Economics

N. Gregory Mankiw is the Robert M. Beren Professor of Economics at Harvard University. As a student, he studied economics at Princeton University and the Massachusetts Institute of Technology. As a teacher, he has taught macroeconomics, microeconomics, statistics and principles of economics. Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. In addition to his teaching, research and writing, Professor Mankiw has been a research associate of the National Bureau of Economic Research and an advisor to the Federal Reserve Banks of Boston and New York and the Congressional Budget Office. From 2003 to 2005, he served as chairman of the US President’s Council of Economic Advisors and was an advisor to presidential candidate Mitt Romney during the 2012 US presidential election. Mark P. Taylor is the Donald Danforth, Jr Distinguished Professor of Finance at the Olin Business School at Washington University in St Louis, USA. He was previously Dean of the Olin Business School and, before that, Dean and Professor of Finance and Economics at of Warwick Business School at the University of Warwick, UK. He obtained his first degree in philosophy, politics and economics from Oxford University and a Master’s and Doctoral degrees in economics and finance from London University.. Professor Taylor has taught economics at various universities (including Warwick, Oxford, Marseille and New York), at various levels (from principles courses to advanced graduate and MBA courses) and in various fields (including macroeconomics, microeconomics and econometrics). He has also worked as a senior economist at the International Monetary Fund and at the Bank of England and as a managing director at BlackRock, the world’s largest financial asset manager, where he ran a global investment fund based on macroeconomic analysis. His work has been extensively published in scholarly journals, such as the Journal of Political Economy and the Economic Journal, and he is today one of the most highly cited economists in the world in economic research. In addition, Professor Taylor has acted as an advisor to the International Monetary Fund, the World Bank, the Bank of England, the European Commission and to senior members of the UK government. He is a research fellow of the Centre for Economic Policy Research, a member of council of the Royal Economic Society and a fellow of both the Royal Statistical Society and the Royal Society of Arts.

• Part I. Introduction to Economics1. What is Economics?2. Thinking Like an EconomistPart II. The Theory of Competitive Markets3. The Market Forces of Supply and Demand4. Background to Demand: Consumer Choices5. Background to Supply: The Costs of Production of Firms6. Background to Supply: Firms in Competitive Markets7. Consumers, Producers and The Efficiency of MarketsPart III. Interventions in Markets8. Supply, Demand and Government Policies9. Public Goods, Common Resources and Merit Goods10. Market Failure and ExternalitiesPart IV. Firm Behaviour and Market Structures11. Market Structures I: Monopoly12. Market Structures II: Monopolistic Competition13. Market Structures III: Oligopoly14. Market Structures IV: Contestable MarketsPart V. Factor Markets15. The Economics of Factor MarketsPart VI. Inequality16. Income Inequality and PovertyPart VII. Trade17. Interdependence and the Gains From TradePart VIII. Heterodox Economics18. Information and Behavioural Economics19. Heterodox Theories in EconomicsPart IX. The Data of Macroeconomics 20. Measuring a Nation’s Wellbeing and the Price LevelPart X. The Real Economy in the Long Run21. Production and Growth22. Unemployment and the Labour MarketPart XI. Long-Run Macroeconomics23. Saving, Investment and the Financial System24. The Monetary System25. Open-Economy MacroeconomicsPart XII. Short-Run Economic Fluctuations26. Business Cycles27. Keynesian Economics and IS–LM Analysis28. Aggregate Demand and Aggregate Supply29. The Influence of Monetary and Fiscal Policy on Aggregate Demand30. The Short-Run Trade-Off Between Inflation and Unemployment31. Supply-Side PoliciesPart XIII. International Macroeconomics32. Economic Shocks33. The European Union34. Sustainability Economics