N. Gregory Mankiw

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N. Gregory Mankiw

Nicholas Gregory "Greg" Mankiw (born February 3, 1958 in Trenton , New Jersey ) is an American economist and professor of economics at Harvard University . Under President George W. Bush , he was Chairman of the Council of Economic Advisers from 2003 to 2005 .

overview

Mankiw is one of the most influential macroeconomists in the United States. His research areas include questions of price adjustment , consumer behavior , financial markets , monetary and financial policy and economic growth .

In 1992 Mankiw published together with David Romer and David N. Weil an extension of the Solow model to include the factor human capital . Your growth model offers an explanation for the fact that economic growth is stagnating in some developing countries. Mankiw's popular textbooks Macroeconomics and Principles of Economics sold a million copies.

Gregory Mankiw describes himself as a New Keynesian . The representatives of the New Keynesian Economics work on the basis of neoclassical models. The reference to Keynes only means that price and wage rigidities are admitted. Mankiw refuses to study Keynes' writings at all:

“One might suppose that reading Keynes is an important part of Keynesian theorizing. In fact quite the opposite is the fact. […] If new Keynesian economics is not a true representation of Keynes' views, then so much the worse for Keynes. The General Theory is an obscure book. […] [It] is an outdated book. [...] We are in a much better position than Keynes to figure out how the economy works. [...] Classical theory is right in the long run. Moreover, economists today are more interested in the long-run equilibrium. The long run is not so far away. "

- Gregory Mankiw : The Reincarnation of Keynesian Economics (1992), pp. 560-561

In his textbook, Mankiw presents the IS-LM model on the one hand, and the loanable funds theory on the other, which sees the interest rate determined by supply and demand on the credit market.

In addition, Mankiw has been a member of the American Academy of Arts and Sciences since 2007 .

Fonts (selection)

  • N. Gregory Mankiw, Mark P. Taylor: Fundamentals of Economics. 7th edition. Schäffer-Poeschel, Stuttgart 2018, ISBN 978-3791041421 .
  • Macroeconomics. 6th edition. Schäffer-Poeschel, Stuttgart 2011, ISBN 978-3-7910-3100-2 .

Web links

Individual evidence

  1. ↑ Quoted from Paul Davidson: What revolution? The legacy of Keynes . In: Journal of Post Keynesian Economics . tape 19 , 1, autumn, 1996, ISSN  0160-3477 , p. 47 , JSTOR : 4538517 .
personal data
SURNAME Mankiw, N. Gregory
ALTERNATIVE NAMES Mankiw, Greg
BRIEF DESCRIPTION American economist
DATE OF BIRTH 3rd February 1958
PLACE OF BIRTH Trenton , New Jersey