要理解和掌握经济学的逻辑和思维方法，就需要对经济学原理或基础知识进行系统的学习，而经济学教科书的内容总是与特定时代相联系的，因此经济学教科书的内容既是历史精华的浓缩，也是时代进步和思想演进的体现，本书简洁明快、有趣的文字和层次分明的内在逻辑使之成为最便捷和最实用的经济学入门教材。

由主流经济学家来撰写标准经济学教科书，并且试图影响经济学界内外乃至整个社会，是经济学界由来已久的传统。由哈佛大学经济学教授N·格里高利·曼昆编写的经济学教科书系列是当今世界上最畅销的经济学基础教材，目前已经被翻译成多种语言文字，成为许多国家的大学经济学通用教材，并且被数以百万计的经济学教师、学生和其他读者所使用。它简洁明快、有趣的文字和层次分明的内在逻辑吸引了成千上万对经济学尚无任何了解的读者，成为最便捷和最实用的经济学入门教材。

HOW People Make Decisions 3

 Principle1：People Face Tradeoffs 3

 Principle2：The Cost of Something

IsWhatYouGiveUPtoGetIt 4

 Principle3：Rational People Think at the Margin 5

 Principle：People Respond to Incentives 6

How People Interact 7

 Principle5：Trade Can Make Everyone Better Off 7

 Principle：Markets Are Usually a Good Wav

to Organize Economic Activity 8

 FYl：Adam Smith and the Invisible Hand 9

 Principle7：Governments Can Sometimes

Improve Market Outcomes 9

HOW the Economy as a mole Works 10

 Principle：A Country’S Standard of Living

Depends on Its Ability to Produce Goods

and Services 10

 Principle9：Prices Rise When the Government Prints

ToOMuchMoney 11

 Principle10：Society Faces a Short—Run Tradeoff between Inflation

and Unemployment 1 2

 FVl：How to Read This Book 13

Conclusion 1 4

Summary 14

Key Concepts 15

Questions for Review 1 5

Problems and Applications 1 5

CHAPTER 2

THINKING LIKE AN ECONOMIST 1 7

The Economist as Scientist 1 8

 The Scientific Method：Observation，Theory,and More

Observation 19

 The Role of Assumptions 19

 Economic Models 20‘

 Our First Modd：The Circular—Flow Diagram 2 1

 Our Second IV~odel：The Production Possibilities

Frontier 22

 Microeconomics and Macroeconomics 24

The Economist as Policy Adviser 26

 Positive versus Normative Analysis 26

 Economists in Washington 27

Why Economists Disagree 27

 Differences in Scientific Judgments 28

 Differences in Values 28

 Perception versus Reality 28

Summary 30

Key Concepts 30

Questions for Review 30

Problems and Applications 30

eAPTER 3

lTRDEPNDEeAND THE GAINS FROMADE 3i

A Parable for the Modern Economy 33

 Production Possibilities 33

The Principle of Comparative Advantage 35

 Absolute Advantage 3 6

 Opportunity Cost and Comparative Advantage 37

 Comparative Advantage and Trade 38

Applications of Comparative Advantage 39

 Should Tiger Woods Mow His Own Lawn?39

 Should the United States Trade with Other Countries?40

Conclusion 41

Summary 41

Key Concepts 41

Questions for Review 41

Problems and Applications 41

CHAPTER 4  ‘

THEARKET FORCES OF SUPPANDAND 44

Markets and Competition 45

 Competitive Markets 45

 Competition：Perlect and Otherwise 45

Demand 46

 The Demand Curve：The Relationship between Price and Quantity

Demanded 46

 Market Demand versus Individual Demand 47

 Shifts in the Demand Curve 48

 CASE STUDY：Two Ways to Reduce the Quantity of Smoking

Demanded 51

Supply 52

 The Supply Curve：The Relationship between Price and Quantity

Supplied 52

 Market Supply versus Individual Supply 53

 Shifts in the Supply Curve 54  ，

Supply and Demand Together 56

 Equilibrium 56

 Three Steps to Analyzing Changes in Equilibrium 58

Conclusion：How Prices Allocate Resources 63

Summary 64

Kev Concepts 65

Ouestions for Review 65

Problems and Applications 66

The Elasticity of Demand 70

 The Price Elasticity of Demand and Its Determinants 70

 Computing the Price Elasticity of Demand 71

 The Midpoint Method：A Better Way to Calculate Percen~ge

Changes and Elasticities 72

 CASE STUDY：Pricing Admission to a Museum 74

 On the Road with Elasticity 74

 Other Demand Elasticities 75

The Elasticity of Supply 76

 The Price Elasticity of Supply and Its Determinants 76

 Computing the Price Elasticity of Supply 77

 The Variety of Supply Curves 77

Three Applications of Supply,Demand，and Elastici80

 Can Good News for Farming Be Bad News for

Farmers?80

 Why Did OPEC Fail to Keep the Price of Oil High?82

 Does Drug Interdiction Increase or Decrease

Drug—Related Crime?83

Conclusion 84

Summary 85

Key Concepts 86

Questions for Review 86

Problems and Applications 86

Controls on Prices 90

 How Price Ceilings Affect Market Outcomes 90

 CASE STUDY：Lines at the Gas Pump 92

 How Price Floors Affect Market Outcomes 93

 l NWS：Does a Drought Need to Cause a Water

Shortage? 94

 CASE STUDY=The Minimum Wage 96

 Evaluating Price Controls 97

Taxes 98

 How Taxes on Buyers Affect Market Outcomes 98

 How Taxes on Sellers Affect Market Outcomes 1 00

 CASE STUDY：Who Pays the Luxury 1"ax? 1

Conclusion 1 02

Summary 103

Kev Concepts 1 03

Questions for Review 103

Problems and Applications 104

Consumer Surplus 1 09

 Willingness to Pay 1 09

 Using the Demand Curve to Measure Consumer

Surplus 110

 How a Lower Price Raises Consumer Surplus 11 1

 What Does Consumer Surplus Measure?1 12

Producer Surplus 1 14

 Cost and the Willingness to Sell 1 14

 Using the Supply Curve to Measure Producer Surplus 1 1 5

 How a Higher Price Raises Producer Surplus 1 1 7

Market Efficiency 118

 The Benevolent Social Planner 1 1 8

 Evaluating the Market Equilibrium 1 1 9

 l：Ticket Scalping 1 22

Conclusion：Market Efficiency and Market Failure 1 23

Summary 1 24

Key Concepts 1 24

The Deadweight Loss of Taxation 1 28

 How a Tax Affects Market Participants 1 29

 Deadweight Losses and the Gains from Trade 1 31

The Determinants of the Deadweight Loss 1 32

 CASE STUDY：The Deadweight Loss Debate 134

Deadweight Loss and Tax Revenue as Taxes Vary 135

 FYI：Henry George and the Land Tax 1 36

 CASE STUDY：The Laffer Curve and Supply—Side Economics 1 37

Conclusion 1 39

Summary 140

Key Concepts 140

Ouestions for Review 140

Problems and Applications 140

The Determinants 0f 1lade 1 43

 The Equilibrium without Trade 1 43

 The Worid Price and Comparative Advantage 1 44

The Winnel~and Losers from Trade 1 45

 The Gains and Losses of an Exporting Country 1 45

 The Gains and Losses of an Importing Country 1 47

 The Effects of a Tariff 149

 l：Life in Isoland 1 51

 TheEffectsofanImportQuota 152

The Arguments for Restricting Trade 1 54

 FYl：Other Benefits of International Trade 1 55

 The Jobs Argument 1 55

 The National—Security Argument 1 56

 The Infant-Industry Argument 1 56

 The Unfair-Competition Argument 1 56

 The Protection-as-a—Bargaining—Chip Argument 1 57

 CASE STUDY：Trade Agreements and the Worid Trade

Organization 1 57

 ：Globalization 1S8

Conclusion 1 59

Summary 160  ．

Key Concepts 1 61

Questions for Review 1 61

Problems and Applications 1 61

The Economy"s Income and Expenditure 165

The Measurement of Gross Domestic Product 1 67

 FY l：Other Measures of Income 1 67

The Components of GDP 168

 Consumption 168

 Investment 1 69

 Government Purchases 1 69

 Net Exports 169

 CASE STU D Y=The Components of U．S．GDP 1 70

Real versus Nominal GDP

 A Numerical Example 1 71

 The GDP Deflator 172

 CASE STUDY：Real GDP over Recent Historv 173

 l：GDP Lightens Up 174

GDP and Economic WeIl。Being 175

 CASE STU D Y=International Differences in GDP and

the Quality of Life 176

 CASE STU DY：Who Wins at the Olympics? 177

Conclusion 1 78

Summary 178

Kev Concepts 179

Questions for Review 1 79

Problems and Applications 1 79

The Consumer Price Index 183

 How the Consumer Price Index Is Calculated 1 83

 Fyl：What Is in the CPI’S Basket? 185

 Problems in Measuring the Cost of Living 1 86

 ；THE NER05：Shopping for the CPI 187

 The GDP Deflator versus the Consumer

Price Index 189

Correcting Economic Variables for the Effects

 of Inflation 190

 Dollar Figures from Different Tirues 1 90

 CASE STUDY：Mr．Index Goes to Hollywood 19 1

 Indexation 191

 Real and Nominal Interest Rates 1 92

Conclusion 1 94

Summary 194

Key Concepts 195

Questions for Review 1 9 5

Problems and Applications 1 9 5

Economic Growth around the World 1 99

 Fl Are You Richer Than the Richest American? 201

Productivity：Its Role and Determinants 201

 Whv Productivitv Is So Important 201

 How Productivity Is Determined 202

i The Production Function 204

 eAS0V：Are Natural Resources a

Limit to Growth? 205

Economic Growth and Public Policy 206

 The Importance of Saving and Investment 206

 Diminishing Returns and the Catch—Up Effect 207

 Investment from Abroad 208

 i?l Promoting Human Capital 209

 Education 21 0

 Property Rights and Political Stability 211

 FreeTrade 212

 Research and Development 213

 CAS E SDY：The Productivity Slowdown

and Speedup 213

 Population Growth 21 5

 A Solution to Africa’s Problems 2、7

Conclusion：The Importance of Long-Run Growth 219

Summary 219

Kev Concepts 21 9

0uestions for Review 220

Problems and Applications 220

Financial Institutions in the U．S．Economy 2 23

 Financial Markets 223

 Financial Intermediaries 225

 Summing Up 227

ji|FinanceinCIhina 227

Saving and Investment in the National Income

 Accounts 228

 Some Important Identities 228  ·

 The Meaning of Saving and Investment 230

The Market for Loanable Funds 230

 Supply and Demand for Loanable Funds 231

 Policy 1：Saving Incentives 233

 Policy 2：Investment Incen~ves 234

 Policy 3：Government Budget Deficits

and Surpluses 235

 CASE STUDY：The History of U．S．Government Debt 237

Conclusion 239

Summary 240  ，

Kev Concepts 240

ouestions for Review 240

Problems and Applications 241

Present Value：  ’

 Measuring the Time Value of Money 244

 The Magic of Compounding and the Rule of 70 245

Managing Risk 246

 Risk Aversion 246

 The Markets for Insurance 247

 Diversification of Idiosyncratic Risk 248

 The Tradeoff between Risk and Return 250

Asset Valuation 251

 Fundamental Analysis 251

 The Efficient Markets Hypothesis 252

 Market Irrationality 253

 Some Lessons from Enron 253

Conclusion 254

Summary 255

Kev Concepts 255

ouestions for Review 256

Problems and Applications 256

Identifying Unemployment 259

 How Is Unemployment Measured? 259

 CASE STUDY：Labor-Force Participation of Men and Women in

the U．S．Economy 263

 Does the Unemployment Rate Measure What We Want It To?264

 How Long Are the Unemployed without Work?264

 Whv Are There Always Some People

Unemployed?266

lob Search 266

 Why Some Frictional Unemployment Is Inevitable 267

 Public Policy and Job Search 267

 Unemployment Insurance 268

 l：German Unemployment 269

Minimum—Wage Laws 270

Unions and Collective Bargaining 272

 The Economics of Unions 272

 Are Unions Good or Bad for the Economy?273

 Should You Toin a Union? 274

The Theory of Efficiency Wages 275

 Worker Health 275

 Worker Turnover 275

 Worker Effort 276

 Worker Quality 276

 CASE STUDY：Henry Ford and the Very Generous 277

$5一a—Day Wage

Conclusion 278

Summary 278

Key Concepts 279

Questions for Review 279

Problems and Applications 279

The Meaning of Money 283

 The Functions of Money 283

 The Kinds of Money 284  ’

 Money in the U．S．Economy 285

 FCredit Cards，Debit Cards，and Money 286

 CASE STUDY=Where Is All the Currency7 286

The Federal Reserve System 287

 The Fed’S Organization 288

 The Federal Open Market Committee 288

Banks and the Money Supply 289

 The Simple Case of 100一Percent—Reserve Banking 290

 Money Creation with Fractional-Reserve BanNng 290

 The Money Multiplier 291

 The Fed’S Tools of Monetary Control 293

 PmbIems in Cpntrolling the Money Supply 294

 CASE STUDY：Bank Runs and the Monev Supplv

Conclusion 296

Summary 296

Key Concepts 297

Questions for Review 297

Problems and Applications 297

 Money Supply,Money Demand，and Monetary

Equilibrium 301

 The Effects of a Monetary Injection 3 03

 A Brief Look at the Adjustment Process 304

 The Classical Dichotomy and Monetary Neutrality 305

 Velocit、，and the Quantity Equation 307

 CASE STUDY：Money and Prices during Four 308

Hvperinnations

 TheInflationTaX 310

 l Russia Turns to the Inflation Tax 311

 The Fisher Effect 311

The Costs of Inflation 313

 A Fall in Purchasing Power?The Inflation Fallacy 313

 Shoeleather Costs 3 1 4

 Menu Costs 315

 Relative—Price Variability and the Misallocation

of Resources 31 5

 Inflation—Induced Tax Distortions 316

 Confusion and Inconvenience 31 7

 NEWS：The Hyperinflation in Serbia 318

 A Special Cost of Unexpected Inflation：

Arbitrary Redistributions of Wealth 318

l How to Protect Your Savings from Inflation 320

Conclusion 321

Summary 321

Kev Concepts 322

Questions for Review 322

Problems and Applications 322

The International Flows of Goods and Capital 327

 The Flow of Goods：Exports，Imports，and

Net Exports 327

 CASE STUDY：The Increasing Openness of

the U．S．Economy 328

 The Flow of Financial Resources：

Net Capital Outflow 329

The Equalitv of Net Exports and Net

Capital Outflow 330

 How the Chinese Help American

Home Buyers 331

 Saving，Investment，and Their Relationship to the International

Flows 332

 Summing UP 333

 CASE SUDIs the U．S．Trade Deficit a National

Problem? 334

The Prices for International Transactions：

 Real and Nominal Exchange Rates 336

 Nominal Exchange Rates 336

 Real Exchange Rares 337

 j The Euro 339

A First Theory of Exchange-Rate Determination：

 Purchasing．Power PariW 339

 The Basic Logic of Purchasing—Power Parity 340

 Implications of Purchasing—Power Parity 340

 DY：The Nominal Exchange Rate during

a HvDerinnation 342

 Limitations of Purchasing—Power Parity 343

 CASE SDV The Hamburger Standard 343

Conclusion 344

Summarg 345

Kev Concepts 345

Questions for Review 345

Problems and Applications 345

Supply and Demand for Loanable Funds and for

 Foreign—Currency Exchange 348

 The Market for Loanable Funds 348

 The Market for Foreign—Currency Exchange 350

 7Purchasing—Power Parity as a Special Case 3 5 2

Equilibrium in the Open Economy 3 5 3

 Net Capital Outflow：The Link between the

TwoMarkets 353

 Simultaneous Equilibrium in Two Markets 354

How Policies and Events Affect an

 Open Economy 356

 Government Budget Deficits 3 5 6

 Trade Policy 358

 Political Instability and Capital Flight 3 61

Conclusion 364

Summary 364

Key Concepts 365

Questions for Review 365

Problems and Applications 3 66

Three Key Facts about Economic Fluctuations 3，1

 Fact 1：Economic Fluctuations Are Irregular

and Unpredictable 3 7 1

 Fact 2：Most Macroeconomic Quantities

Fluctuate Together 3 7 1

 The Trash Indicator 373

 Fact 3：As Output Falls，Unemployment Rises 3 74

Explaining Short-Run Economic Fluctuations 3 74

 How the Short Run Differs from the

LongRun 374

 The Basic Model of Economic Fluctuations 3 75

The Aggregate—Demand Curve 3 76

 Why the Aggregate—Demand Curve Slopes

Downward 3 76

 Why the Aggregate—Demand Curve

Might Shift 378

The Aggregate—Supply Curve 381

 Why the Aggregate—Supply Curve ls Vertical in the Long Run

381

 Why the Long--Run Aggregate—_Supply Curve

Might Shift 382

 A New Way to Depict Long—Run Growth

and Inflation 384

 Why the Aggregate—Supply Curve Slopes Upward in the Short

Run 385

 Why the Short—·Run Aggregate‘_Supply Curve

Might Shift 387

Two Causes of Economic Fluctuations 389

 The Effects of a Shift in Aggregate Demand 389

 CASE STUDY：Two Big Shifts in Aggregate Demand：

The Great Depression and World War II 392

 eu0Y=The Recession of 2001 393

 The Effects of a Shift in Aggregate Supply 394

 CASE STUDY：Oil and the Economy 396

 ii’The Origins of Aggregate Demand and

Aggregate Supply 397

Conclusion 398

Summary 398

Key Concepts 399

Questions for Review 399

Problems and Applications 400

How Monetary Policy Influences

 Aggregate Demand 403

 The Theory of Liquidit、，Preference 404

Interest Rates in the Long Run and the

Short Run 406

 The Downward Slope of the Aggregate—Demand

Curve 407

 Changes in the Money Supply 408

 The Role of Interest-Rate Targets in Fed Policv 4 1 0

 CASE STUDY：Why the Fed Watches the Stock Market

(and Vice Versa)410

How Fiscal Policy Influences Aggregate Demand 4 1 2

 Changes in Government Purchases 4 1 2

 The Multiplier Effect 4 1 2

 A Formula for the Spending Multiplier 4 1 3

 Otiler Applications of the Multiplier Effect 4 1 5

 The Crowding—Out Effect 4 1 5

 Changes in Taxes 416

i‘How Fiscal Policy Might Affect

Aggregate Supply 4 1 7

Using Policy to Stabilize the Economy 41 8

 The Case for Active Stabilization Policy 4 1 8

 CASE STUDY：Keynesians in the White House 419

 The Case against Active Stabilization Policv 420

 Automatic Stabilizers 4 2 1

 The Independence of the Federal Reserve 4 2 1

Conclusion 4 23

Summary 424

Key Concepts 424

Questions for Review 424

Problems and Applications 425

The Phillips Curve 428．

 Origins of the Phillips Curve 428

 Aggregate Delmand，Aggregate Supply,and the

Phillips Curve 429

Shifts in the Phillips Curve：The Role of

 Expectations 431

 The Long—Run Phillips Curve 431

 Expectations and the Short—Run Phillips Curve 434

 The Natural Experiment for the Natural—Rate

Hypothesis 436

Shifts in the Phillips Curve：The Role of Supply Shocks 438

The Cost of Reducing Inflation 4 4 1

 The Sacrifice Ratio 441

 Rational Expectations and the Possibility of Costless

Disinflation 442

 The Volcker Disinflation 443

 The Greenspan Era 445

 CASE STUDY：Why Were Inflation and Unemployment

SoLow atthe End ofthel990s?446

TheCaseforInflationTargeting 447

Conclusion 449

Summary 449

Kev Concepts 450

Questions for Review 450

Problems and Applications 450

Should Monetary and Fiscal Policymakers Try to Stabilize the

 Economy?455

 Pro：Policymakers Should Try to Stabilize the Economv 4 55

 Con：Policymakers Should Not Try to Stabilize the Economy 4 5 5

Should Monetary Policy Be Made by Rule Rather Than by

 Discretion?456

 Pro：Monetary Policy Should Be Made by Rule 4 5 7

 Con：Monetary Policy Should Not Be Made by Rule 458

Should the Central Bank Aim for Zero Inflation?459

 Pro：The Central Bank Should Aim for Zero Inflation 459

 Con：The Central Bank Should Not Aim for Zero

Inflation 460

Should the Government Balance Its Budget?461

 Pro：The Government Should Balance Its Budget 461

 Con：The Government Should Not Balance Its Budget 463

Should the Tax Laws Be Reformed to Encourage Saving?464

 Pro：The Tax Laws Should Be Reformed to Encourage

Saving 464

 Con：The Tax Laws Should Not Be Reformed to Encourage

Saving 466

Conclusion 466

Summary 467

Questions for Review 468

Problems and Applications 468

Glossary 471

  Case Study

ARE NATURAL RESOURCES A LIMIT TO GROWTH?

The world’s population is far larger today than it was a century ago，and many people are enjoying a much higher standard of living．A perennial debate concerns whether this growth in population and living standards can continue in the future． Many commentators have argued that natural resources provide a limit to how much the world’s economies can grow．At first,this argument might seem hard to ignore．If the world has only a fixed supply of nonrenewable natural resources．how can population f production?and living standards continue to grow over time? Eventually,won’t supplies of o订and minerals start to run out?When these shortages start to occur,wonj t they stop economic growth and?perhaps f even force living standards to fall? Despite the apparent appeal of such arguments，most economists are less concerned about such limits to growth than one might guess．They argue that technological progress often yields ways to avoid these limits．If we compare the economy today to the economy of the past，we see various ways in which the use of natural resources has improved．Modern cars have better gas mileage．New houses have better insulation and require less energY to heat and c001 them．More efficient oil rigs waste less Oil in the process of extraction．Recycling allows some nonrenewable resources to be reused．The development of alternative fuels，such as ethanol instead of gasoline，allows us to substitute renewable for nonrenewable resources． Fifty years ago，some conservationists were concerned about the excessive use of tin and copper．At the time．these were crucial commodities：Tin was used to make many food containers，and copper was used to make telephone wire．Some people advocated mandatory recycling and rationing of tin and copper so that supplies would be available for future generations．Today,however,plastic has replaced tin as a material for making many food containers，and phone calls oftentravel over fiber—optic cables，which are made from sand．Technological progress has made once crucial natural resources less necessary． But are all these efforts enough to permit continued economic growth?0ne wav to answer this question is to look at the prices of natural resources．In a market economy,scarcity is reflected in market prices．If the world were running out of natural resources，then the prices of those resources would be rising over time．But,in fact，the opposite is more nearly true．The prices of most natural resources(adjusted for overall inflation)are stable or falling．It appears that our ability to conserve these resources is growing more rapidly than their supplies are dwindling．Market prices give noreasonto．believe that natural resources are a limit to economic growth．        ——第205页

自教育部在《关于加强高等学校本科教学工作提高教学质量的若干意见》【教高(2001)4号】中提出双语教学的要求后，各地高校相继开设了一系列双语教学课程。这对提高学生的学科和外文水平，开阔国际视野，培养创新型人才起到了重要的作用；一大批教师也逐渐熟悉了外文授课，自身的教学水平和能力得到较大提高，具备国际学术思维的中青年教师脱颖而出。同时，经过近几年的双语教学实践，国外原版教材量大、逻辑不够清晰、疏离中国现实等问题也影响了双语教学的效果。因此，对外版教材进行本土化的精简改编，使之更加适合我国的双语教学已提上教材建设日程。

为了满足高等学校经济管理类双语课程本土化教学的需要，在教育部高等教育司的指导和支持下，高等教育出版社同Thomson Learning等国外著名出版公司通力合作，在国内首次推出了金融、会计、经济学等专业的英文原版改编教材。本套教材的遴选、改编和出版严格遵循了以下几个原则：

1．择优选取权威的新版本。在各专业选书论证会上，我们要求入选改编的教材不仅是在国际上多次再版的经典之作的最新版本，而且是近年来已在国内被试用的优秀教材。

2．改编后的教材力求内容规范简明，逻辑更加清晰，语言原汁原味，适合中国的双语教学。选择的改编人既熟悉原版教材内容又具有本书或本门课程双语教学的经验；在改编过程中，高等教育出版社组织了知名专家学者召开了数次改编和审稿会议，改编稿征求了众多教师的意见。

3．改编后的教材配有较丰富的辅助教学支持资源，教师可在网上免费获取。同时，改编后的教材厚度适中，定价标准较低。

由于原作者所处国家的政治、经济和文化背景等与我国不同，对书中所持观点，敬请广大读者在阅读过程中注意加以分析和鉴别。

此次英文改编教材的出版，得到了很多专家学者的支持和帮助，在此深表谢意!我们期待这批英文改编教材的出版能对我国经济管理类专业的教学能有所帮助，欢迎广大读者给我们提出宝贵的意见和建议。