Economics,
5th Edition

Part 1 Introduction to Economics
1 What is economics?
2 Thinking like an Economist

Part 2 The Theory of Competitive Markets
3 The market forces of supply and demand
4 Background to demand: consumer choices
5 Background to supply: firms in competitive markets
6 Consumers, producers and the efficiency of markets

Part 3 Interventions in Markets
7 Supply, demand and government policies
8 Public goods, common resources and merit goods
9 Market failure and externalities

Part 4 Firm behaviour and market structures
10 Firms’ production decisions
11 Market structures i: Monopoly
12 Market structures ii: Monopolistic competition
13 Market structures iii: Oligopoly
14 Market structures iv: Contestable markets

Part 5 Factor Markets
15 The economics of factor markets

Part 6 Inequality
16 Income inequality and poverty

Part 7 Trade
17 Interdependence and the gains from trade

Part 8 Heterodox Economics
18 Information and behavioural economics
19 Heterodox theories in economics

Part 9 The data of Macroeconomics
20 Measuring a nation’s wellbeing and the price level

Part 10 The real economy in the long run
21 Production and growth
22 Unemployment and the labour market

Part 11 Long-run Macroeconomics
23 Saving, investment and the financial system
24 The monetary system
25 Open-economy macroeconomics

Part 12 Short-run Economic Fluctuations
26 Business cycles
27 Keynesian economics and is–lm analysis
28 Aggregate demand and aggregate supply
29 The influence of monetary and fiscal policy on aggregate demand
30 The short-run trade-off between inflation and unemployment
31 Supply-side policies

Part 13 International Macroeconomics
32 The causes and aftermath of the financial crisis
33 Common currency areas
34 The future of the European Union

• N. Gregory Mankiw

  N. Gregory Mankiw is the Robert M. Beren Professor of Economics at Harvard University. For 14 years he taught EC10 Principles, the most popular course at Harvard. Dr. Mankiw studied economics at Princeton University and MIT. He is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment, consumer behavior, financial markets, monetary and fiscal policy and economic growth. Dr. Mankiw's 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. Dr. 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, Dr. Mankiw served as chairman of the President’s Council of Economic Advisers.

• Mark P Taylor

  Mark P. Taylor is Dean of the John M Olin Business School at Washington University, US and was previously Dean of Warwick Business School at the University of Warwick, UK. He obtained his first degree in philosophy, politics and economics from Oxford University. He then worked as a foreign exchange dealer in London for two years while simultaneously studying part-time for a master’s degree in economics at London University, from where he also holds a doctorate in economics. 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 also worked for several years as a senior economist at the International Monetary Fund and before that at the Bank of England. 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.

• Case studies and ‘In the News’ boxes have been updated throughout, to enhance students’ critical thinking skills around current global economic issues

• New chapter on heterodox theories in economics including complexity theory, institutional economics and feminist economics provide students with a thorough grounding in these developing areas

• A new chapter on the future of the European Union helps students to develop their understanding of Brexit and its potential impact on economics

• A chapter on oligopoly provides increased coverage of game theory to help students get to grips with this key topic.

• New coverage of international trade ensures students are up to date with this important subject.

• The expanded policy sections include coverage of the ‘gig economy’.

• This title is available with a fully updated MindTap - a flexible online learning solution that you can customize to suit your specific course needs, and which provides students with all the tools they need to succeed. These include an interactive eReader, engaging multimedia, practice questions, assessment materials, revision aids, and analytics to help you track their progress.

• Supplementary mathematics content is provided in a new eBook edition of Maths for Economics: A Companion Guide to Mankiw and Taylor Economics.

• A thorough and careful presentation of all the core principles of economics to help students learn how to think like an economist and develop a clearer perspective on today’s events.

• Comprehensive coverage of both microeconomics and macroeconomics, in a clear and logical structure well-attuned to the structure of your course.

• Learn how academics across the UK and Europe are engaged in a lively debate about the future direction of economics as a discipline to enhance students’ understanding and hone critical-thinking skills.

• Thoroughly updated and topical case studies and ‘In The News’ features help students apply real-world understanding to economics theories.

• This title is available with MindTap, a flexible online learning solution that you can customize to suit your specific course needs, and which provides students with all the tools they need to succeed. These include an interactive eReader, engaging multimedia, practice questions, assessment materials, revision aids, and analytics to help you track their progress.

• Supplementary mathematics content is provided in a new eBook edition of Maths for Economics: A Companion to Mankiw and Taylor Economics to enable students to understand and apply the maths, which is so integral to the study of economics.

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

Cengage eBook: Economics 12 Months
9788000042770