N. Gregory Mankiw: Economy

N. Gregory Mankiw is American economist. Explore interesting quotes on economy.

N. Gregory Mankiw: 32 quotes0 likes

“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

“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&, The New York Times, May 7, 2011. <br class="br">2000s -

“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 -

“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

“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 -