Essentials of Economics ( third edition) by N. Gregory Mankiw

Essentials of Economics ( third edition) by N. Gregory Mankiw is a worthy book to read for individuals who are have never had the opportunity to take any economic courses but are keen to self-learn.

N. Gregory Mankiw, a Professor of Economics at Harvard University, is the author of best-selling intermediate level text-book Macroeconomics (by Worth Publishing Ltd).  A well-known writer and regular participant in academic policy debates and professional research about economics, he exhibits great passion for the subject and has tried to make this book easy to understand even for beginners.

It aims to help students learn fundamentals of economics and show how concepts can be applied to their daily lives. Gregory Mankiw has put himself in the position of a beginner in economics and simplified explanations to enhance readability where in each of the 24 chapters are basic concepts of economics, practical theories and historical examples.

Chapters 1 to 3 introduce students to the economist’s view of the world and “10 principles of Economics”.  Chapters 4 to 9 focus on the basic tools of supply and demand, an extension of the supply and demand through consumer and producer surpluses and economic policies whilst chapters 10 to 14 examine why market allocations are often desirable and consider how the government can sometimes improve on them. The author also examines firm behavior and industrial organization, through the provision of interesting views and ideas about these topics.

The last section of the book focuses on the concepts and theories of macroeconomics, commencing with issues of measurement, such as national income and cost of living. It then proceeds to describe the long-run behavior of real economy, money and prices and ends with short-run fluctuations around the long-run trends in order to facilitate the flow of learning economics. I found this textbook easy to understand, well-elaborated and is definitely a text which I would recommend to fellow new beginners of Economics.

Location: South

Call number: HB171.5 MAN 2004
(*later editions of this title are also available in the library)

Written by Nguyen Thanh Hoang

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