By N. Gregory Mankiw
Watch this video interview with Greg Mankiw and Larry Ball discussing the way forward for the intermediate macroeconomics path and their new text.
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Sample text
Over short periods, many prices in the economy are fixed at predetermined levels. Therefore, most macroeconomists believe that price stickiness is a better assumption for studying the short-run behavior of the economy. Microeconomic Thinking and Macroeconomic Models Microeconomics is the study of how households and firms make decisions and how these decisionmakers interact in the marketplace. A central principle of microeconomics is that households and firms optimize—they do the best they can for themselves given their objectives and the constraints they face.
It maintains the assumptions of price flexibility and market clearing but adds a new emphasis on growth in the capital stock, the labor force, and technological knowledge. Growth theory is designed to explain how the economy evolves over a period of several decades. Part Four, “Business Cycle Theory: The Economy in the Short Run,” examines the behavior of the economy when prices are sticky. The non-market-clearing model developed here is designed to analyze short-run issues, such as the reasons for economic fluctuations and the influence of government policy on those fluctuations.
Thus, the model shows how changes either in aggregate income or in the price of materials affect price and quantity in the market for pizza. FIGURE 1-6 (a) A Shift in Demand Price of pizza, P Changes in Equilibrium In S P2 P1 D2 D1 Q1 Q2 Quantity of pizza, Q (b) A Shift in Supply Price of pizza, P S2 S1 P2 P1 D Q2 Q1 Quantity of pizza, Q panel (a), a rise in aggregate income causes the demand for pizza to increase: at any given price, consumers now want to buy more pizza. This is represented by a rightward shift in the demand curve from D1 to D2.
