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N. Gregory Mankiw Quotes

Nicholas Gregory Mankiw is an American macroeconomist and the Robert M. Beren Professor of Economics at Harvard University. Mankiw is best known in academia for his work on New Keynesian economics.

Mankiw has written widely on economics and economic policy. As of April 2016, the RePEc overall ranking based on academic publications, citations, and related metrics put him as the 23rd most influential economist in the world, out of nearly 50,000 registered authors. He was the 11th most cited economist and the 9th most productive research economist as measured by the h-index. In addition, Mankiw is the author of several best-selling textbooks, writes a popular blog, and since 2007 has written a column, approximately monthly, for the Sunday business section of The New York Times. A 2011 survey of economics professors named Mankiw their second favorite living economist under the age of 60, just after Paul Krugman and just before Daron Acemoglu.

Mankiw is a conservative and has been an economic adviser to several Republican politicians. From 2003 to 2005, Mankiw was chairman of the Council of Economic Advisers under President George W. Bush. In 2006, he became an economic adviser to Mitt Romney, and he worked with Romney during the presidential campaigns in 2008 and 2012.

✵ 3. February 1958
N. Gregory Mankiw photo
N. Gregory Mankiw: 16 quotes0 likes

Famous N. Gregory Mankiw Quotes

“Although Keynes’s General Theory provides the foundation for much of our current understanding of economic fluctuations, it is important to remember that classical economics provides the right answers to many fundamental questions.”

N. Gregory Mankiw

N. Gregory Mankiw]], Macroeconomics, Preview ; Cited in: David Colander (2005). 'The Stories Economists Tell. p. 182
2000s -

“After more than a quarter-century as a professional economist, I have a confession to make: There is a lot I don’t know about the economy. Indeed, the area of economics where I have devoted most of my energy and attention — the ups and downs of the business cycle — is where I find myself most often confronting important questions without obvious answers.”

N. Gregory Mankiw

If You Have the Answers, Tell Me http://www.nytimes.com/2011/05/08/business/economy/08view.html?_r=1&amp;, The New York Times, May 7, 2011. <br class="br">2000s -

“It is too early to say there is a consensus about how all these topics fit together. Yet one can say that the new classical challenge has been met: Keynesian economics has been reincarnated into a body with firm microeconomic muscle.”

N. Gregory Mankiw

N. Gregory Mankiw, "The reincarnation of Keynesian economics", European Economic Review (1992).
1990s

“A few years ago, I had the good fortune of running across a first edition of Paul's textbook (not the recent reprint of the original text, but an actual 1948 edition). It was a real find. I bought the volume in an online auction for, if my recollection is correct, $35. Talk about consumer surplus! I would have gladly paid many times that.
At the next Boston Fed meeting, I took the book along to get Paul to sign it. Below is the book's title page, along with Paul's gracious inscription.”

N. Gregory Mankiw

Greg Mankiw, &quot;Memories of Paul&quot; http://gregmankiw.blogspot.kr/2009/12/memories-of-paul.html (December 15, 2009) <br class="br">2000s -

“To find a substitute for laboratory experiments, economists pay close attention to the natural experiments offered by history.”

N. Gregory Mankiw

Source: Principles of Economics (1998-), Ch. 2. Thinking Like an Economist; p. 21

“Economics is the study of how society manages its scarce resources. In most societies, resources are allocated not by an all-powerful dictator but through the combined actions of millions of households and firms.”

N. Gregory Mankiw

Source: Principles of Economics (1998-), Ch. 1. Ten Principles of Economics; p. 4

N. Gregory Mankiw Quotes

“Microeconomics and macroeconomics are closely intertwined. Because changes in the overall economy arise from the decisions of millions of individuals, it is impossible to understand macroeconomic developments without considering the associated microeconomic decisions.”

N. Gregory Mankiw

Source: Principles of Economics (1998-), Ch. 2. Thinking Like an Economist; p. 27

“Economics is a young science, and there is still much to be learned. Economists sometimes disagree because they have different hunches about the validity of alternative theories or about the size of important parameters that measure how economic variables are related.”

N. Gregory Mankiw

Source: Principles of Economics (1998-), Ch. 2. Thinking Like an Economist; p. 30

“Despite its flaws, Peddling Prosperity has much to recommend it. There is no book written for a lay audience that explains the economics profession with more perception or clarity than this one.”

N. Gregory Mankiw

N. Gregory Mankiw, Review of Peddling Prosperity: Economic Sense and Nonsense in the Age of Diminished Expectations by Paul Krugman, Journal of Economic Literature (Dec., 1995)
1990s

“Today, Keynesian theorizing does not inspire whispers and giggles from the audience. There are many economists under the age of forty who do not take offense when their work is called ‘Keynesian’, and I count myself as one of them. If Keynesian economics was dead in 1980, then today it has been reincarnated.”

N. Gregory Mankiw

N. Gregory Mankiw, "The reincarnation of Keynesian economics", European Economic Review (1992).
1990s

“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.”

N. Gregory Mankiw

N. Gregory Mankiw, "What Would Keynes Have Done?" in New York Times (November 28, 2008).
2000s -

“Market power and externalities are examples of a general phenomenon called market failure—the inability of some unregulated markets to allocate resources efficiently. When markets fail, public policy can potentially remedy the problem and increase economic efficiency. Microeconomists devote much effort to studying when market failure is likely and what sorts of policies are best at correcting market failures. As you continue your study of economics, you will see that the tools of welfare economics developed here are readily adapted to that endeavor. Despite the possibility of market failure, the invisible hand of the marketplace is extraordinarily important.”

N. Gregory Mankiw

Source: Principles of Economics (1998-), Ch. 7. Consumers, Producers, and the Efficiency of Markets; p. 150

“Countries as well as families benefit from the ability to trade with one another. Trade allows countries to specialize in what they do best and to enjoy a greater variety of goods and services. The Japanese, as well as the French and the Egyptians and the Brazilians, are as much our partners in the world economy as they are our competitors.”

N. Gregory Mankiw

Source: Principles of Economics (1998-), Ch. 1. Ten Principles of Economics; p. 10

“Which brings us to a third group of macroeconomists: those who fall into neither the pro- nor the anti-Keynes camp. I count myself among the ambivalent. We credit both sides with making legitimate points, yet we watch with incredulity as the combatants take their enthusiasm or detestation too far. Keynes was a creative thinker and keen observer of economic events, but he left us with more hard questions than compelling answers.”

N. Gregory Mankiw

N. Gregory Mankiw, "Back In Demand" Wall Street Journal (September 21, 2009).
2000s -

“The circular-flow diagram offers a simple way of organizing the economic transactions that occur between households and firms in the economy. The two loops of the circular-flow diagram are distinct but related. The inner loop represents the flows of inputs and outputs. The households sell the use of their labor, land, and capital to the firms in the markets for the factors of production. The firms then use these factors to produce goods and services, which in turn are sold to households in the markets for goods…”

N. Gregory Mankiw

N. Gregory Mankiw, Brief Principles of Macroeconomics. 2011, p. 24-25
2000s -

“A market is a group of buyers and sellers of a particular good or service. The buyers as a group determine the demand for the product, and the sellers as a group determine the supply of the product. Markets take many forms. Some markets are highly organized, such as the markets for many agricultural commodities. In these markets, buyers and sellers meet at a specific time and place, where an auctioneer helps set prices and arrange sales. More often, markets are less organized.”

N. Gregory Mankiw

Source: Principles of Economics (1998-), Ch. 4. The Market Forces of Supply and Demand; p. 66

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