Much revered for its friendly and accessible approach, emphasis on active learning, and unrivalled support resources, this edition also has an improved structure to ensure the text aligns even more closely with your course. The new edition incorporates additional coverage of a number of key topics including heterodox theories in economics such as complexity theory; institutional economics and feminist economics; different theories in international trade; game theory; different measures of poverty; and the ‘flat Phillips curve’.

A thorough and accessible presentation of all the core principles of economics to help you learn how to think like an economist and develop a clearer perspective on today’s events.
Learn how academics across the profession are engaged in a lively debate about the future direction of economics as a discipline to enhance your understanding and your critical thinking skills.
Includes a new chapter on the future of the European Union, which covers the key issues facing the EU including Brexit, the Italian debt crisis, populism and immigration.
Supplementary mathematics content is provided in a new digital edition of Maths for Economics: A Companion to Mankiw and Taylor Economics to help you apply the maths you need within the context of economics.

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 well-being 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.



MARK P. TAYLOR

MARK P. TAYLOR is Dean of John M Olin Business School at Washington University, US, and was previously Dean of Warwick Business School at the University of Warwick, UK.



CONTRIBUTING AUTHOR

ANDREW ASHWIN