Principles of Economics Arab World Edition

N. Gregory Mankiw is 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. His work has been published in scholarly journals such as the American Economic Review, Journal of Political Economy and Quarterly Journal of Economics. In addition to his teaching, research and writing, Professor Mankiw has been a research associate of the National Bureau of Economic Research, 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. Mohamed H Rashwan is Professor of Finance and Economics and Head of the Business Department at the British University in Egypt (BUE), and a Fulbright alumnus of the University of South Carolina, Darla Moore School of Business. Before joining the BUE, Dr. Rashwan worked for Zayed University in the United Arab Emirates. He was also the academic coordinator for the Master of Arts in Islamic Economics and Wealth Management provided by the Institute for Islamic World Studies (IIWS). Dr. Rashwan has taught several courses in the field of economics, finance and investment at both undergraduate and graduate levels. He is a regular contributor to academic and policy debates in economics and finance, with a special focus on investment and corporate finance. In addition to his teaching, research and writing, Dr. Rashwan has been a consultant in the field of corporate and Islamic finance for more than 16 years.

• Part One: Introduction1. Ten principles of economics2. Thinking like an economist3. Interdependence and the gains from tradePart Two: How markets work4. The market forces of supply and demand5. Elasticity and its applications6. Supply, demand and government policiesPart Three: Markets and welfare7. Consumers, producers and the efficiency of markets8. Application: The costs of taxation9. Application: International tradePart Four: The economics of the public sector10. Externalities11. Public goods and common resources12. The design of the tax systemPart 5: Firm behavior and the organization of industry13. The costs of production14. Firms in competitive markets15. Monopoly16. Monopolistic competition17. OligopolyPart 6: The economics of labor markets18. The markets for the factors of production19. Earnings and discrimination20. Income inequality and povertyPart 7: Topics for further study21. The theory of consumer choice22. Frontiers of microeconomicsPart 8: The data of macroeconomics23. Measuring a nation’s income 24. Measuring the cost of livingPart 9: The real economy in the long run25. Production and growth26. Saving, investment and the financial system27. The basic tools of finance28. Islamic finance29. UnemploymentPart 10: Money and prices in the long run30. The monetary system31. Money growth and inflationPart 11: The macroeconomics of open economies32. Open-economy macroeconomics: Basic concepts33. A macroeconomic theory of the open economyPart 12: Short-run economic fluctuations34. Aggregate demand and aggregate supply35. The influence of monetary and fiscal policy on aggregate demand36. The short-run trade-off between inflation and unemploymentPart 13: Final thoughts37.Six debates over macroeconomic policy