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Encyclopedia > N. Gregory Mankiw
N. Gregory Mankiw during his tenure as Chairman of the Council of Economic Advisors

Nicholas Gregory Mankiw (born February 3, 1958) is a macroeconomist. From 2003 to 2005, Mankiw was the chairman of President Bush's Council of Economic Advisors. Image File history File links Please see the file description page for further information. ... It has been suggested that this article or section be merged into N. Gregory Mankiw. ... See http://www. ... See http://www. ... February 3 is the 34th day of the year in the Gregorian Calendar. ... Year 1958 (MCMLVIII) was a common year starting on Wednesday (link will display full calendar) of the Gregorian calendar. ... Circulation in macroeconomics Macroeconomics is a branch of Economics that deals with the performance, structure, and behavior of the economy as a whole. ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... George Walker Bush (born July 6, 1946) is the 43rd and current President of the United States, inaugurated on January 20, 2001. ... The Council of Economic Advisers is a group of economists set up to advise the President of the United States. ...


Mankiw was born in Trenton, New Jersey. In his youth, he attended the prestigious Pingry School. Later graduating from Princeton University summa cum laude in 1980 with an AB in Economics, 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 completed his PhD and realizing he was only an average law student, 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 (affectionately 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. Location of Trenton inside of Mercer County Coordinates: Country United States State New Jersey County Mercer County Founded circa 1719 Government  - Mayor Douglas H. Palmer Area  - City  8. ... This article is about the K-12 school in New Jersey. ... Princeton University is a private coeducational research university located in Princeton, New Jersey, in the United States of America. ... Latin honors are Latin phrases used to indicate the level of academic distinction with which an academic degree was earned. ... Year 1980 (MCMLXXX) was a leap year starting on Tuesday (link displays the 1980 Gregorian calendar). ... A B.A. issused as a certificate Bachelor of Arts (B.A., BA or A.B.), from the Latin Artium Baccalaureus is an undergraduate bachelors degree awarded for either a course or a program in the liberal arts or the sciences, or both. ... PhD usually refers to the academic title Doctor of Philosophy PhD can also refer to the manga Phantasy Degree This is a disambiguation page — a list of pages that otherwise might share the same title. ... The Massachusetts Institute of Technology (MIT) is a private, coeducational research university located in Cambridge, Massachusetts. ... Harvard Law School, often referred to in shorthand as Harvard Law or HLS, is one of the professional graduate schools of Harvard University. ... The Council of Economic Advisers (CEA) is a group of economists set up to advise the President of the United States. ... Year 1982 (MCMLXXXII) was a common year starting on Friday (link displays the 1982 Gregorian calendar). ... Year 1983 (MCMLXXXIII) was a common year starting on Saturday (link displays the 1983 Gregorian calendar). ... Doctor of Philosophy (Ph. ... The Massachusetts Institute of Technology (MIT) is a private, coeducational research university located in Cambridge, Massachusetts. ... Year 1984 (MCMLXXXIV) was a leap year starting on Sunday (link displays the 1984 Gregorian calendar). ... Harvard University (incorporated as The President and Fellows of Harvard College) is a private university in Cambridge, Massachusetts, USA and a member of the Ivy League. ... Year 1985 (MCMLXXXV) was a common year starting on Tuesday (link displays 1985 Gregorian calendar). ... Year 1987 (MCMLXXXVII) was a common year starting on Thursday (link displays 1987 Gregorian calendar). ... The Council of Economic Advisers is a group of economists set up to advise the President of the United States. ... 2003 : January - February - March - April - May - June - July - August - September - October - November - December - → A timeline of events in the news for May, 2003. ... Martin Stuart Feldstein (born November 25, 1939) is an American economist. ... The American Enterprise Institute for Public Policy Research (AEI) is a conservative think tank, founded in 1943, whose stated mission is to defend the principles and improve the institutions of American freedom and democratic capitalism — limited government, private enterprise, individual liberty and responsibility, vigilant and effective defense and foreign policies...


He has written two popular college-level textbooks: one in intermediate macroeconomics and the more famous Principles of Economics, which is popular among high-school Advanced Placement Economics teachers. More than one million copies of the books have been sold in seventeen languages. This article or section does not cite any references or sources. ...


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. 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. New Keynesian economics developed partly in response to new classical economics. ... In economics, menu costs are the costs to firms of updating menus, price lists, brochures, and other materials when prices change in an economy. ... In Economics, price stickiness is the phenomenon whereby prices do not change freely but instead stick in disequilibrium, often due to menu costs or imperfect information. ... Year 1989 (MCMLXXXIX) was a common year starting on Sunday (link displays 1989 Gregorian calendar). ... A baby boom is defined as a period of increased birth rates relative to surrounding generations. ... For the band, see 1990s (band). ... The 2000s are the current decade, spanning from 2000 to 2009. ... A tax cut is a reduction in the rate of tax charged by a government, for example on personal or corporate income. ... A budget deficit occurs when an entity (often a government) spends more money than it takes in. ... Paul Krugman Paul Robin Krugman (born February 28, 1953) is an economist who has written several books, and since 2000 has written a twice-weekly op-ed column for The New York Times. ... J. Bradford DeLong (b. ...


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. In particular, he has advocated a pigovian tax, such as a tax on gasoline or a more broad-based carbon tax. Blogosphere is a collective term encompassing all blogs and their interconnections. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... A Pigovian tax is a tax levied to correct the negative externalities of an activity. ... A carbon tax is a tax on energy sources which emit carbon dioxide into the atmosphere. ...


In November 2006, Mankiw became an official economic advisor to then-Massachusetts governor Mitt Romney's political action committee, Commonwealth PAC. [1] In 2007, he signed on as an economic advisor to Mitt Romney's presidential campaign.[2] Official language(s) English Capital Boston Largest city Boston Area  Ranked 44th  - Total 10,555 sq mi (27,360 km²)  - Width 183 miles (295 km)  - Length 113 miles (182 km)  - % water 13. ... Willard Mitt Romney (born March 12, 1947, better known as Mitt Romney), was the 70th Governor of the Commonwealth of Massachusetts. ... In the United States, a political action committee, or PAC, is the name commonly given to a private group organized to elect or defeat government officials in order to promote legislation, often supporting the groups special interests. ... Willard Mitt Romney (born March 12, 1947, better known as Mitt Romney), was the 70th Governor of the Commonwealth of Massachusetts. ... A political campaign is an effort to reach a certain political goal. ...

Contents

Controversy

Benefits of outsourcing

Several controversies arose from CEA's February 2004 Economic Report of the President.[3] 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."[4][5] While this reflected mainstream economic analysis, it was criticized by many people who drew a link between outsourcing and the still-slow recovery of the U.S. labor market in early 2004. The White House economic forecast contained in the report was criticized for being overly optimistic about job gains--and indeed, job growth turned out to be slower than the Administration forecast. Outsourcing became part of the business lexicon during the 1980s and often refers to the delegation of non-core operations from internal production to an external entity specializing in the management of that operation. ...


Service versus manufacturing

Controversy also arose from a rhetorical question posed by the report (and repeated by Mankiw in a speech [6] about the report): "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 and service industry is somewhat arbitrary and therefore a poor basis for policy. Even though the issue was not raised in the report, a news account [7] led to criticism that the Administration was seeking to cover up jobless losses in manufacturing by redefining jobs such as flipping hamburgers as manufacturing.


Important Works

  • N. Gregory Mankiw (May 1985). "Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly". Quarterly Journal of Economics 100: 529-537. 
  • N. Gregory Mankiw, David Romer, and David Weil (May 1992). "A Contribution to the Empirics of Economic Growth". Quarterly Journal of Economics 107: 407-437. 

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