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Economics by Mankiw and Taylor: A Review

Economics is a popular textbook written by N. Gregory Mankiw, a professor of economics at Harvard University, and Mark P. Taylor, a professor of economics at Washington University. The book covers the principles of microeconomics and macroeconomics, using real-world examples and applications to illustrate the concepts and theories. The book has been adapted for the UK and European market, reflecting the specific context and issues of these regions.

The book is divided into eight parts, each containing several chapters. The first part introduces the basic concepts of economics, such as scarcity, opportunity cost, supply and demand, elasticity, and market efficiency. The second part covers consumer theory, production theory, market structure, and market failure. The third part deals with the measurement of national income, inflation, unemployment, and economic growth. The fourth part explains the determinants of aggregate demand and aggregate supply, as well as the role of fiscal and monetary policy in stabilizing the economy. The fifth part discusses the open economy, including international trade, exchange rates, and balance of payments. The sixth part examines the long-run issues of economic growth, productivity, saving, investment, and technological progress. The seventh part explores the microeconomic foundations of macroeconomics, such as consumption, saving, investment, labor supply, money demand, and inflation expectations. The eighth part covers some special topics in economics, such as heterodox theories, institutional economics, feminist economics, game theory, poverty and inequality, environmental economics, and the future of the European Union.

The book is well-written and accessible for students who are new to economics. It uses clear language and graphs to explain complex ideas and models. It also provides numerous examples and case studies from various countries and sectors to illustrate the relevance and applicability of economics to real-world situations. The book also includes learning objectives, summaries, key terms, review questions, problems, applications, and web links at the end of each chapter to help students review and practice their understanding of the material. The book is accompanied by a range of online resources for students and instructors, such as an interactive e-reader, multimedia content, quizzes, tests, revision aids, and analytics.

Economics by Mankiw and Taylor is one of the leading economics principles texts in the UK and Europe. It is suitable for undergraduate courses in economics or related disciplines. It is also a useful reference for anyone who wants to learn more about the fundamentals of economics and how they apply to current issues and debates.In this section, we will review some of the main features and benefits of the book in more detail. We will also highlight some of the strengths and weaknesses of the book, as well as some of the feedback and criticism it has received from students and instructors.

Features and Benefits

One of the main features of the book is its clear and engaging writing style. The authors use a conversational tone and avoid unnecessary jargon and technicalities. They also use humor and anecdotes to make the text more interesting and relatable. The book is designed to appeal to a wide range of students, regardless of their background, interests, or goals.

Another feature of the book is its extensive use of real-world examples and applications. The authors draw on their own experience and expertise, as well as on current events and data, to illustrate the concepts and theories of economics. The book covers a variety of topics and issues that are relevant and important for the UK and European market, such as Brexit, the Eurozone crisis, the Covid-19 pandemic, climate change, immigration, inequality, and globalization. The book also includes examples and case studies from other regions and countries, such as the US, China, India, Japan, Brazil, and Africa, to provide a broader perspective and comparison.

A third feature of the book is its comprehensive and balanced coverage of microeconomics and macroeconomics. The book covers both the core topics and the advanced topics in economics, as well as some special topics that are not usually found in other textbooks. The book also integrates microeconomic and macroeconomic analysis throughout the text, showing how they are related and complementary. The book also presents different views and perspectives on economic issues, such as classical, Keynesian, monetarist, new classical, new Keynesian, supply-side, rational expectations, real business cycle, endogenous growth, complexity theory, institutional economics, feminist economics, and behavioral economics.

Strengths and Weaknesses

One of the strengths of the book is its pedagogical approach and support. The book uses a variety of tools and techniques to help students learn and master the material. The book provides learning objectives at the beginning of each chapter to guide students' expectations and focus. The book also provides summaries at the end of each chapter to reinforce the main points and key terms. The book also includes review questions, problems, applications, and web links at the end of each chapter to test students' understanding and skills. The book also offers online resources for students and instructors, such as an interactive e-reader, multimedia content, quizzes, tests, revision aids, and analytics.

Another strength of the book is its authority and credibility. The authors are renowned experts in their fields and have extensive experience in teaching economics at various levels and institutions. They have also been involved in academic research and policy debates on various economic issues. They have received numerous awards and recognitions for their work and contributions to economics. They have also received positive feedback and reviews from students and instructors who have used their book.

One of the weaknesses of the book is its length and complexity. The book is quite long (over 800 pages) and covers a lot of material in depth. Some students may find it difficult or overwhelming to read through all the chapters and sections. Some students may also find some of the concepts and models too abstract or complicated to understand or apply. Some students may also prefer a more concise or simplified presentation of economics.

Another weakness of the book is its price and availability. The book is quite expensive (over Â60) compared to other textbooks in economics. Some students may not be able to afford or access it easily. Some students may also prefer a more affordable or accessible option for learning economics.

Feedback and Criticism

The book has received mostly positive feedback and criticism from students

and instructors who have used it. Some of the common praises for the book are:

It is clear, engaging, interesting, relevant, comprehensive,

and balanced.

It uses real-world examples

and applications to illustrate

the concepts

and theories.

It provides

a lot

of pedagogical support

and online resources

for learning

and assessment.

It presents different views

and perspectives on economic issues.

It is written by authoritative

and credible authors.

Some of the common criticisms for the book are:

It is too long,

complex,

and detailed.

It uses some concepts

and models that are a474f39169