Marziye p. 418
Real GDP growth is a good indicator to measure economic progress. The level of real GDP is a good indicator for measuring economic well-being.
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About this book
Principles of Economics is an introductory economics textbook by Harvard economics professor N. Gregory Mankiw. It was first published in 1997 and has ten editions as of 2024. The book was discussed before its publication for the large advance Mankiw received for it from its publisher Harcourt and has sold over a million copies over its lifetime, generating Mankiw at least $42 million. After criticism about the price from students Mankiw decided to donate the textbook royalties from his students to charity. Principles of Economics is the standard textbook for American economics departments' introductory classes. The current publisher Cengage claims it is the "most popular economics textbook".
Notes by reader
1 collectionWhat readers marked
9 notes from readers tracking it Marziye p. 376
GDP measures two things: the total income of people in the economy and the total costs of producing goods and services in the economy. For an economy, total revenue must be equal to total cost.
Marziye p. 191
The tax makes the buyers pay more for the goods and the sellers get a lower price. The analysis shows that the tax costs for buyers and sellers are more than the tax revenue of the government.
Marziye p. 123
The relationship between income and product elasticity: take museum ticket price! If museum ticket is elastic, you will loose a considerable bunch of the museum income. If not, increasing the ticket price, you earn more money!
Marziye p. 227
The best policy from the point of view of economic efficiency is trade liberalization without import tariffs or quotas.
Marziye p. 225
Import tariffs and quotas increase prices, limit trade and create losses due to quotas.
Marziye p. 152
Rent and wage subsidies increase government spending, and as a result, the government must take more taxes.
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