Mankiw - Macroeconomics 7th Edition

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S E V E N T H


Harvard University

Worth Publishers

Senior Publishers: Catherine Woods and Craig Bleyer
Senior Acquisitions Editor: Sarah Dorger
Senior Marketing Manager: Scott Guile
Consulting Editor: Paul Shensa
Senior Development Editor: Marie McHale
Development Editor: Jane Tufts
Assistant Editor, Media and Supplements: Tom Acox
Associate Managing Editor: Tracey Kuehn
Project Editor: Dana Kasowitz
Art Director: Babs Reingold
Cover and Text Designer: Kevin Kall
Production Manager: Barbara Anne Seixas
Composition: TSI Graphics
Printing and Binding: RR Donnelley
Cover art: Barbara Ellmann
Encaustic on Wood Panel 24'' x 24'' © 2005
Library of Congress Cataloging-in-Publication Number: 2009924581
ISBN-13: 978-1-4292-1887-0
ISBN-10: 1-4292-1887-8
© 2010, 2007, 2003 by N. Gregory Mankiw
All rights reserved.
Printed in the United States of America
First Printing 2009

Worth Publishers
41 Madison Avenue
New York, NY 10010

Photo by Deborah Mankiw

about the author

N. Gregory Mankiw is Professor of Economics at Harvard University. He began
his study of economics at Princeton University, where he received an A.B. in 1980.
After earning a Ph.D. in economics from MIT, he began teaching at Harvard in
1985 and was promoted to full professor in 1987. Today, he regularly teaches both
undergraduate and graduate courses in macroeconomics. He is also author of the
popular introductory textbook Principles of Economics (Cengage Learning).
Professor Mankiw is a regular participant in academic and policy debates. His
research ranges across macroeconomics and includes work on price adjustment,
consumer behavior, financial markets, monetary and fiscal policy, and economic
growth. In addition to his duties at Harvard, he has been a research associate of
the National Bureau of Economic Research, a member of the Brookings Panel
on Economic Activity, and an adviser to the Federal Reserve Bank of Boston and
the Congressional Budget Office. From 2003 to 2005 he was chairman of the
President’s Council of Economic Advisers.
Professor Mankiw lives in Wellesley, Massachusetts, with his wife, Deborah;
children, Catherine, Nicholas, and Peter; and their border terrier, Tobin.

To Deborah


hose branches of politics, or of the laws of social life, on which there
exists a collection of facts sufficiently sifted and methodized to form
the ...