经济学原理(英文改编，送网上教学资源）

由主流经济学家来撰写标准经济学教科书，并且试图影响经济学界内外乃至整个社会，是经济学界由来已久的传统。由哈佛大学经济学教授N·格里高利·曼昆编写的经济学教科书系列是当今世界上最畅销的经济学基础教材，目前已经被翻译成多种语言文字，成为许多国家的大学经济学通用教材，并且被数以百万计的经济学教师、学生和其他读者所使用。它简洁明快、有趣的文字和层次分明的内在逻辑吸引了成千上万对经济学尚无任何了解的读者，成为最便捷和最实用的经济学入门教材。

N．格里高利．曼昆(N．Gregory Mankiw)，先后毕业于美国普林斯顿大学和麻省理工学院，目前是哈佛大学经济学教授和美国总统经济顾问委员会主席，讲授微观经济学、宏观经济学、统计学和经济学原理。曼昆教授是一位多产作者，经常参与学术性与政策性的争论。他的作品不但发表在《美国经济评论》等学术期刊上，也发表在诸如《纽约时报》、《金融时报》、《华尔街杂志》和《财富》等大众化报刊上。他还兼任国民经济研究局研究员、波士顿联邦储备银行和国会预算办公室的顾问，以及ETS经济学高级考试命题委员会成员。

How People Make Decisions 3
Principle#1：People Face Tradeoffs 3
Principle：The Cost of Something
IsWhatYouGiveUptoGetIt 4
Principle#3：Rational People Think at the Margin 5
Principle：People Respond to Incentives 6
How People Interact 7
Principle#5：Trade Can Make Everyone Better Off 7
Principle6：Markets Are Usually a Good Way
to Organize Economic Activity 8
FYI：Adam Smith and the Invisible Hand 9
Principle7：Governments Can Sometimes
Improve Market Outcomes 9
How the Economy as a Whole W0rks 10
Principle：A Country"s Standard of Living Depends on
Its Ability to Produce Goods and Services 1 O
Principle：Prices Rise When the Government
PrintsToOMuchMoney 11
Principle#10：Society Faces a Short—Run Tradeoff
between Inflation and Unemployment 1 2
FVl：HOW to Read This Book 13
Conclusion 1 4
Summary 14
Key Concepts 1 5
Questions for Review 1 5
Problems and Applications 1 5
The Economist as Scientist 1 8
The Scientific Method：Observation，Theor~
and More Observation 1 9
The Role of Assumptions 1 9
Economic Models 20
Our First Model：The Circular-Flow Diagram 2 1
Our Second Model：The Production Possibilities
Frontier 22
Microeconomics and Macroeconomics 24
The Economist as Policy Adviser 26
Positive versus Normative Analysis 26
Why Economists Disagree 27
Differences in Scientific Judgments 28
Differences in Values 28
Perception versus Reality 28
Summary 30
KeyConcepts 30
Questions for Review 30
Problems and Applications 30
A Parable for the Modern Economy 33
Production Possibilities 33
The Principle of Comparative Advantage 35
Absolute Advantage 36
Opportunity Cost and Comparative Advantage 37
Comparative Advantage and Trade 38
Applications of Comparative Advantage 39
Should Tiger Woods Mow His Own Lawn?39
Should the United States Trade with
Other Countries?40
Conclusion 4 1
Summary 41
Key Concepts 41
Questions for Review 4 1
Problems and Applications 4 2
Markets and Competition 47
Competitive Markets 47
Competition：Perfect and Otherwise 47
Demand 48
The Demand Curve：The Relationship between Price and
Quantity Demanded 48
Market Demand versus Individual Demand 49
Shifts in the Demand Curve 50
CASE STUDY：Two Ways to Reduce the Quantity
of Smoking Demanded 53
Supply 54
The Supply Curve：The Relationship
between Price and Quantity Supplied 54
Market Supply versuS Individual Supply 55
Shifts in the Supply Curve 56
Supply and Demand Together 58
Equilibriu m 58
Three Steps to Analyzing Changes in Equilibrium 60
Conclusion：HOW Prices Allocate Resources 65
Summary 66
Key Concepts 67
Questions for Review 67
Problems and Applications 68
The Elasticity of Demand 7 1 ．
The Price Elasticity of Demand and Its Determinants 7 1
Computing the Price Elasticity of Demand 72
The Midpoint Method：A Better Wav to Calculate
Percentage Changes and Elasticities 73
Pricing Admission to a Museum 75
n t一“。| OntheRoadwithElasticity 75
．Other Demand Elasticities 76
1：he Elasticity of Supply 77
The Price Elasticity of Supply and Its Determidants 77
Computing the Price Elasticity of Supp!y 78
The Variety of Supply Curves 78
Three Applications of Supply,Demand，
and Elasticity 81
Can Good NeWS for Farming Be Bad News for
Farmers?81
Why Did OPEC Fail to Keep the Price of Oil High?83
Conclusion 84 ．
Summary 85
Key Concepts 85
Questions for Review 85
Problems and Applications 86
Controls on Prices 89
HOW Price Ceilings Affect Market Outcomes 89
CASE STUDY：Lines at the Gas Pump 9 1
eg STUY：The Minimum Wa2e 92
HOW Price Floors Affect Market Outcomes 92
Does aDroughtNeedtoCause ater
Shortage? 93
Evaluating Price Controls 96
Taxes 97
HOW Taxes on Buyers Affect Market Outcomes 97
HOW Taxes on Sellers Affect Market Outcomes 99
fSSTUDWho Pays the Luxury 11ax? 101
Conclusion 101
Summary 102
Key Concepts 102
Questions for Review 1 02
Problems and Applications 1 02
Consumer Surplus 1 07
Willingness to Pay 1 07
Using the Demand Curve to Measure Consumer
Surplus 108
How a Lower Price Raises Consumer Surplus 109
What Does Consumer Surplus Measure? 1 1 0
Producer Surplus 11 2
Cost and the Willingness to Sell 11 2
Using the Supply Curve to Measure Producer Surplus”3
How a Higher Price Raises Producer Surplus 1 1 5
Market Efficiency 1 1 6
The Benevolent Social Planner 11 6
Evaluating the Market Equilibrium”7
Ticket Scalping 1 20
Conclusion：Market Efficiency and Market Failure 1 2 1
Summary 1 22
Kev Concepts 1 22
Questions for Review 1 22
Problems and Applications 1 23
The Deadweight Loss of Taxation 1 26
How a Tax Affects Market Participants 1 2 7
Deadweight Losses and the Gains from Trade 1 29
The Determinants of the Deadweight Loss 1 30
CASE STUDY：The Deadweight Loss Debate 132
Deadweight Loss and Tax Revenue as Taxe$V_anr 1 3 3
FVi Henry George and the Land Tax 134
eASE SUDY：The Laffer Curve and Supply．Side
Economics 1 35
Conclusion 1 37
Summary 138
Kev Concepts 1 38
Questions for Review 1 38
Problems and Applications 1 38
The Determinants of Trade 141
The Equilibrium without Trade 1 4 1
The Worid Price and Comparative Advantage 142

nners and Losers frombde ，43
The Gain~and Losses of an Exporting Country 1 4 3
The Gains and Losses of an Importing Countrv 1 45
The Effects of a 11a—ff 147
l‘Lifeinlsoland、49
The Effects of an Import Quota 1 50
The Arguments for Restricting Trade 1 5 2
Otiler Benefits of Intenla[iOnaTrade 1 53
The Tobs Argument 1 53
The National—Securitv Argument 1 54
The Infant—Industry Argument 1 54
The Unfair—Competition Argument 1 54
The Protection—as—a—Bargaining—Chip Argument 1 55
srU0y：’rrade Agreements and the World Trade
Organization 1 55
Globalization 1 56
Conclusion 1 57
Summary 1 58
Kev Concepts 1 59
Questions for Review 1 59
Problems and Applications 1 59
Externalities and Market Inefficiency 1 63
Welfare Economics：A Recap 1 64
Negative Externalities 1 65
Positive Externalities 1 66
CASE STUD" lndustrial Policy 1 67
Private Solutions to External ities 1 68
The Types of Private Solutions 1 68
The Coase Theorem 1 69
Whv Private Solutions Do Not Alwavs W()rk 170
Public Policies toward Externalities 17 1
Regulation 17 1
Pigovian Taxes and Subsidies 172
CASE STUDY：Whv Is Gasoline Taxed So Heavily?173
Tradable Pollution Permits 174
Objections to the Economic Analysis of Pollution 17 5
Conclusion 17 6
Summary 177
Key Concepts 17 7
Questions for Review 177
Problems and Applications 17 7
The Different Kinds 0f Goods 1 8 1
Public Goods 182
The Free—Rider Problem 183
Some Important Public Goods 183
STUDy：Are Lighthouses Public Goods?
The Difficult Job of Cost—Benefit Analysis 186
Common Resources 187
The Tragedy of the Commons 187
Some Important Common Resources 1 88
"。，n。I TheSingaporeSolution8
y：Whv the Cow Is Not Extinct 190
Should Yellowstone Charge as Much as
Disney World? 191
Conclusion：The Importance of Property Rights 1 92
Summary 193
Key Concepts 1 93
Questions for Review 1 93
Problems and Applications 1 93
What Are Costs? 197
Total Revenue，Total Cost，and Profit 1 97
Costs as Opportunitv Costs 1 97
The Cost of Capital as an Opportunity Cost 1 98
Economic Profit versus Accounting Profit 1 99
ji 1me Profit versus Fictitious Profit 200
Production and Costs 200
The Production Function 20 1
From the Production Function to the
Total—Cost Curve 202
The Various Measures of Cost 204
Fixed and Variable Costs 205
Average and Marginal Cost 206
Cost Curves and Their Shapes 207
TVpical Cost Curves 208
Costs in the Short Run and in the Long Run 210
The Relationship between Short—Run and Long-Run
Average Total Cost 210
Economies and Diseconomies of Scale 2 11
F；：Lessons from a Pin Factory 211
Conclusion 21 3
Summary 213
Kev Concepts 213
Ouestions for Review 2 1 4
Problems and Applications 214
What Is a Competitive Market? 2 1 7
The Meaning of Competition 2 1 7
The Revenue of a Competitive Firm 2 1 8
Profit Maximization and the Competitive Firm"s Supply
Curve 219
A Simple Example of Profit Maximization 2 1 9
The Marginal—Cost Curve and the Firm’s Supply
Decision 221
The Firm’s Short—Run Decision to Shut Down 222
Spilt Milk and Other Sunk Costs 2 24
CSTUDY：Near—Empty Restaurants and Off．Season
Miniature Golf 225
The Firm’s Long—Run Decision to Exit or
Enter a Market 225
Measuring Profit in Our Graph for the Competitive
Firm 226
The Supply Curve in a Competitive Market 228
The Short Run：Market Supply with a Fixed Number
ofFirms 228
The Long Run：Market Supply with Entry and Exit 229
Whv Do Competitive Firms Stay in Business If They Make
Zero Profit? 230
A Shift in Demand in the Short Run and Long Run 23 1
Why the Long—Run Supply Curve Might
Slope Upward 231
Entry or Overinvestment? 233
Conclusion：Behind the Supply Curve 234
Summary 235
Key Concepts 235
Questions for Review 235
Problems and Applications 236
Iv Monopolies Arise 240
Monopoly Resources 241
CASE STUDY：The DeBeers Diamond Monopoly 241
Government—Created Monopolies 242
Natural Monopolies 242
How Monopolies Make Producfion
and Pricing Decisions 244
Monopoly versus Competition 244
A Monopoly’s Revenue 245
Profit Maximization 247
FYl：Whv a Monopoly Does Not Have
a Supply Curve 249
A Monopoly’s Profit 249
CASE STUDY：Monopoly Drugs versus
Generic Drugs 250
71ae Welfare Cost of Monopoly 251
The Deadweight Loss 252
The Monopoly’s Profit：A Social Cost? 254
Public Policy toward Monopolies 255
Increasing Competition with Antitrust Laws 255
Regulation 256
Public Ownership 257
Doing Nothing 257
lN THE NEWS：Public Transport and
Private Enterprise 258
Price Discrimination 260
A Parable about Pricing 260
The Moral of the Story 261
The Analytics of Price Discrimination 262
Examples of Price Discrimination 263
IN THE NEWS：Why People Pay More Than Dogs 264
Conclusion：The Prevalence of Monopoly 266
Summary 267
Key Concepts 267
Questions for Review 267
Problems and Applications 268
The Economy"s Income and Expenditure 273
The Measurement of GrOSS Domestic Product 27 5
“GDPIstheMarketValue275
“ofAU…“275
Final276
Goods andServices276
Produce276
Within a Country276
In aGivenPeriod ofTime 276
FYl：Other Measures of Income 277
The Components of GDP 278
Consumption 278
Investment 278
Government Purchases 279
Net Exports 279
CASE STU DY：The Components of U．S．GDP 280
Real versus Nominal GDP 280
A Numerical Example 28 1
The GDP Deflator 282
CASE STUDV Real GDP over Recent History 283
S；GDP Lightens Up 284
GDP and Economic Well—Being 285
CASE STU DY：International Differences in GDP
and the Quality of Life 286
CASE STUDY：Who WirLs at the Olympics? 287
Conclusion 288
Summary 288
Key Concepts 289
Questions for Review 289
Problems and Applications 289
The Consumer Price Index 293
How the Consumer Price Index Is Calculated 293
Fl：What Is in the CPI’s Basket? 295
Problems in Measuring the Cost of Living 296
lTHE NEWS：Shopping for the CPI 297
The GDP Deflator versus the Consumer Price Index 299
Correcting Economic Variables for the Effects
of Inflation 300
Dollar Figures from Different Tirues 300
CASE STUD Y：ML Index Goes to Hollywood
Indexation 301
Real and Nominal Interest Rates 302
C：onclusion 304
Summary 304
Key Concepts 305
Questions for Review 305
Problems and Applications 305
Economic Growth around the W10rld 309
FV；：Are You Richer Than the Richest American?31 1
Productivity：Its Role and Determinants 3 1 1
Why Productivity Is So Important 3 1 1
How Productivity Is Determined 31 2
VThe Production Function 314
eASE S下U0Are Natural Resources a Limit to
Growth?31 5
Economic Growth and Public Policy 3 1 6
The Importance of Saving and Investment 3 1 6
Diminishing Returns and the Catch—Up Effect 3 1 7
Investment from Abroad 3 18
lPromoting Human Capital 3 19
Education 320
Property Rights and Political Stability 32 1
FreeTrade 322
Research and Development 323
CASE STUDY：The Productivity Slowdown and Speedup 323
Population Growth 325
lSolution to Africa’S Problems 327
Conclusion：The Importance of Long．Run Growth 329
Summary 329
Key Concepts 329
Questions for Review 330
Problems and Applications 330
Financial Institutions in the U．S．Economy 333
Financial Markets 333
Financial Intermediaries 335
Summing UP 337
Finance in China 337
Saving and Investment in the Nafion~InCome",Accounts 33
Some Important Identities 338
The Meaning of Saving and Irivestment 340

The Market for Loanable Funds。340
Supply and Demand for Loanable Funds 34 1
Policy 1：Saving Incentives。343
Policy 2：Investment Incentives 344
Policy 3：Government Budget Deficits and Surpluses 345
CASE STUDY：The History of U．S．Government Debt 347
Conclusion 349
Summary 350
Key Concepts 350
Questions for Review 350
Problems and Applications 35 1
Present Value：Measuring the Time"Value of Money 354
4 The Magic of Compounding and the Rule of 70 355
Managing Risk 356
Risk Aversion 356
The Markets for Insurance 357
Diversification of Idiosyncratic Risk 358
The Tradeoff between Risk and Return 360
Asset Valuation 361
Fundamental Analysis 36 1
The Efficient Markets Hypothesis 362
Market Irrationality 363
SOme Lessons from Enron363
Conclusion 364
Summary 365
KeyConcepts 365
Questions for Review 366
Problems and Applications 366
Identifying Unemployment 369
How Is Unemployment Measured?369
eA§l STUDY：Labor—Force Participation of Men and
WomenintheU．S．Economy 373 n
Does the Unemployment Rate Measure What
ntIt7 374
How Long Are the Unemployed without Work?374
Why Are There Always Some People Unemployed?376
lob Search 376
Whv Some Frictional Unemplovment Is Inevitable 377
Public Policy and lob Search 377
Unemployment Insurance 378
l German Unemployment 379
Minimum—Wage Laws 380
Unions and Collective Bargaining 382
The Economics of Unions 382
Are Unions Good or Bad for the Economy? 383
| Should You Join a Union? 384
The Theory of Efficiency Wages 385
Worker Health 385
W10rker Turnover 385
Worker Effort 386
WorkerQuality 386
e Henry Ford and the Verv Generous
$5一a—Day Wage 387
Conclusion 388
Summary 388
Key Concepts 389
Ouestions for Review 389
Problems and Applications 389
The Meaning of Monev 395
The Functions of Money 395
The Kinds of Money 396
Monev in the U．S．Economy 397
F…Credit Cards，Debit Cards，and Money 398
SDY：Where Is A11 the Currency? 398
The Federal Reserve System 399
The Fed’s-0rganization 400
The Federal Open Market Committee 400
Banks and the Money Supply 40 1
The Simple Case of 100—．Percent．．Reserve Banking 402
Money Creation with Fractional—Reserve Banking 402
The Money Multiplier 40
3
The Fed’s Tools of Monetary Control 405
Problems in Controlling the Money Supply 406
CASE STUDY：Bank Runs and the Money Supply 407
Conclusion 408
Summary 408
Key Concepts 409
Questions for Review 409
Problems and Applications 409
Money Supply,Money Demand，and Monetary
Equilibrium 4 12
The Effects of a Monetary Injection 414
A Brief Look at the Adjustment Process 4 1 5
The Classical Dichotomy and Monetary Neutrality 416
Velocity and the Quantity Equation 4 1 8
S E STU DY：Money and Prices during
Four Hvperinnations 420
The Inflation Tax 420
Russia Turns to the Inflation Tax 422
The Fisher Effect 422
The Costs of Inflation 424
A Fall in Purchasing Power?The Inflation Fallacy 424
Shoeleather Costs 425
Menu Costs 426
Relative—Price Variabilitv and the Misallocation
of Resources 427
Inflation—Induced Tax Distortions 427
Confusion and Inconvenience 428
The Hvperinflation in Serbia 429
A Special Cost of Unexpected Inflation：
Arbitrarv Redistributions of Wealth 430
How to Protect Your Savings from
Inflation 431
Conclusion 432
Summary 433
Kev Concepts 433
Ouestions for Review 434
Problems and Applications 434
Three Key Facts about Economic Fluctuations 439
Fact 1：Economic凡uctuations Are Irregular
and Unpredictable 439
Fact 2：Most Macroeconomic Quantities
Fluctuate Together 439
The Trash Indicator 441
Fact 3：As Output Falls．Unemployment Rises 442
Explaining Short—Run Economic Fluctuations 442
How the Short Run Differs from the Long Run 442
The Basic Model of Economic F1uctuations 443
The Aggregate-Demand Curve 444
Why the Aggregate—Demand Curve
Slopes Downward 444
Why the Aggregate—Demand Curve
Might Shift 446
The Aggregate—Supply Curve 449
Why the Aggregate—Supply Curve
Is vertical in the Long Run 449
Why the Long--Run Aggregate--Supply Curve
Might Shift 450
A New Way to Depict Long—Run Growth
and Inflation 452
Why the Aggregate—Supply Curve
Slopes Upward in the Short Run 453
Why the Short_-Run Aggregate—-Supply Curve
Might Shift 455
wo Causes of Economic Fluctuations 457
The Effects of a Shift in Aggregate Demand 457
CASE STUDY：Two Big Shifts in Aggregate Demand：
The Great Depression and WOrld Wlar II 460
eSSUOY=The Recession of 2001 461
．The Effects of a Shift in Aggregate Supply 462
ASSTUDOil and the Economy 464
The Origins of Aggregate Demand
and Aggregate Supply 465
Conclusion 466
Summary 466
Key Concepts 467
Questions for Review 467
Problems and Applications 468
How Monetary Policy Influences Aggregate Demand 471
The Theory of Liquidity Preference 472
F。Interest Rates in the Long Run and the Short Run 474
The Downward Slope of the Aggregate—Demand Curve 475
Changes in the Money Supply 476
The Role of Interest—Rate Targets in Fed Policy 478
eASSTUDV Why the Fed Watches the Stock Market
(and Vice Versa)478
How Fiscal Policy Influences Aggregate Demand 480
Changes in Government Purchases 480
The Multiplier Effect 480
A Formula for the Spending Multiplier 48 1
Other Applications of the Multiplier Effect 483
The Crowding一0ut Effect 483
Changes in Taxes 484
How Fiscal Policy Might Affect Aggregate Supply 485
Using Policy to Stabilize the Economy 486
The Case for Active Stabilization Policy 486
CSE STUDY：Keynesians in the White House 487
The Case against Active Stabilization Policy 488
Automatic Stabilizers 489
The Independence of the Federal Reserve 489
Conclusion 491
Summary 492
Key Concepts 492
Questions for Review 492
Problems and Applications 493
Glossary G-1

书摘
CONCLUSlON：MARKEEFFiCIENC：YAND MARKET FAlLURE This chapter introduced the basic tools of welfare economics--consumer and pro ducer surplus--and used them to evaluate the efficiency of free markets．Weshowed that the forces of supply and demand allocate resources efficientlv．That is，even though each buyer and seller in a market is concerned only about his or herown welfare，they are together led by an invisible hand to an equilibrium that maximizes the total benefits to buyers and sellers． A word of warning is in order．To conclude that markets are efficient，we made several assumptions about how markets work．When these assumptions do not hold，our conclusion that the market equilibrium is efficient may no longer be true．As we close this chapter,let’s consider briefly two of the most important of these assumptions． First，our analysis assumed that markets are perfectly competitive．In the world，however,competition is sometimes far from perfect．In some markets，a single buyer or seller(or a small group of them)may be able to contr01 market prices． This ability to influence prices is called market power．Market power can cause mar—kets to be inefficient because it keeps the price and quantity away from the equi—librium of supply and demand． Second，our analysis assumed that the outcome in a market matters only to the buyers and sellers in that market．Yet，in the world，the decisions of buyers and sellers sometimes affect people who are not participants in the market at a11．Pol一1ution is the classic example of a market outcome that aftects people not in the market．Such side effects，called externalities，cause welfare in a market to depend on more than just the value to the buyers and the cost to the sellers．Because buy—ers and sellers do not take these side effects into account when deciding how muchto consume and produce，the equilibrium in a market can be inefficient from the standpoint of society as a whole． Market power and externalities are examples of a general phenomenon called marketim一the inability of some unregulated markets to allocate resources effi—ciently．When markets fail，public policy can potentially remedy the problem andincrease economic efficiency．Microeconomists devote much effort to studying when market failure is likely and what sorts of policies are best at correcting mar—ket failures．As you continue your study of economics，you will see that the toolsof welfare economics developed here are readily adapted to that endeavor． Despite the possibility of market failure，the invisible hand of the marketplaceis extraordinarily important．In many markets，the assumptions we made in this chapter work well，and the conclusion of market efficiency applies directly．More—over,our analysis of welfare economics and market efficiency can be used to shed light on the effects of various government policies．In the next two chapters we ap—ply the tools we have 1ust developed to study two important policy issues--thewelfare effects of taxation and of international trade． ——第121页