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N. Gregory Mankiw
New Keynesian economics
GregoryMankiw.jpg
N. Gregory Mankiw during his tenure as Chairman of the Council of Economic Advisors
Birth February 3, 1958 (1958-02-03) (age 52)
Trenton, New Jersey
Nationality  United States
Institution Harvard
Field Macroeconomics
Alma mater MIT (Ph.D., 1984)
Princeton (A.B., 1980)
Influences John Maynard Keynes
Arthur Pigou
Stanley Fischer
Milton Friedman
Influenced Ricardo Reis
Awards Wolf Balleisen Memorial Prize (1980)
Galbraith Teaching Prize (1991)
Information at IDEAS/RePEc

Nicholas Gregory "Greg" Mankiw (pronounced /mæŋˈkjuː/) (born February 3, 1958) is an American macroeconomist. From 2003 to 2005, Mankiw was the chairman of President Bush's Council of Economic Advisors. His publications are ranked among the most influential of the over 22,000 economists registered with RePEc.[1]

Contents

Education

Mankiw was born in Trenton, New Jersey to Ukrainian parents. In his youth, he attended the Pingry School, and then graduated from Princeton University summa cum laude in 1980 with an AB in Economics.[2] He spent a year working on his PhD at the Massachusetts Institute of Technology and a subsequent year studying at Harvard Law School. He worked as a staff economist for the Council of Economic Advisers from 1982-83, foreshadowing his later position as chairman of that organization. After leaving the Council, he earned his Ph.D. in Economics from the Massachusetts Institute of Technology in 1984. He returned to Harvard Law for a year but, having nearly completed his PhD and realizing he was not as comparatively good at law, he left to teach at MIT for a year and then became an assistant professor of Economics at Harvard University in 1985 and full professor in 1987. He returned to politics when he was appointed by President George W. Bush as Chairman of the Council of Economic Advisors in May 2003. He has since resumed teaching at Harvard, taking over the introductory economics course Social Analysis 10 (colloquially referred to as "Ec. 10"). This is the same course that had been taught for many years by Martin Feldstein. Mankiw is currently a visiting fellow at the American Enterprise Institute.

Academic career

He has written two popular college-level textbooks: one in intermediate macroeconomics and the more famous Principles of Economics. More than one million copies of the books have been sold in seventeen languages.  

Mankiw is a New Keynesian economist. He did important work on menu costs, which are a source of price stickiness. In 1989, he wrote a paper arguing that the aging of the baby boomers was going to undermine the housing market in the 1990s and 2000s.[3] His advocacy at the CEA of tax cuts even in the face of large deficits led some other economists, such as Paul Krugman and J. Bradford DeLong, to criticize him as in thrall to Bush administration policies.[citation needed]

Mankiw has become an influential figure in the Blogosphere and online journalism since launching his blog. The blog, while ostensibly prepared to assist his Ec10 students, has managed to gain a readership that extends far beyond students of introductory economics.[4] In particular, he has advocated for the implementation of pigovian taxes such as a revenue-neutral carbon tax; to this end Mankiw founded the informal Pigou Club.[5]

In November 2006, Mankiw became an official economic adviser to then-Massachusetts governor Mitt Romney's political action committee, Commonwealth PAC.[6] In 2007, he signed on as an economic advisor to Mitt Romney's presidential campaign.[7]

Controversy

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Benefits of outsourcing

Several controversies arose from CEA's February 2004 Economic Report of the President.[8] In a press conference, Mankiw spoke of the gains from free trade, noting that outsourcing of jobs by U.S. companies is "probably a plus for the economy in the long run."[9][10] While this reflected mainstream economic analysis, it was criticized by many people on the Republican side of US government[11][12] who drew a link between outsourcing and the still-slow recovery of the U.S. labor market in early 2004.[12]

Service versus manufacturing

Controversy also arose from a rhetorical question posed by the report (and repeated by Mankiw in a speech about the report):[13] "when a fast-food restaurant sells a hamburger, is it providing a service or combining inputs to manufacture a product?" The intended point was that the distinction between manufacturing jobs and service industry jobs is somewhat arbitrary and therefore a poor basis for policy. Even though the issue was not raised in the report, a news account led to criticism that the Administration was seeking to cover up job losses in manufacturing by redefining jobs such as cooking hamburgers as manufacturing.[14]

2008–2009 Keynesian resurgence

In November 2008, Mankiw wrote in the New York Times:

"If you were going to turn to only one economist to understand the problems facing the economy, there is little doubt that the economist would be John Maynard Keynes. Although Keynes died more than a half-century ago, his diagnosis of recessions and depressions remains the foundation of modern macroeconomics. His insights go a long way toward explaining the challenges we now confront." [15]

Mankiw has expressed skepticism about a trillion dollar spending package in the face of the global financial and economic crisis. He has vigorously criticized Vice-President Joseph Biden for suggesting there was complete unanimity of support among economists for a stimulus package.[16]

Important Works

  • N. Gregory Mankiw (1985). "Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly". Quarterly Journal of Economics 100: 529–537. doi:10.2307/1885395. 
  • N. Gregory Mankiw, David Romer, and David Weil (1992). "A Contribution to the Empirics of Economic Growth". Quarterly Journal of Economics 107: 407–437. doi:10.2307/2118477. 
  • N. Gregory Mankiw (2006). Principles of Economics, 4th Edition. South-Western College Pub. ISBN 0324224729. 
  • N. Gregory Mankiw (2006). Macroeconomics (6th Edition). Worth Publishers. ISBN 0716762137. 

References

External links


Simple English

[[File:|thumb|N. Gregory Mankiw]]

Nicolas Gregory Mankiw (born February 3, 1958) (known as N. Gregory Mankiw) is a famous economist who graduated from Princeton University and Massachusetts Institute of Technology. He was an economic advisor for President George W. Bush from 2003-2005.

He wrote a widely used college textbook for economics called Principles of Economics, listing 10 principles that all economies run on:

  • People Face Tradeoffs (sometimes people have to choose between two things)
  • The Cost of Something is What You Give Up to Get It
  • Rational People Think at the Margin (people think of the pros and cons before making a purchase)
  • People Respond to Incentives (when there is a reward to do something, more people will do it)
  • Trade Can Make Everyone Better Off
  • Markets Are Usually a Good Way to Organize Economic Activity (the economy usually does well without government interference)
  • Governments Can Sometimes Improve Market Outcomes (sometimes it is necessary for the government to help the economy)
  • A Country's Standard of Living Depends on Its Ability to Produce Goods and Services
  • Prices Go Up When the Government Prints Too Much Money (the more money there is, the less value it has)
  • Society Faces a Short-Run Tradeoff Between Inflation and Unemployment

His economic beliefs were influenced by John Maynard Keynes and he believes in Keynesian economics. He is sometimes labeled as a conservative because he supported George W. Bush's tax cuts and he has criticized the policies of the Obama Administration a few times. He also was influenced by the economist Arthur Pigou who believed that a high tax on something bad for society (called a sin tax will result in less people buying it.


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