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WCN 02-200-203
Brief Principles
of Macroeconomics:
a Guided Tour
IntroductIon
1 Ten Principles of Economics
The study of economics is guided by a few big ideas.
2 Thinking Like an Economist
Economists view the world as both scientists and policymakers.
3 Interdependence and the Gains from Trade
The theory of comparative advantage explains how people
benefit from economic interdependence.
How Markets work
How does the economy coordinate interdependent economic
4 The Market Forces of Supply and Demand
actors? Through the market forces of supply and demand.
tHe data of MacroeconoMIcs
5 Measuring a Nation’s Income
The overall quantity of production and the overall price level
are used to monitor developments in the economy as a whole.
6 Measuring the Cost of Living
tHe real econoMy In tHe long run
7 Production and Growth
8 Saving, Investment, and the Financial System
These chapters describe the forces that in the long run determine
key real variables, including GDP growth, saving, investment,
9 The Basic Tools of Finance
real interest rates, and unemployment.
10 Unemployment

WCN 02-200-203
Copyright 2021 Cengage Learning. All Rights Reserved. May not be

copied, scanned, or duplicated, in whole or in part. Due to electronic
rights, some third party content may be suppressed from the eBook
and/or eChapter(s).
Editorial review has deemed that any suppressed content does not
materially affect the overall learning experience. Cengage Learning
reserves the right to remove additional content at any time if
subsequent rights restrictions require it.
monEy and pricEs in ThE long run
11 The Monetary System
The monetary system is crucial in determining the long-run
behavior of the price level, the inflation rate, and other
12 Money Growth and Inflation
nominal variables.
ThE macroEconomics oF opEn EconomiEs
13 Open-Economy Macroeconomics:
A nation’s economic interactions with other nations are described
Basic Concepts
by its trade balance, net foreign investment, and exchange rate.
14 A Macroeconomic Theory of the
A long-run model of the open economy explains the determinants
Open Economy
of the trade balance, the real exchange rate, and other real
variables.
shorT-run Economic FlucTuaTions
15 Aggregate Demand and Aggregate Supply
The model of aggregate demand and aggregate supply explains
16 The Influence of Monetary and Fiscal Policy
short-run economic fluctuations, the short-run effects of
on Aggregate Demand
monetary and fiscal policy, and the short-run linkage between
17 The Short-Run Trade-Off between
real and nominal variables.
Inflation and Unemployment
Final ThoughTs
18 Six Debates over Macroeconomic Policy

A capstone chapter presents both sides of six major debates
over economic policy.

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Brief PrinciPles of
MACRO
ECONOMICS
NiNth EditioN
N. GrEGory MaNkiw
Harvard University
Australia • Brazil • Mexico • Singapore • United Kingdom • United
States

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Brief Principles of Macroeconomics,
© 2021, 2018 Cengage Learning, Inc.
Ninth Edition
Unless otherwise noted, all content is © Cengage.
N. Gregory Mankiw
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and/or eChapter(s).
To Catherine, Nicholas, and Peter,
my other contributions to the next generation
iii

WCN 02-200-203

and/or eChapter(s).
About
the Author
N. Gregory Mankiw is the Robert M. Beren Professor of
Economics at Harvard University. As a student, he stud-
ied economics at Princeton University and MIT. As a
teacher, he has taught macroeconomics, microeconomics,
statistics, and principles of economics. He even spent
one summer long ago as a sailing instructor on Long
Beach Island.
Professor Mankiw is a prolific writer and a regular
participant in academic and policy debates. His work

has been published in scholarly journals, such as the
American Economic Review, Journal of Political Economy,
and Quarterly Journal of Economics, and in more popu-
lar forums, such as the New York Times and The Wall
Jordi Cabré
Street Journal. He is also author of the best-selling
intermediate-level textbook Macroeconomics (Worth
Publishers).
In addition to his teaching, research, and writing,
Professor Mankiw has been a research associate of the
National Bureau of Economic Research, an adviser
to the Congressional Budget Office and the Federal
Reserve Banks of Boston and New York, a trustee of the
Urban Institute, and a member of the ETS test develop-
ment committee for the Advanced Placement exam in
economics. From 2003 to 2005, he served as chairman of
the President’s Council of Economic Advisers.
iv

WCN 02-200-203
and/or eChapter(s).
Preface: To
the instructor
during my 20-year career as a student, the course that excited me

most was the two-semester sequence on the principles of economics
that I took during my freshman year in college. It is no exaggeration
to say that it changed my life.
I had grown up in a family that often discussed politics over the
dinner table.
The pros and cons of various solutions to society’s problems

generated fervent debate. But in school, I had been drawn to the
sciences. Whereas politics seemed vague, rambling, and subjective,
science was analytic, systematic, and objective.
While political debate continued without end, science made

progress.
My freshman course on the principles of economics opened my eyes

to a new way of thinking. Economics combines the virtues of politics
and science. It is, truly, a social science. Its subject matter is society
—how people choose to lead their lives and how they interact with
one another—but it approaches the subject with the dispassion of a
science. By bringing the methods of science to the questions of
politics, economics tries to make progress on the challenges that all
societies face.
I was drawn to write this book in the hope that I could convey some
of the excitement about economics that I felt as a student in my first
economics course.
Economics is a subject in which a little knowledge goes a long way.

(The same cannot be said, for instance, of the study of physics or
the Chinese language.) Economists have a unique way of viewing
the world, much of which can be taught in one or two semesters. My
goal in this book is to transmit this way of thinking to the widest
possible audience and to convince readers that it illuminates much
about the world around them.
I believe that everyone should study the fundamental ideas that

economics has to offer. One purpose of general education is to
inform people about the world and thereby make them better
citizens. The study of economics, as much as any discipline, serves
this goal. Writing an economics textbook is, therefore, a great honor
and a great responsibility. It is one way that economists can help
promote better government and a more prosperous future. As the
great economist Paul Samuelson put it, “I don’t care who writes a
nation’s laws, or crafts its advanced treaties, if I can write its
economics textbooks.”
What’s new in the ninth edition?
Economics is fundamentally about understanding the world in which

we live.
Most chapters of this book include Case Studies illustrating how the
principles of economics can be applied. In addition, In the News
boxes offer excerpts from newspapers, magazines, and online news
sources showing how economic ideas shed light on current issues
facing society. After students finish their first course in economics,
they should think about news stories from a new perspective and v

WCN 02-200-203

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vi
Preface: To The InsTrucTor

with greater insight. To keep the study of economics fresh and
relevant for each new cohort of students, I update each edition of
this text to keep pace with the ever-changing world.
The new applications in this ninth edition are too numerous to list in
their entirety, but here is a sample of the topics covered (and the
chapters in which they appear):
• Technology companies are increasingly using economists to better

run their businesses. (Chapter 2)
• The theory of economic growth can help explain why so many of

the world’s poorest nations are in sub-Saharan Africa. (Chapter 7)
• Economist Martin Feldstein explains why the United States is so

prosperous.
(Chapter 7)
• Cryptocurrencies may be the money of the future, or they may be

a passing fad. (Chapter 11)
• Living during a hyperinflation, such as the recent situation in

Venezuela, is a surreal experience. (Chapter 12)
• Recent discussion of trade deficits has included a lot of

misinformation.
(Chapter 14)
• The Federal Reserve has started to reassess what it means to

target an inflation rate of 2 percent. (Chapter 18)
In addition to updating the book, I have refined its coverage and

pedagogy with input from many users of the previous edition. There
are numerous changes, large and small, aimed at making the book
clearer and more student-friendly.
All the changes that I made, and the many others that I considered,
were
evaluated in light of the benefits of brevity. Like most things that we

study in economics, a student’s time is a scarce resource. I always
keep in mind a dictum from the great novelist Robertson Davies:
“One of the most important things about writing is to boil it down
and not bore the hell out of everybody.”
How is This Book organized?
The organization of this book was designed to make economics as

student-friendly as possible. What follows is a whirlwind tour of this
text. The tour will, I hope, give instructors some sense of how the
pieces fit together.
Introductory Material
Chapter 1, “Ten Principles of Economics,” introduces students to the

economist’s view of the world. It previews some of the big ideas that
recur throughout economics, such as opportunity cost, marginal
decision making, the role of incentives, the gains from trade, and the
efficiency of market allocations. Throughout the book, I refer
regularly to the Ten Principles of Economics introduced in Chapter 1
to remind students that these ideas are the foundation for all
economics.
Chapter 2, “Thinking Like an Economist,” examines how economists

approach their field of study. It discusses the role of assumptions in
developing a theory and introduces the concept of an economic
model. It also explores the role of economists in making policy. This
chapter’s appendix offers a brief refresher course on how graphs are
used, as well as how they can be abused.

WCN 02-200-203
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vii
Chapter 3, “Interdependence and the Gains from Trade,” presents

the theory of comparative advantage. This theory explains why
individuals trade with their neighbors, as well as why nations trade
with other nations. Much of economics is about how market forces
coordinate many individual production and consumption decisions.
As a starting point for this analysis, students see in this chapter why
specialization, interdependence, and trade can benefit everyone.
I next introduce the basic tools of supply and demand. Chapter 4,

“The Market Forces of Supply and Demand,” develops the supply
curve, the demand curve, and the notion of market equilibrium. This
microeconomic model is the starting point for much of
macroeconomic theory.
Macroeconomics
My overall approach to teaching macroeconomics is to examine the

economy in the long run (when prices are flexible) before examining
the economy in the short run (when prices are sticky). I believe that
this organization simplifies learning macroeconomics for several
reasons. First, the classical assumption of price flexibility is more
closely linked to the basic lessons of supply and demand, which
students have already mastered. Second, the classical dichotomy
allows the study of the long run to be broken up into several easily
digested pieces. Third, because the business cycle represents a
transitory deviation from the economy’s long-run growth path,
studying the transitory deviations is more natural after the long-run
equilibrium is understood. Fourth, the macroeconomic theory of the
long run is less controversial among economists than is the
macroeconomic theory of the short run. For these reasons, most
upper-level courses in macroeconomics now follow this long-run-
before-short-run approach; my goal is to offer introductory students
the same advantage.
I start the coverage of macroeconomics with issues of measurement.

Chapter 5,
“Measuring a Nation’s Income,” discusses the meaning of gross

domestic product and related statistics from the national income
accounts. Chapter 6, “Measuring the Cost of Living,” examines the
measurement and use of the consumer price index.
The next four chapters describe the behavior of the real economy in
the long run. Chapter 7, “Production and Growth,” examines the
determinants of the large variation in living standards over time and
across countries. Chapter 8, “Saving, Investment, and the Financial
System,” discusses the types of financial institutions in our economy
and examines their role in allocating resources. Chapter 9,
“The Basic Tools of Finance,” introduces present value, risk

management, and asset pricing. Chapter 10, “Unemployment,”
considers the long-run determinants of the unemployment rate,
including job search, minimum-wage laws, the market power of
unions, and efficiency wages.
Having described the long-run behavior of the real economy, the

book then turns to the long-run behavior of money and prices.
Chapter 11, “The Monetary System,”
introduces the economist’s concept of money and the role of the
central bank in controlling the quantity of money. Chapter 12,
“Money Growth and Inflation,”
develops the classical theory of inflation and discusses the costs that
inflation imposes on a society.
The next two chapters present the macroeconomics of open

economies,
maintaining the long-run assumptions of price flexibility and full

employment.
Chapter 13, “Open-Economy Macroeconomics: Basic Concepts,”

explains the relationship among saving, investment, and the trade
balance, the distinction between Copyright 2021 Cengage
Learning. All Rights Reserved. May not be copied, scanned,
or duplicated, in whole or in part. WCN 02-200-203

and/or eChapter(s).
viii
the nominal and real exchange rate, and the theory of purchasing-
power parity.
Chapter 14, “A Macroeconomic Theory of the Open Economy,”
presents a classical model of the international flow of goods and
capital. The model sheds light on various issues, including the link
between budget deficits and trade deficits and the macroeconomic
effects of trade policies. Because instructors differ in their emphasis
on this material, these chapters are written so they can be used in
different ways. Some may choose to cover Chapter 13 but not
Chapter 14; others may skip both chapters; and still others may
choose to defer the analysis of open-economy macroeconomics until
the end of their courses.
After developing the long-run theory of the economy in Chapters 7

through 14, the book turns to explaining short-run fluctuations
around the long-run trend.
Chapter 15, “Aggregate Demand and Aggregate Supply,” begins with

some facts about the business cycle and then introduces the model
of aggregate demand and aggregate supply. Chapter 16, “The
Influence of Monetary and Fiscal Policy on Aggregate Demand,”
explains how policymakers can use the tools at their disposal to shift
the aggregate-demand curve. Chapter 17, “The Short-Run Trade-Off
between Inflation and Unemployment,” explains why policymakers
who control aggregate demand face a trade-off between inflation
and unemployment. It examines why this trade-off exists in the
short run, why it shifts over time, and why it does not exist in the
long run.
The book concludes with Chapter 18, “Six Debates over

Macroeconomic
Policy.” This capstone chapter considers six controversial issues

facing policymakers: the proper degree of policy activism in response
to the business cycle, the relative efficacy of government spending
hikes and tax cuts to fight recessions, the choice between rules and
discretion in the conduct of monetary policy, the desirability of
reaching zero inflation, the importance of balancing the
government’s budget, and the need for tax reform to encourage
saving. For each issue, the chapter presents both sides of the debate
and encourages students to make their own judgments.
learning Tools
The purpose of this book is to help students learn the fundamental

lessons of economics and to show how they can apply these lessons
to their lives and the world in which they live. Toward that end, I
have used various learning tools that recur throughout the book.
Case Studies
Economic theory is useful and interesting only if it can be applied to

understanding actual events and policies. This book, therefore,
contains numerous case studies that apply the theory that has just
been developed.
In the News Boxes
One benefit that students gain from studying economics is a new

perspective and greater understanding about news from around the
world. To highlight this benefit, I have included excerpts from many
newspaper and magazine articles, some of which are opinion
columns written by prominent economists. These articles, together
with my brief introductions, show how basic economic theory can be
applied. Most of these boxes are new to this edition. And for the first
time in this Copyright 2021 Cengage Learning. All Rights
Reserved. May not be copied, scanned, or duplicated, in
whole or in part. WCN 02-200-203

and/or eChapter(s).
ix
edition, each news article ends with “Questions to Discuss,” which

can be used to start a dialogue in the classroom.
FYI Boxes
These boxes provide additional material “for your information.” Some

of them offer a glimpse into the history of economic thought. Others
clarify technical issues.
Still others discuss supplementary topics that instructors might

choose either to discuss or skip in their lectures.
Ask the Experts Boxes
This feature summarizes results from the IGM Economics Experts

Panel, an
ongoing survey of several dozen prominent economists. Every few

weeks, these experts are offered a statement and then asked
whether they agree with it, disagree with it, or are uncertain about
it. The survey results appear in the chapters near the coverage of
the relevant topic. They give students a sense of when economists
are united, when they are divided, and when they just don’t know
what to think.
Definitions of Key Concepts

When key concepts are introduced in the chapter, they are presented
in bold typeface. In addition, their definitions are placed in the
margins. This treatment should aid students in learning and
reviewing the material.
Quick Quizzes
After each major section in a chapter, students are offered a brief

multiple-choice Quick Quiz to check their comprehension of what
they have just learned. If students cannot readily answer these
quizzes, they should stop and review material before continuing. The
answers to all Quick Quizzes are available at the end of each
chapter.
Chapter in a Nutshell
Each chapter concludes with a brief summary that reminds students

of the most important lessons that they have learned. Later in their
study, it offers an efficient way to review for exams.
List of Key Concepts
A list of key concepts at the end of each chapter offers students a

way to test their understanding of the new terms that have been
introduced. Page references are included so that students can review
the terms they do not understand.
Questions for Review
Located at the end of each chapter, questions for review cover the
chapter’s primary lessons. Students can use these questions to
check their comprehension and prepare for exams.
Problems and Applications
Each chapter also contains a variety of problems and applications

asking students to apply the material that they have learned. Some
instructors may use these questions for homework assignments.
Others may use them as a starting point for classroom discussions.

WCN 02-200-203

and/or eChapter(s).
Alternative Versions of the Book
The book you are now holding is one of five versions of this text that
are available for introducing students to economics. Cengage and I
offer this menu of books because instructors differ in how much time
they have and what topics they choose to cover. Here is a brief
description of each:
• Principles of Economics. This complete version of the book

contains all 36 chapters. It is designed for two-semester introductory
courses that cover both microeconomics and macroeconomics.
• Principles of Microeconomics. This version contains 22 chapters

and is designed for one-semester courses in introductory
microeconomics.
• Principles of Macroeconomics. This version contains 23 chapters
and is designed for one-semester courses in introductory
macroeconomics.
It contains a full development of the theory of supply and demand.
• Brief Principles of Macroeconomics. This shortened macro version

of 18 chapters contains only one chapter on the basics of supply and
demand. It is designed for instructors who want to jump to the core
topics of macroeconomics more quickly.
• Essentials of Economics. This version of the book contains 24

chapters.
It is designed for one-semester survey courses that cover the basics

of
both microeconomics and macroeconomics.
The accompanying table shows precisely which chapters are

included in each book. Instructors who want more information about
these alternative versions should contact their local Cengage
representative.

WCN 02-200-203

and/or eChapter(s).
xi
Table 1
The Five Versions of This Book
Brief
Principles of
Principles of
Principles of
Essentials of
Principles of Economics
Microeconomics Macroeconomics Macroeconomics

Economics
1 Ten Principles of Economics
2 Thinking Like an Economist
3 interdependence and the Gains from Trade
X
X
4 The Market Forces of Supply and demand
5 Elasticity and its application
6 Supply, demand, and Government Policies
7 Consumers, Producers, and the Efficiency of
Markets
8 application: The Costs of Taxation
9 application: international Trade
10 Externalities
11 Public Goods and Common resources
12 The design of the Tax System
13 The Costs of Production
14 Firms in Competitive Markets

X
15 Monopoly
16 Monopolistic Competition
17 oligopoly
18 The Markets for the Factors of Production
19 Earnings and discrimination
20 income inequality and Poverty
21 The Theory of Consumer Choice
22 Frontiers of Microeconomics
23 Measuring a Nation’s income

X
24 Measuring the Cost of Living
25 Production and Growth
26 Saving, investment, and the Financial System
27 The basic Tools of Finance
28 Unemployment
X
29 The Monetary System
30 Money Growth and inflation
31 open-Economy Macroeconomics: basic Concepts
32 a Macroeconomic Theory of the open Economy
33 aggregate demand and aggregate Supply
X
X
34 The influence of Monetary and Fiscal Policy on
aggregate demand
35 The Short-run Trade-off between inflation and
Unemployment
36 Six debates over Macroeconomic Policy

WCN 02-200-203

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xii
supplements
Cengage offers various supplements for instructors and students

who use this book. These resources make teaching the principles of
economics easy for the instructor and learning them easy for the
student. David R. Hakes of the University of Northern Iowa, a
dedicated teacher and economist, supervised the development of
the supplements for this edition. A complete list of available
supplements follows this Preface.
Modules
I have written four modules, or mini-chapters, with optional material

that instructors can include in their courses. For instructors using the
digital version of the book, these modules can be added with a few
mouse clicks. As of now, there are modules on The Economics of
Healthcare, The European Union, The Keynesian Cross, and How
Economists Use Data. I expect to add more modules to the library
available to instructors in the years to come.
Translations and Adaptations
I am delighted that versions of this book are (or will soon be)
available in many of the world’s languages. Currently scheduled
translations include Azeri, Chinese (in both standard and simplified
characters), Croatian, Czech, Dutch, French, Georgian, German,
Greek, Indonesian, Italian, Japanese, Korean, Macedonian,
Montenegrin, Portuguese, Romanian, Russian, Serbian, and Spanish.
In addition, adaptations of the book for Australian, Canadian,
European, and New Zealand students are also available. Instructors
who would like more information about these books should contact
Cengage.
Acknowledgments
In writing this book, I benefited from the input of many talented

people. Indeed, the list of people who have contributed to this
project is so long, and their contributions so valuable, that it seems
an injustice that only a single name appears on the cover.
Let me begin with my colleagues in the economics profession. The

many editions of this text and its supplemental materials have
benefited enormously from their input. In reviews and surveys, they
have offered suggestions, identified challenges, and shared ideas
from their own classroom experience. I am indebted to them for the
perspectives they have brought to the text. Unfortunately, the list
has become too long to thank those who contributed to previous
editions, even though students reading the current edition are still
benefiting from their insights.
Most important in this process has been David Hakes (University of

Northern Iowa). David has served as a reliable sounding board for
ideas and a hardworking partner with me in putting together the
superb package of supplements. I am also grateful to Stephanie
Thomas (Cornell University), who helped in the planning process for
this new edition.

WCN 02-200-203

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FRENCH RECEIPT FOR BOILING A HAM.
After having soaked, thoroughly cleaned, and trimmed the ham,

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When perfectly tender, lift it out, take off the rind, and sprinkle over it
some fine crumbs, or some raspings of bread mixed with a little
finely minced parsley.
Obs.—Foreign cooks generally leave hams, braised joints, and
various other prepared meats intended to be served cold, to cool
down partially in the liquor in which they are cooked; and this
renders them more succulent; but for small frugal families the plan
does not altogether answer, because the moisture of the surface
(which would evaporate quickly if they were taken out quite hot)
prevents their keeping well for any length of time. The same
objection exists to serving hams laid upon, or closely garnished with
savoury jelly (aspic), which becomes much more quickly unfit for
table than the hams themselves.
These considerations, which may appear insignificant to some of
our readers, will have weight with those who are compelled to
regulate their expenses with economy.
TO BAKE A HAM.
Unless when too salt from not being sufficiently soaked, a ham
(particularly a young and fresh one) eats much better baked than
boiled, and remains longer good. The safer plan to ensure its being
sufficiently steeped, is to lay it into plenty of cold water over night.
The following day soak it for an hour or more in warm water, wash it
delicately clean, trim smoothly off all rusty parts, and lay it with the
rind downwards into a large common pie-dish; press an oiled paper
closely over it, and then fasten securely to the edge of the dish a
thick cover of coarse paste; and send the ham to a moderate oven,
of which the heat will be well sustained until it is baked. Or, when
more convenient, lay the ham at once—rind downwards—on the
paste, of which sufficient should be made, and rolled off to an inch in
thickness, to completely envelope it. Press a sheet of oiled foolscap
paper upon it; gather up the paste firmly all round, draw and pinch
the edges together, and fold them over on the upper side of the ham,
taking care to close them so that no gravy can escape. Send it to a
well-heated, but not a fierce oven. A very small ham will require quite
three hours baking, and a large one five. The crust and the skin must
be removed while it is hot. When part only of a ham is dressed, this
mode is better far than boiling it.
TO BOIL BACON.
When very highly salted and dried, it should be soaked for an hour
before it is dressed. Scrape and wash it well, cover it plentifully with
cold water, let it both heat and boil slowly, remove all the scum with
care, and when a fork or skewer will penetrate the bacon easily lift it
out, strip off the skin, and strew raspings of bread over the top, or
grate upon it a hard-crust which has been toasted until it is crisp
quite through; or should it be at hand, use for the purpose the bread
recommended at page 103, then dry it a little before the fire, or set it
for a few minutes into a gentle oven. Bacon requires long boiling, but
the precise time depends upon its quality, the flesh of young porkers
becoming tender much sooner than that of older ones; sometimes
too, the manner in which the animal has been fed renders the meat
hard, and it will then, unless thoroughly cooked, prove very
indigestible. From ten to fifteen minutes less for the pound, must be
allowed for unsmoked bacon, or for pickled pork. Smoked bacon
(striped), 2 lbs., from 1-1/4 to 1-1/2 hour; unsmoked bacon or pork, 1
to 1-1/4 hour.
Obs.—The thickest part of a large side or flitch of bacon will
require from twenty to thirty minutes longer boiling than the thinner
side.
BACON BROILED OR FRIED.
Cut it evenly in thin slices or rashers, as they are generally called,

pare from them all rind and rust, curl them round, fasten them with
small slight skewers, then fry, broil, or toast them in a Dutch oven;
draw out the skewers before they are sent to table. A few minutes
will dress them either way. They may also be cooked without being
curled. The rind should always be taken off, and the bacon gently
toasted, grilled, or fried, that it may be well done without being too
much dried or hardened: it should be cut thin.
DRESSED RASHERS OF BACON.
Slice rather thicker than for frying some cold boiled bacon, and
strew it lightly on both sides with fine raspings of bread, or with a
grated crust which has been very slowly and gradually toasted until
brown quite through. Toast or warm the rashers in a Dutch oven, and
serve them with veal cutlets, or any other delicate meat. The bacon
thus dressed is much more delicate than when broiled or fried
without the previous boiling.
4 to 5 minutes.
TONBRIDGE BRAWN.
Split open the head of a pig of middling size, remove the brain and
all the bones, strew the inside rather thickly with fine salt, and let it
drain until the following day. Cleanse the ears and feet in the same
manner: wipe them all from the brine, lay them into a large pan, and
rub them well with an ounce and a half of saltpetre mixed with six
ounces of sugar; in twelve hours, add six ounces of salt; the next day
pour a quarter of a pint of good vinegar over them, and keep them
turned in the pickle every twenty-four hours for a week; then wash it
off the ears and feet, and boil them for about an hour and a half;
bone the feet while they are warm, and trim the gristle from the large
ends of the ears. When these are ready, mix a large grated nutmeg
with a teaspoonful and a half of mace, half a teaspoonful of cayenne,
and as much of cloves. Wash, but do not soak the head; wipe and
flatten it on a board; cut some of the flesh from the thickest parts,
and (when the whole of the meat has been seasoned equally with
the spices) lay it on the thinnest; intermix it with that of the ears and
feet, roll it up very tight, and bind it firmly with broad tape; fold a thin
pudding-cloth quite closely round it, and tie it securely at both ends.
A braising-pan, from its form, is best adapted for boiling it, but if
there be not one at hand, place the head in a vessel adapted to its
size, with the bones and trimmings of the feet and ears, a large
bunch of savoury herbs, two moderate-sized onions, a small head of
celery, three or four carrots, a teaspoonful of peppercorns, and
sufficient cold water to cover it well; boil it very gently for four hours,
and leave it until two parts cold in the liquor in which it was boiled.
Take off the cloth, and put the brawn between two dishes or
trenchers, with a heavy weight on the upper one. The next day take
off the fillets of tape, and serve the head whole or sliced with the
brawn sauce of Chapter VI.
ITALIAN PORK CHEESE.
Chop, not very fine, one pound of lean pork with two pounds of the
inside fat; strew over, and mix thoroughly with them three
teaspoonsful of salt, nearly half as much pepper, a half-tablespoonful
of mixed parsley, thyme, and sage (and sweet-basil, if it can be
procured), all minced extremely small. Press the meat closely and
evenly into a shallow tin,—such as are used for Yorkshire puddings
will answer well,—and bake it in a very gentle oven from an hour to
an hour and a half: it is served cold in slices. Should the proportion
of fat be considered too much, it can be diminished on a second trial.
Minced mushrooms or truffles may be added with very good effect
to all meat cakes, or compositions of this kind.
Lean of pork, 1 lb.; fat, 2 lbs.; salt, 3 teaspoonsful; pepper, 1-1/2
teaspoonful; mace, 1/2 teaspoonful; nutmeg, 1 small; mixed herbs, 1
large tablespoonful: 1 to 1-1/2 hour.
SAUSAGE-MEAT CAKE, OR, PAIN DE PORC FRAIS.
Season very highly from two to three pounds of good sausage-

meat, both with spices and with sage, or with thyme and parsley, if
these be preferred; press the mixture into a pan, and proceed
exactly as for the veal-cake of Chapter XI. A few minced eschalots
can be mixed with the meat for those who like their flavour.
SAUSAGES.
Common farm-house sausages are made with nearly equal parts

of fat and lean pork, coarsely chopped, and seasoned with salt and
pepper only. They are put into skins (which have previously been
turned inside out, scraped very thin, washed with extreme nicety,
and wiped very dry), then twisted into links, and should be hung in a
cool airy larder, when they will remain good for some time. Odd
scraps and trimmings of pork are usually taken for sausage-meat
when the pig is killed and cut up at home; but the chine and blade-
bone are preferred in general for the purpose. The pork rinds, as we
have already stated,[86] will make a strong and almost flavourless
jelly, which may be used with excellent effect for stock, and which,
with the addition of some pork-bones, plenty of vegetables, and
some dried peas, will make a very nutritious soup for those who do
not object to the pork-flavour which the bones will give. Half an
ounce of salt, and nearly or quite a quarter of an ounce of pepper will
sufficiently season each pound of the sausage-meat.
86. See Soupe des Galles, Chapter I.
KENTISH SAUSAGE-MEAT.
To three pounds of lean pork, add two of fat, and let both be taken
clear of skin. As sausages are lighter, though not so delicate, when
the meat is somewhat coarsely chopped, this difference should be
attended to in making them. When the fat and lean are partially
mixed, strew over them two ounces and a half of dry salt, beaten to
powder, and mixed with one ounce of ground black pepper, and
three large tablespoonsful of sage, very finely minced. Turn the meat
with the chopping-knife, until the ingredients are well blended. Test it
before it is taken off the block, by frying a small portion, that if more
seasoning be desired, it may at once be added. A full-sized nutmeg
and a small dessertspoonsful of pounded mace, would, to many
tastes, improve it. This sausage-meat is usually formed into cakes,
which, after being well floured, are roasted in a Dutch oven. They
must be watched, and often turned, that no part may be scorched.
The meat may also be put into skins, and dressed in any other way.
Lean of pork, 3 lbs.; fat, 2 lbs.; salt, 2-1/2 oz.; pepper, 1 oz,;
minced sage, 3 large tablespoonsful.
EXCELLENT SAUSAGES.
Chop, first separately, and then together, one pound and a quarter
of veal, perfectly free from fat, skin, and sinew, with an equal weight
of lean pork, and of the inside fat of the pig. Mix well, and strew over
the meat an ounce and a quarter of salt, half an ounce of pepper,
one nutmeg grated, and a large teaspoonful of pounded mace. Turn,
and chop the sausages until they are equally seasoned throughout,
and tolerably fine; press them into a clean pan, and keep them in a
very cool place. Form them, when wanted for table, into cakes
something less than an inch thick; and flour and fry them then for
about ten minutes in a little butter, or roast them in a Dutch or
American oven.
Lean of veal and pork, of each 1 lb. 4 oz.; fat of pork, 1 lb. 4 oz.,
salt, 1-1/4 oz.; pepper, 1/2 oz.; nutmeg, 1; mace, 1 large teaspoonful,
fried in cakes, 10 minutes.
POUNDED SAUSAGE-MEAT.
(Very good.)
Take from the best end of a neck of veal, or from the fillet or loin, a
couple or more pounds of flesh without any intermixture of fat or
skin; chop it small, and pound it thoroughly in a large mortar, with
half its weight of the inside, or leaf-fat, of a pig; proportion salt and
spice to it by the preceding receipt, form it into cakes, and fry it as
above.
BOILED SAUSAGES. (ENTRÉE.)
In Lincolnshire, sausages are frequently boiled in the skins, and

served upon a toast, as a corner dish. They should be put into
boiling water, and simmered from seven to ten minutes, according to
their size.
SAUSAGES AND CHESTNUTS. (ENTRÉE.)
An excellent dish. (French.)

Roast, and take the husk and skin from forty fine Spanish
chestnuts; fry gently, in a morsel of butter, six small flat oval cakes of
fine sausage-meat, and when they are well browned, lift them out
and pour into a saucepan, which should be bright in the inside, the
greater part of the fat in which they have been fried; mix with it a
large teaspoonful of flour, and stir these over the fire till they are well
and equally browned; then pour in by degrees nearly half a pint of
strong beef or veal broth, or gravy, and two glasses of good white
wine; add a small bunch of savoury herbs, and as much salt and
pepper, or cayenne, as will season the whole properly; give it a boil,
lay in the sausages round the pan, and the chestnuts in the centre;
stew them very softly for nearly an hour; take out the herbs, dish the
sausages neatly, and heap the chestnuts in the centre, strain the
sauce over them and serve them very hot. There should be no sage
mixed with the pork to dress thus.
Chestnuts roasted, 40; sausages, 6; gravy, nearly 1/2 pint; sherry
or Madeira, 2 wineglassesful: stewed together from 50 to 60
minutes.
TRUFFLED SAUSAGES.
(Saucisses aux Truffes.)

With two pounds of the lean of young tender pork, mix one pound
of fat, a quarter of a pound of truffles, minced very small, an ounce
and a half of salt, a seasoning of cayenne, or quite half an ounce of
white pepper, a nutmeg, a teaspoonful of freshly pounded mace, and
a dessertspoonful or more of savoury herbs dried and reduced to
powder. Test a morsel of the mixture; heighten any of the seasonings
to the taste; and put the meat into delicately clean skins: if it be for
immediate use, and the addition is liked, moisten it, before it is
dressed, with one or two glassesful of Madeira. The substitution of a
clove of garlic for the truffles, will convert these into Saucisses a l’
Ail, or garlic sausages.
CHAPTER XIV.
Poultry.
TO CHOOSE POULTRY.
Young, plump, well-fed, but not over-fatted poultry is the best. The
skin of fowls and turkeys should be clear, white, and finely grained,
the breasts broad and full-fleshed, the legs smooth, the toes pliable
and easily broken when bent back; the birds should also be heavy in
proportion to their size. This applies equally to geese and ducks, of
which the breasts likewise should be very plump, and the feet yellow
and flexible: when these are red and hard, the bills of the same
colour, and the skin full of hairs, and extremely coarse, the birds are
old.
White-legged fowls and chickens should be chosen for boiling,
because their appearance is the most delicate when dressed; but the
dark-legged ones often prove more juicy and of better flavour when
roasted, and their colour then is immaterial.
Every precaution should be taken to prevent poultry from
becoming ever so slightly tainted before it is cooked, but unless the
weather be exceedingly sultry, it should not be quite freshly killed;
pigeons only are the better for being so, and are thought to lose their
flavour by hanging even a day or two. Turkeys, as we have stated in
our receipts for them, are very tough and poor eating if not
sufficiently long kept. A goose, also, in winter, should hang some
days before it is dressed, and fowls, likewise, will be improved by it.
All kinds of poultry should be thoroughly cooked, though without
being overdone, for nothing in general can more effectually destroy
the appetite than the taste and appearance of their flesh when
brought to table half roasted or boiled.
TO BONE A FOWL OR TURKEY WITHOUT OPENING IT.
After the fowl has been drawn and singed, wipe it inside and out
with a clean cloth, but do not wash it. Take off the head, cut through
the skin all round the first joint of the legs, and pull them from the
fowl, to draw out the large tendons. Raise the flesh first from the
lower part of the back-bone, and a little also from the end of the
breast-bone, if necessary; work the knife gradually to the socket of
the thigh; with the point of the knife detach the joint from it, take the
end of the bone firmly in the fingers, and cut the flesh clean from it
down to the next joint, round which pass the point of the knife
carefully, and when the skin is loosened from it in every part, cut
round the next bone, keeping the edge of the knife close to it, until
the whole of the leg is done. Remove the bones of the other leg in
the same manner; then detach the flesh from the back and breast-
bone sufficiently to enable you to reach the upper joints of the wings;
proceed with these as with the legs, but be especially careful not to
pierce the skin of the second joint; it is usual to leave the pinions
unboned, in order to give more easily its natural form to the fowl
when it is dressed. The merrythought and neck-bones may now
easily be cut away, the back and side-bones taken out without being
divided, and the breast-bone separated carefully from the flesh
(which, as the work progresses, must be turned back from the bones
upon the fowl, until it is completely inside out). After the one
remaining bone is removed, draw the wings and legs back to their
proper form, and turn the fowl right side outwards.
A turkey is boned exactly in the same manner, but as it requires a
very large proportion of forcemeat to fill it entirely, the legs and wings
are sometimes drawn into the body, to diminish the expense of this.
If very securely trussed, and sewn, the bird may be either boiled, or
stewed in rich gravy, as well as roasted, after being boned and
forced; but it must be most gently cooled, or it may burst.
ANOTHER MODE OF BONING A FOWL OR TURKEY.
Cut through the skin down the centre of the back, and raise the
flesh carefully on either side with the point of a sharp knife, until the
sockets of the wings and thighs are reached. Till a little practice has
been gained, it will perhaps be better to bone these joints before
proceeding further; but after they are once detached from it, the
whole of the body may easily be separated from the flesh and taken
out entire: only the neck-bones and merrythought will then remain to
be removed. The bird thus prepared may either be restored to its
original form, by filling the legs and wings with forcemeat, and the
body with the livers of two or three fowls mixed with alternate layers
of parboiled tongue freed from the rind, fine sausage meat, or veal
forcemeat, or thin slices of the nicest bacon, or aught else of good
flavour, which will give a marbled appearance to the fowl when it is
carved; and then be sewn up and trussed as usual; or the legs and
wings may be drawn inside the body, and the bird being first
flattened on a table may be covered with sausage meat, and the
various other ingredients we have named, so placed that it shall be
of equal thickness in every part; then tightly rolled, bound firmly
together with a fillet of broad tape, wrapped in a thin pudding-cloth,
closely tied at both ends, and dressed as follows:—Put it into a
braising-pan, stewpan, or thick iron saucepan, bright in the inside,
and fitted as nearly as may be to its size; add all the chicken bones,
a bunch of sweet herbs, two carrots, two bay-leaves, a large blade of
mace, twenty-four white peppercorns, and any trimmings or bones of
undressed veal which may be at hand; cover the whole with good
veal-broth, add salt, if needed, and stew it very softly, from an hour
and a quarter to an hour and a half; let it cool in the liquor in which it
was stewed; and after it is lifted out, boil down the gravy to a jelly
and strain it; let it become cold, clear off the fat, and serve it cut into
large dice or roughed, and laid round the fowl, which is to be served
cold. If restored to its form, instead of being rolled, it must be stewed
gently for an hour, and may then be sent to table hot, covered with
mushroom, or any other good sauce that may be preferred; or it may

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N Gregory Mankiw Brief principles of

macroeconomics Cengage Learning

N Gregory Mankiw Brief principles of macroeconomics

Brief principles of macroeconomics Ninth Edition.

Principles of Microeconomics by N. Gregory Mankiw 8TH

Macroeconomics 11th Edition N. Gregory Mankiw [11 Ed.]

Principles of Economics 8th Edition N Gregory Mankiw

Principles of Microeconomics, Asia-Pacific Edition N.

Principles of Economics, 10e 10th Edition N. Gregory

Principles of Macroeconomics 7th Edition Mankiw

The study of economics is guided by a few big ideas.

2 Thinking Like an Economist

Economists view the world as both scientists and policymakers.

3 Interdependence and the Gains from Trade

The theory of comparative advantage explains how people

benefit from economic interdependence.

How Markets work

How does the economy coordinate interdependent economic

4 The Market Forces of Supply and Demand

actors? Through the market forces of supply and demand.

tHe data of MacroeconoMIcs

5 Measuring a Nation’s Income

The overall quantity of production and the overall price level

are used to monitor developments in the economy as a whole.

6 Measuring the Cost of Living

tHe real econoMy In tHe long run

7 Production and Growth

8 Saving, Investment, and the Financial System

9 The Basic Tools of Finance

real interest rates, and unemployment.

Copyright 2021 Cengage Learning. All Rights Reserved. May

Copyright 2021 Cengage Learning. All Rights Reserved. May not be

monEy and pricEs in ThE long run

11 The Monetary System

The monetary system is crucial in determining the long-run

behavior of the price level, the inflation rate, and other

12 Money Growth and Inflation

ThE macroEconomics oF opEn EconomiEs

by its trade balance, net foreign investment, and exchange rate.

14 A Macroeconomic Theory of the

A long-run model of the open economy explains the determinants

shorT-run Economic FlucTuaTions

15 Aggregate Demand and Aggregate Supply

The model of aggregate demand and aggregate supply explains

16 The Influence of Monetary and Fiscal Policy

short-run economic fluctuations, the short-run effects of

monetary and fiscal policy, and the short-run linkage between

17 The Short-Run Trade-Off between

real and nominal variables.

Inflation and Unemployment

18 Six Debates over Macroeconomic Policy

over economic policy.

Copyright 2021 Cengage Learning. All Rights Reserved. May

Copyright 2021 Cengage Learning. All Rights Reserved. May not be

Copyright 2021 Cengage Learning. All Rights Reserved. May

Copyright 2021 Cengage Learning. All Rights Reserved. May not be

Copyright 2021 Cengage Learning. All Rights Reserved. May

Copyright 2021 Cengage Learning. All Rights Reserved. May not be

This is an electronic version of the print textbook. Due to electronic

Important Notice: Media content referenced within the product

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Brief Principles of Macroeconomics,

© 2021, 2018 Cengage Learning, Inc.