What is the role of a basic economics textbook? (2)

Fifty years on

Mr Mankiw’s book, even if it becomes a bestseller, will not radically alter economic teaching in the way that Mr Samuelson’s did. This is no criticism, for Mr Mankiw has produced something long overdue: an accessible introduction to modern economics. By writing more in the style of a magazine than a stodgy textbook and explaining even complex ideas in an intuitive, concise way, he will leave few students bored or bewildered. The principle of comparative advantage, for instance, is illustrated by asking whether Michael Jordan should mow his own lawn. (If you don’t know who Mr Jordan is, then you have probably taught economics for too long.)

A second innovation is the book’s structure and emphasis, which reflect today’s economic realities and economists’ understanding. International trade, for instance, looms large early on. The discussion of macroeconomics begins with long-run growth and only later moves to short-run fluctuations.

Most refreshing, though, is the book’s even-handedness. Mr Mankiw seems to revel in setting out how different schools of thought have contributed to economists’ current state of knowledge. Like “Economics”, this book also mentions lighthouses. But it asks “Are lighthouses public goods?” and gives the arguments on both sides.

Whether the book’s sales will justify Mr Mankiw’s huge advance remains to be seen. But if, as it deserves, it becomes popular with the millions of students who take introductory economics, tomorrow’s graduates might not only understand economics. They might even enjoy it.

References:

* “Principles of Economics”. Dryden Press, 1997, $59.

† “The Perseverance of Paul Samuelson’s Economics”. Journal of Economic Perspectives, Spring 1997