N. Gregory Mankiw


N. Gregory Mankiw
N. Gregory Mankiw
New Keynesian economics
GregoryMankiw.jpg
Mankiw as Chairman of the Council of Economic Advisers.
Born February 3, 1958 (1958-02-03) (age 53)
Trenton, New Jersey
Nationality  United States
Institution Harvard University
Field Macroeconomics
Alma mater Princeton University (BA)
Massachusetts Institute of Technology (PhD)
Harvard University
Influences John Maynard Keynes
Arthur Pigou
Stanley Fischer
Milton Friedman
Influenced Ricardo Reis
Awards Wolf Balleisen Memorial Prize (1980)
Galbraith Teaching Prize (1991)
Information at IDEAS/RePEc

Nicholas Gregory "Greg" Mankiw (play /ˈmæn.kjuː/; Ukrainian Cyrillic: Григорій Манків; born February 3, 1958) is an American macroeconomist and Professor of Economics at Harvard University. Mankiw is known in academia for his work on New Keynesian economics.

From 2003 to 2005, Mankiw was chairman of the Council of Economic Advisers under President George W. Bush. In 2006, he became an economic adviser to Mitt Romney. He is a conservative[1][2][3][4] and he writes a popular blog about economic issues.[5] According to the IDEAS/RePEc rankings, he is the 22nd most widely cited economist in the world today.[6]

Contents

Education

Mankiw was born in Trenton, New Jersey. In his youth, he attended the Pingry School. In 1975, he studied astronomy at the Summer Science Program. He graduated from Princeton University summa cum laude in 1980 with a Bachelor of Arts in economics.[7] He spent a year working on his Doctor of Philosophy at the Massachusetts Institute of Technology and a subsequent year studying at Harvard Law School. He worked as a staff economist for the Council of Economic Advisers from 1982–83, foreshadowing his later position as chairman of that organization. After leaving the Council, he earned his PhD in economics from MIT in 1984. He returned to Harvard Law for a year but, having nearly completed his PhD and realizing he was not as comparatively good at law[8], he left to teach at MIT for a year and then became an assistant professor of Economics at Harvard University in 1985 and full professor in 1987.

He was appointed by President George W. Bush as Chairman of the Council of Economic Advisers in May 2003. He has since resumed teaching at Harvard, taking over the introductory economics course Social Analysis 10, the course taught for many years by Martin Feldstein, and which had long used Mankiw's textbook.[citation needed] Mankiw is currently a visiting fellow at the American Enterprise Institute.

Career

He has written two popular college-level textbooks: one in intermediate macroeconomics and the more famous Principles of Economics. More than one million copies of the books have been sold in seventeen languages.  

Mankiw is a New Keynesian economist. He did important work on menu costs, which are a source of price stickiness. In 1989, he wrote a paper arguing that the aging of the baby boomers was going to undermine the housing market in the 1990s and 2000s.[9]

Mankiw has become an influential figure in the Blogosphere and online journalism since launching his blog. The blog, originally designed to assist his Ec10 students, has gained a readership that extends far beyond students of introductory economics.[10] In particular, he has used it as a platform to advocate the implementation of pigovian taxes such as a revenue-neutral carbon tax; to this end Mankiw founded the informal Pigou Club.[11]

From 2003 to 2005, Mankiw was one of President George W. Bush's top economic advisers, and was chairman of the national Council of Economic Advisers. In November 2006, Mankiw became an official economic adviser to then-Massachusetts governor Mitt Romney's political action committee, Commonwealth PAC.[12] In 2007, he signed on as an economic adviser to Romney's presidential campaign.[13]

The Research Papers in Economics project ranked him as the 25th most influential economist in the world as of August 2011 based on his academic contributions.[6]

Controversy

Benefits of outsourcing

Several controversies arose from CEA's February 2004 Economic Report of the President.[14] In a press conference, Mankiw spoke of the gains from free trade, noting that outsourcing of jobs by U.S. companies is "probably a plus for the economy in the long run."[15][16] While this reflected mainstream economic analysis, it was criticized by many politicians[17][18] who drew a link between outsourcing and the still-slow recovery of the U.S. labor market in early 2004.[18]

Service versus manufacturing

Controversy also arose from a rhetorical question posed by the report (and repeated by Mankiw in a speech about the report):[19] "when a fast-food restaurant sells a hamburger, is it providing a service or combining inputs to manufacture a product?" The intended point was that the distinction between manufacturing jobs and service industry jobs is somewhat arbitrary and therefore a poor basis for policy. Even though the issue was not raised in the report, a news account led to criticism that the Administration was seeking to cover up job losses in manufacturing by redefining jobs such as cooking hamburgers as manufacturing.[20]

2008–2009 Keynesian resurgence

In November 2008, Mankiw wrote in the New York Times:

"If you were going to turn to only one economist to understand the problems facing the economy, there is little doubt that the economist would be John Maynard Keynes. Although Keynes died more than a half-century ago, his diagnosis of recessions and depressions remains the foundation of modern macroeconomics. His insights go a long way toward explaining the challenges we now confront."[21]

Mankiw has expressed skepticism about a trillion dollar spending package in the face of the global financial and economic crisis. He has vigorously criticized Vice-President Joseph Biden for suggesting there was complete unanimity of support among economists for a stimulus package.[22]

Selected bibliography

  • N. Gregory Mankiw (1985). "Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly". Quarterly Journal of Economics (The MIT Press) 100 (2): 529–537. doi:10.2307/1885395. JSTOR 1885395. 
  • N. Gregory Mankiw, David Romer, and David Weil (1992). "A Contribution to the Empirics of Economic Growth". Quarterly Journal of Economics (The MIT Press) 107 (2): 407–437. doi:10.2307/2118477. JSTOR 2118477. 
  • N. Gregory Mankiw (2006). Principles of Economics, 4th Edition. South-Western College Pub. ISBN 0324224729. 
  • N. Gregory Mankiw (2010). Macroeconomics (7th Edition). Worth Publishers. ISBN 978-1-4292-1887-0. 

References

  1. ^ http://www.economist.com/blogs/freeexchange/2009/03/lets_pick_on_greg_mankiw
  2. ^ Rampell, Catherine (August 29, 2011). "Alan Krueger's New White House Job". New York Times. 
  3. ^ Chandler, Clay (October 2, 1994). "From the GOP, Old Lines for New Times; On Tax Cuts, Capital Gains, the Budget and Other Issues, Republicans Return to an '80s Hit". Washington Post. 
  4. ^ Maggs, John (October 11, 2003). "Deconstructing the Deficit". National Journal. 
  5. ^ "Harvard Economist Advises Mitt Romney". http://osc.hul.harvard.edu/dash/2011/09/harvard-economist-advises-mitt-romney. Retrieved October 05, 2011. 
  6. ^ a b "Economist Rankings at IDEAS – Top 10% Authors, as of August 2011". Research Papers in Economics. August 2011. http://ideas.repec.org/top/top.person.all.html. Retrieved September 20, 2011. 
  7. ^ Andres, Edmund L. "A Salesman for Bush's Tax Plan Who Has Belittled Similar Ideas", The New York Times, February 28, 2003.
  8. ^ [1]
  9. ^ Mankiw, N. Gregory; Weil, David N. (1990). "The Baby Boom, The Baby Bust, and the Housing Market". NBER Working Paper W2794. SSRN 245837. 
  10. ^ "The invisible hand on the keyboard". The Economist. August 3, 2006. http://www.economist.com/finance/displaystory.cfm?story_id=E1_SNVRJPJ. 
  11. ^ Greg Mankiw's Blog: The Pigou Club Manifesto
  12. ^ "Mitt Romney's Free and Strong America PAC". Thecommonwealthpac.com. 2009-11-09. http://www.thecommonwealthpac.com/news/pr_061129.html. Retrieved 2010-07-29. 
  13. ^ http://electioncentral.tpmcafe.com/blog/electioncentral/2006/dec/21/your_massive_election_central_guide_to_2008_presidential_campaign_staffs
  14. ^ Economic Report of the President - 2004
  15. ^ "Bush adviser backs off pro-outsourcing comment". CNN. February 11, 2004. http://www.cnn.com/2004/US/02/12/bush.outsourcing. Retrieved May 19, 2010. 
  16. ^ Harvard Econ Department - Contact Info for N. Gregory Mankiw
  17. ^ [2] CBS news.com
  18. ^ a b cnn.com
  19. ^ Remarks on the 2004 Economic Report of the President to the National Economists Club and Society of Government Economists
  20. ^ "In the New Economics: Fast-Food Factories?", The New York Times, February 20, 2004. Retrieved March 28, 2008.
  21. ^ N. Gregory Mankiw, "What would Keynes have done?", New York Times, November 28, 2008 [3]
  22. ^ Mankiw, Greg (2009-01-23). "Is Joe Biden disingenuous or misinformed?". Greg Mankiw's Blog. http://gregmankiw.blogspot.com/2009/01/is-joe-biden-disingenuous-or.html. Retrieved 2009-05-02. 

External links


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