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Quotes from Principles of Economics — Greg Mankiw

born 1958 United States

← All quotes by Greg Mankiw

5 quotes

To find a substitute for laboratory experiments, economists pay close attention to the natural experiments offered by history.

Principles of Economics (1998)

Economics is the study of how society manages its scarce resources. In most societies, resources are allocated not by an all-powerful dictator but through the combined actions of millions of households and firms.

Principles of Economics (1998)

Microeconomics and macroeconomics are closely intertwined. Because changes in the overall economy arise from the decisions of millions of individuals, it is impossible to understand macroeconomic developments without considering the associated microeconomic decisions.

Principles of Economics (1998)

Economics is a young science, and there is still much to be learned. Economists sometimes disagree because they have different hunches about the validity of alternative theories or about the size of important parameters that measure how economic variables are related.

Principles of Economics (1998)

Countries as well as families benefit from the ability to trade with one another. Trade allows countries to specialize in what they do best and to enjoy a greater variety of goods and services. The Japanese, as well as the French and the Egyptians and the Brazilians, are as much our partners in the world economy as they are our competitors.

Principles of Economics (1998)

Attribution

Quotes and notes from Wikiquote: Greg Mankiw (page history), available under CC BY-SA 4.0.