Table of Contents

Part 1 Introduction
1.Ten principles of economics
2.Thinking like an economist
3.Interdependence and the gains from trade
Part 2 How Markets Work
4.The market forces of supply and demand
5.Elasticity and its application
6.Supply, demand, and government policies
Part 3 Markets and Welfare
7.Consumers, producers, and the efficiency of markets
8.Application: The costs of taxation
9.Application: International trade
Part 4 The Economics of the Public Sector
10.Externalities
11.Public goods and common resources
12.The design of the tax system
Part 5 Firm Behavior and the Organization of Industry
13.The costs of production
14.Firms in competitive markets
15.Monopoly
16.Monopolistic competition
17.Oligopoly
Part 6 The Economics of Labor Markets
18.The markets for the factors of production
19.Earnings and discrimination
20.Income inequality and poverty
Part 7 Topics for Further Study
21.The theory of consumer choice
22.Frontiers of microeconomics
Part 8 The Data of Macroeconomics
23.Measuring a nation’s income
24.Measuring the cost of living
Part 9 The Real Economy in the Long Run
25.Production and growth
26.Saving, investment, and the financial system
27.The basic tools of finance
28.Islamic finance
29.Unemployment
Part 10 Money and Prices in the Long Run
30.The monetary system
31.Money growth and inflation
Part 11 The Macroeconomics of Open Economies
32.Open-economy macroeconomics: Basic concepts
33.A macroeconomic theory of the open economy
Part 12 Short-Run Economic Fluctuations
34.Aggregate demand and aggregate supply
35.The influence of monetary and fiscal policy on aggregate demand
36.The short-run trade-off between inflation and unemployment
Part 13 Final Thoughts
37.Six debates of macroeconomic policy

About the Author

N. Gregory Mankiw is Robert M. Beren Professor of Economics at Harvard University. For 14 years he taught EC10 Principles, the most popular course at Harvard. He studied economics at Princeton University and MIT. Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment, consumer behaviour, financial markets, monetary and fiscal policy and economic growth. His published articles have appeared in academic journals such as the American Economic Review, Journal of Political Economy and Quarterly Journal of Economics. His work has also appeared in more widely accessible forums, including The New York Times, The Washington Post, The Wall Street Journal and Fortune. Professor Mankiw has been a research associate of the National Bureau of Economic Research, an adviser to the Federal Reserve Bank of Boston and the Congressional Budget Office and a member of the ETS test development committee for the advanced placement exam in economics. From 2003 to 2005, he served as chairperson of the President’s Council of Economic Advisers. Professor Mankiw’s texts in introductory and intermediate economics are the worldwide market leaders and have reached many millions of students. Mohamed H Rashwan is an associate professor of finance and economics at the British University in Egypt (BUE) and a Fulbright alumnus of the University of South Carolina, Darla Moore School of Business. Dr. Rashwan is the Head of Business Department and the elected staff member to represent the faculty at the University Senate. Prior to joining the BUE, Dr. Rashwan worked for Zayed University in the United Arab Emirates. He also was the academic coordinator for the Master of Arts (M.A.) 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.