N. Gregory Mankiw Totally Explained

Everything about Greg Mankiw totally explained

Nicholas Gregory "Greg" Mankiw (born February 3, 1958) is an American macroeconomist. From 2003 to 2005, Mankiw was the chairman of President Bush's Council of Economic Advisors. He is among the most influential economists in the world according to IDEAS/RePEc.

Education

Mankiw was born in Trenton, New Jersey. In his youth, he attended the Pingry School, and then graduated from Princeton University summa cum laude in 1980 with an AB in Economics. He spent a year working on his PhD 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 Ph.D. in Economics from the Massachusetts Institute of Technology in 1984. He returned to Harvard Law for a year but, having completed his PhD and realizing he was only an average law student, 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 returned to politics when he was appointed by President George W. Bush as Chairman of the Council of Economic Advisors in May 2003. He has since resumed teaching at Harvard, taking over the introductory economics course Social Analysis 10 (affectionately referred to as "Ec. 10"). This is the same course that had been taught for many years by Martin Feldstein. Mankiw is currently a visiting fellow at the American Enterprise Institute.

Academic career

Principles of Economics, which is popular among high-school Advanced Placement Economics teachers. 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. His advocacy at the CEA of tax cuts even in the face of large deficits led some other economists, such as Paul Krugman and J. Bradford DeLong, to criticize him as in thrall to Bush administration policies.
Mankiw has become an influential figure in the Blogosphere and online journalism since launching his blog. The blog, while ostensibly prepared to assist his Ec10 students, has managed to gain a readership that extends far beyond students of introductory economics. In particular, he's advocated a pigovian tax, such as a tax on gasoline or a more broad-based carbon tax.
In November 2006, Mankiw became an official economic advisor to then-Massachusetts governor Mitt Romney's political action committee, Commonwealth PAC. In 2007, he signed on as an economic advisor to Mitt Romney's presidential campaign.

Controversy

Benefits of outsourcing

Several controversies arose from CEA's February 2004 Economic Report of the President. 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." While this reflected mainstream economic analysis, it was criticized by many people who drew a link between outsourcing and the still-slow recovery of the U.S. labor market in early 2004. The White House economic forecast contained in the report was criticized for being overly optimistic about job gains--and indeed, job growth turned out to be slower than the Administration forecast.

Service versus manufacturing

Controversy also arose from a rhetorical question posed by the report (and repeated by Mankiw in a speech about the report): "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 and service industry is somewhat arbitrary and therefore a poor basis for policy. Even though the issue wasn't raised in the report, a news account led to criticism that the Administration was seeking to cover up jobless losses in manufacturing by redefining jobs such as flipping hamburgers as manufacturing.

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