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Principles of Economics (Mankiw's Principles of Economics)

N. Gregory Mankiw · 3 HN comments
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Amazon Summary
With its clear and engaging writing style, Principles of Economics (Sixth Edition) continues to be one of the most popular books on economics available today. Mankiw emphasizes material that you are likely to find interesting about the economy (particularly if you are studying economics for the first time), including real-life scenarios, useful facts, and the many ways economic concepts play a role in the decisions you make every day. About This Edition Principles of Economics (Sixth Edition) became a bestseller after its introduction and continues to be the most popular and widely used text in the economics classroom. Instructors found it the perfect complement to their teaching. A text by a superb writer and economist that stressed the most important concepts without overwhelming students with an excess of detail was a formula that was quickly imitated, but has yet to be matched. The sixth edition features a strong revision of content in all thirty-six chapters. Dozens of new applications emphasize the real-world relevance of economics for today's students through interesting news articles, realistic case studies, and engaging problems. The premier ancillary package is the most extensive in the industry, using a team of instructors and preparers who have been with the project since the first edition. The text material is again fully integrated into Aplia, the best-selling online homework solution. "I have tried to put myself in the position of someone seeing economics for the first time. My goal is to emphasize the material that students should--and do--find interesting about the study of the economy." – N. Gregory Mankiw New Features The new, sixth edition of Principles of Economics contains extensively updated coverage of areas impacted by the financial crisis. The sixth edition will be available with the most advanced new products for student and instructor choice, engagement, and outcomes. New "Problems and Applications" appear throughout the sixth edition, providing an effective, integrated way for students to assess their mastery of the material and to review more efficiently for assignments and exams. Additional Features Created by economist Ron Cronovich of Carthage College, Premium PowerPoint ® Presentations feature chapter-by-chapter slides designed to ease educators' course preparation time while increasing student involvement in the classroom. The presentations organize lecture points into sections that students can easily digest, animate graphs the way instructors might draw them, and include "Student Note Prompt" handouts to facilitate effective note taking without distracting students from active participation in class. "In the News" boxes include excerpts from many newspaper articles and encourage students to apply basic economic theory to discover how economics can provide an illuminating new perspective and enable greater understanding of world events. "FYI" boxes provide additional material to expand key concepts and discussions by offering a glimpse into the history of economic thought, clarifying technical issues, and exploring supplementary topics you might choose to complement your core lectures. Economic theory is most useful and interesting when applied to actual events and policies, which is why the text contains numerous Case Studies to vividly illustrate the real-world applications and consequences of key principles. "Quick Quizzes" follow each major section to help students check their comprehension of what they just learned and to focus their review when preparing for exams. Each chapter contains a variety of problems and applications that encourage students to apply the material they have learned. These practical, interesting activities serve equally well as homework assignments and starting points for lively classroom discussions. Explore this title's supplements: Study Guide for Mankiw's "Principles of Economics" (Sixth Edition) Principles of Microeconomics (Sixth Edition) Principles of Macroeconomics (Sixth Edition) Economics for Life: 101 Lessons You Can Use Every Day (Third Edition)
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>Could it be possible such a thing of a world's single currency?

With the world's currency, I didn't mean the "single" currency. I meant the world's currency like the gold was for many years, or the dollar is nowadays. You used to be able to go anywhere and either buy things with gold or exchange it fairly easily for local currency. Same thing happens nowadays with the dollar. However, the American dollar is losing its preponderance in world trade. The Chinese are pushing really hard to fill that spot with the yuan, this is one of the reasons behind their recent gold fever. [1] Even though, they don't have a gold backed yuan, and probably never will. Gold reserves, together with foreign exchange reserves[2] make a currency stronger, since in case that the Yuan starts to depreciate the Chinese Government can always sell those reserves and buy Yuan's increasing it's demand and consequently increasing its price.

>What is the subject that I should study to understand all of this and stop asking a question like that?

I have an economics background, and I've studied some finance, but I don't think I can give you a good enough answer. If you are really interested I rather you looked online or asked somewhere else (maybe reddit?). Nevertheless the straightforward answer is: Monetary Policy. However, in order to get into monetary policy, I believe that you'd probably need to know the basics about economics, the Mankiw is a good start [4]. Afterwards, I would suggest you to read something from Taleb, maybe The Black Swan, since economics it's full of BS, and this book will serve as a compass. Finally, I would advise you to take the class: Economics of Money and Banking [6] from Columbia on Coursera.

[1] http://www.ibtimes.com/chinas-gold-fever-rises-showing-no-si...

[2] China has the highest foreign exchange reserve in the world http://en.wikipedia.org/wiki/Foreign_exchange_reserves_of_th...

[3] http://en.wikipedia.org/wiki/Monetary_policy

[4] http://www.amazon.com/Principles-Economics-N-Gregory-Mankiw/... If you are interested don't get scared by the price tag, buy any older editions which are almost as good as this one and will cost you a fraction.

[5] http://www.amazon.com/The-Black-Swan-Improbable-Robustness/d...

[6] https://class.coursera.org/money-002

It really depends on what level of Economics understanding you currently possess. For a complete newbie to economics, I would definitely recommend:

http://www.amazon.com/Principles-Economics-N-Gregory-Mankiw/...

It is a solid book, and you cannot go wrong with it. However, if you want a more thorough understanding of economics, with the mathematics laid out etc. then there are other more advanced economics text for that. Also, I think, given the topics you highlighted, you want to understand more about Macroeconomics, as such these MIT lectures might help:

http://ocw.mit.edu/courses/economics/

Also, remember is Economics, like in any subject, there is wide diversity of viewpoints. The best way to choose a side, I feel, is to really look deep into the a topic, delve a bit into the math and make informed decisions as to what gels with your point of view. Ping me if you need any more resources

uast23
Oh yes, the MIT lectures. I should have known that. Thanks for the link.
Actually, to be fair, the $233 price is for a prior edition--the latest edition "only" costs $192 (and $154 on Kindle): http://www.amazon.com/Principles-Economics-N-Gregory-Mankiw/...
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