There are many real cases presented for pretty much every chapter. There are questions you can work through to see how well you understood everything. And it is explained so clearly and in really simple terms. It builds from the most fundamental principles all the way to complex economic issues. And by the end of it, the world looked a whole lot different. Personally, for me, for the better, but fair warning: having this knowledge will force you to reevaluate a lot of people and opinions you might've held dear, when you see how disturbingly little they know about economics while talking all day long about it. For example, the uproar every time the Central Banks increase the money supply with repos, social media goes crazy because of some supposed 'bailout' and 'the rich getting richer'. And you'll just be sitting there going 'this is not how this works. This isn't how any of this works'.

  16. 5 out of 5

    Hayden

    Principles of Economics with Dr. Gregory Mankiw was a delight and a treat. Dr. Mankiw is a professor at Harvard in economics. I took macroeconomics my sophomore year of college and this book was very insightful and helped me achieve success. Not only did it aid in school but the material in this textbook stuck with me post class. I still find my self using the concepts of economics from this textbook. Dr. Mankiw made the text easy to read and applied to real business and life situations which ma Principles of Economics with Dr. Gregory Mankiw was a delight and a treat. Dr. Mankiw is a professor at Harvard in economics. I took macroeconomics my sophomore year of college and this book was very insightful and helped me achieve success. Not only did it aid in school but the material in this textbook stuck with me post class. I still find my self using the concepts of economics from this textbook. Dr. Mankiw made the text easy to read and applied to real business and life situations which makes it more understandable. If you are looking to learn about economics this is the book to read.

  17. 5 out of 5

    Matthias Schlecht

    Mankiw aka. My month-long odyssey through the world of economics. And was it worth it? Absolutely. For those of you who have never heard of Makiw's Principles of Economics, let me tell you that book here is like a map that guides you through an abstract world that we think is losing its mind. It gives it rules on how the tide is going out. Like supply and demand. I had a good but sometimes chewy read and I'm sure I will come back to It in the the future whenever I feel I have a question to solve Mankiw aka. My month-long odyssey through the world of economics. And was it worth it? Absolutely. For those of you who have never heard of Makiw's Principles of Economics, let me tell you that book here is like a map that guides you through an abstract world that we think is losing its mind. It gives it rules on how the tide is going out. Like supply and demand. I had a good but sometimes chewy read and I'm sure I will come back to It in the the future whenever I feel I have a question to solve. 5*

  18. 4 out of 5

    Kate

    I made it through! Don't know how much I retained. Half of my brain was doubting with this much simplification how much does it reflect reality, another half of my brain was wondering how various actions manifests in reality (like, how do you collect data like M1, M2, and how does government bounds work). Oddly I can now sympathize more with communists in believing that these rules of capitalism are absurd and can be replaced by something better. (I know that's just because I'm dumb and not worki I made it through! Don't know how much I retained. Half of my brain was doubting with this much simplification how much does it reflect reality, another half of my brain was wondering how various actions manifests in reality (like, how do you collect data like M1, M2, and how does government bounds work). Oddly I can now sympathize more with communists in believing that these rules of capitalism are absurd and can be replaced by something better. (I know that's just because I'm dumb and not working hard enough.) :)

  19. 5 out of 5

    Florian

    The authors explain in an understandable way the economic principles and models and it was interesting to read. There are many practical examples which support the theories. Nevertheless, the authors were sometimes a bit repetitive. What really was frustrating is the quality of the pages. These are reflecting, what disturbed fluent reading. Overall, it is worthy to read and I can recommend the book.

  20. 5 out of 5

    Gabe Wood

    I actually really enjoyed this text book. I also think I'm going to major in Economics, so maybe not for everyone, but it was ordered in a way that was effective to learn and had really good examples throughout. I understand so much more now.

  21. 4 out of 5

    Bumbierītis

    I read it to gain some basic understanding of economics. It took me about a year to finish it, reading on and off. Overall I think it allowed me to achieve just that - gain some basic insight into economics.

  22. 4 out of 5

    Akhila

    Good

  23. 4 out of 5

    Raiden

    Clear explanations of basic microeconomic principles. Doesn't go beyond high school algebra in complexity. Conversational tone and good applied examples. I found it useful as a review of the topics.

  24. 4 out of 5

    Shibajee Samaddar

    This is only good to the extent you have not gone through Samuelson's book of the same name, which, obviously is the first & till date the best book of this kind. This is only good to the extent you have not gone through Samuelson's book of the same name, which, obviously is the first & till date the best book of this kind.

  25. 5 out of 5

    Miya

    Interesting and inspiring. The book is written for learners or amateurs with current news and case studies.

  26. 5 out of 5

    Arkadyuti Sarkar

    A must have text book for students of Economics Hons.

  27. 4 out of 5

    Dora Kotorou

    Really helpful for students that wish to study economics or get an idea about this subject.

  28. 4 out of 5

    Najeeb Khan

    this book is good for the college students who have chosen economics as their subject and are hard working..... for below average students this book is at least not recommended by me.....

  29. 5 out of 5

    Mahnoor Tahir

    This review has been hidden because it contains spoilers. To view it, click here. good

  30. 5 out of 5

    Farzam

    The English version was way better than the Farsi one that I read during my bachelor studies, it even includes some funny caricatures and pictures that help explain the subjects

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