In writing this textbook, Mankiw has tried to put himself in the position of someone seeing economics for the first time. The author's conversational writing style is superb for presenting the politics and science of economic theories to tomorrow's decision-makers. Because Mankiw wrote it for the students, the book stands out among all other principles texts by intriguing students to apply an economic way of thinking in their daily lives. Receiving such applause as "perhaps the best ever" textbook in economic principles, it's no wonder Mankiw's prize project has quickly become one of the most successful books ever to publish in the college marketplace.
- Mankiw has refined the coverage and pedagogy of the second edition with the input of many users of the first edition. All changes that were made, and the many others that were considered, were evaluated in light of the benefits and brevity.
- Throughout the text, design efforts improve comprehensibility of tables with clearer layouts and labeling.
- The discussion of circular flow has been clarified in Chapter 2. Reviewers find it to be less abstract and more concrete.
- New tables in Chapter 4 provide a heavier emphasis on the "special role of price" and the fact that a change in price results in a move along a given curve while a change in other variables result in a shift of the curve.
- New to Chapter 5 is the coverage of cross-price elasticity of demand. The discussions of the midpoint formula for elasticity and elasticity along a linear demand curve are now a part of the text coverage.
- In Chapter 13, the section on "rising marginal costs" now explicitly makes the connection between marginal product and marginal cost. Mankiw also expands the section on costs in the short run and long run.
- Chapter 18, includes new sections on "What Causes the Labor Demand Curve to Shift?" and "The Supply of Labor."
- Chapter 19 now includes a section on "Above Equilibrium Wages: Minimum Wage Laws, Unions, and Efficiency Wages."
- The terms "structural" and "frictional" unemployment are now introduced in Chapter 26. Compelling information on the effects the Internet on job searching and unemployment has been updated.
- Chapter 28 has an improved presentation of classical dichotomy.
- In Chapter 30, the section on capital flight has been expanded to include Asia and Russia.
- The most significant revision was given to short-run coverage in Chapters 31 and 32. Sections on why the aggregate-demand and aggregate-supply curves might shift are recast and expanded to more clearly identify sources of shifts. Sources for AD and AS shifts are also summarized in tables.
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