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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
6 Measuring the Cost of Living are used to monitor developments in the economy as a whole.
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
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
A capstone chapter presents both sides of six major debates
18 Six Debates over Macroeconomic Policy
over economic policy.
Brief Principles of
MACRO
ECONOMICS Ninth Edition
N. Gregory Mankiw
Harvard University
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Printed in the United States of America

Print Number: 01 Print Year: 2019
To Catherine, Nicholas, and Peter,
my other contributions to the next generation
iii
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, m icroeconomics,
statistics, and principles of e conomics. 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
Jordi Cabré 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
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
Preface: To
the Instructor
D
uring 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 disci-
pline, 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
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 econom-
ics, 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.
Preface: To the Instructor 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 consump-
tion 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 institu-
tions 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 rela-
tionship among saving, investment, and the trade balance, the distinction between
viii Preface: To the Instructor
the nominal and real exchange rate, and the theory of purchasing-power parity.
Chapter 14, “A Macroeconomic Theory of the Open Economy,” presents a clas-
sical 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 dis-
posal 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 exam-
ines 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 policy-
makers: 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 govern-
ment’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 ben-
efit, 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
Preface: To the Instructor 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 econo-
mists 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 p
rimary
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.
x Preface: To the Instructor
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.
Preface: To the Instructor 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 X X X X
2 hinking Like an Economist
T X X X X
3 Interdependence and the Gains from Trade X X X X
4 The Market Forces of Supply and Demand X X X X
5 Elasticity and Its Application X X X
6 Supply, Demand, and Government Policies X X X
7 Consumers, Producers, and the Efficiency of X X X
Markets
8 Application: The Costs of Taxation X X X
9 Application: International Trade X X X
10 Externalities X X
11 Public Goods and Common Resources X X
12 The Design of the Tax System X
13 The Costs of Production X X
14 Firms in Competitive Markets X X
15 Monopoly X X
16 Monopolistic Competition X
17 Oligopoly X
18 The Markets for the Factors of Production X
19 Earnings and Discrimination X
20 Income Inequality and Poverty X
21 The Theory of Consumer Choice X
22 Frontiers of Microeconomics X
23 Measuring a Nation’s Income X X X
24 Measuring the Cost of Living X X X
25 Production and Growth X X X
26 Saving, Investment, and the Financial System X X X
27 The Basic Tools of Finance X X X
28 Unemployment X X X
29 The Monetary System X X X
30 Money Growth and Inflation X X X
31 Open-Economy Macroeconomics: Basic Concepts X X
32 A Macroeconomic Theory of the Open Economy X X
33 Aggregate Demand and Aggregate Supply X X X
34 The Influence of Monetary and Fiscal Policy on X X X
Aggregate Demand
35 The Short-Run Trade-Off between Inflation and X X
Unemployment
36 Six Debates over Macroeconomic Policy X X
xii Preface: To the Instructor
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 fol-
lows this Preface.
Modules
I have written four modules, or mini-chapters, with optional material that instruc-
tors 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.
Preface: To the Instructor xiii
The following reviewers of the eighth edition provided suggestions for refining
the content, organization, and approach in the ninth.
Anil Aba, University of Utah Miren Ivankovic, Anderson Scott Niederjohn, Lakeland
Mark Abajian, San Diego Mesa University University
College Justin Jarvis, Truman State Carla Nietfeld, Francis Marion
Dorian Abreu, Hunter College University University
Goncalo Alves Pina, Santa Clara Aaron Johnson, Albany State John Nyhoff, Oakton Community
University University College
Bob Barnes, Loyola University Bonnie Johnson, Wayne State Andrew Paizis, New York
Chicago University University
James Bathgate, Western Nevada Rutherford Johnson, University of Jason Patalinghug,
College Minnesota Crookston Southern Connecticut State
Nicole Bissessar, Southern New Venoo Kakar, San Francisco State University
Hampshire University University Jodi Pelkowski, Wichita State
Joseph Brignone, Brigham Young Jennifer Klein, University of University
University Colorado Boulder Sougata Poddar, Chapman
William Byrd, Troy University Audrey Kline, University of University
Samantha Cakir, Macalester College Louisville Lana Podolak, Community
John Carter, Modesto Junior College Fred Kolb, University of College of Beaver County
Avik Chakrabarti, University of Wisconsin–Eau Claire Gyan Pradhan, Eastern Kentucky
Wisconsin–Milwaukee Janet Koscianski, Shippensburg University
Yong Chao, University of Louisville University Elena Prado, San Diego State
David Chaplin, Northwest Mikhail Kouliavtsev, University
Nazarene University Stephen F. Austin State John Reardon, Hamline
Mitch Charkiewicz, Central University University
Connecticut State University Nakul Kumar, Bloomsburg Ty Robbins, Manchester
LaPorchia Collins, Tulane University University
University Jim Leggette, Belhaven University Jason Rudbeck, University of
Andrew Crawley, University of David Lewis, Oregon State Georgia
Maine University Anthony Scardino, Felician
Maria DaCosta, University of Hank Lewis, Houston Community University
Wisconsin–Eau Claire College Helen Schneider, University of
Dennis Debrecht, Carroll Yan Li, University of Texas at Austin
University Wisconsin–Eau Claire Alex Shiu, McLennan Community
Amrita Dhar, University of Mary Zhen Li, Albion College College
Washington Dan Marburger, Arizona State Harmeet Singh, Texas A&M
Lynne Elkes, Loyola University University University–Kingsville
Maryland Jim McGibany, Marquette Catherine Skura, Sandhills
Elena Ermolenko, Oakton University Community College
Community College Steven McMullen, Hope College Gordon Smith, Anderson
Sarah Estelle, Hope College Meghan Mihal, St. Thomas University
John Flanders, Central Methodist Aquinas College Nathan Smith, University of
University Martin Milkman, Murray State Hartford
Gary Gray, Umpqua Community University Mario Solis-Garcia, Macalester
College Soonhong Min, University at College
Jessica Hennessey, Furman Albany Arjun Sondhi, Wayne State
University Phillip Mixon, Troy University University
Alexander Hill, Arizona State Chau Nguyen, Mesa Community Derek Stimel, University of
University College California, Davis
xiv Preface: To the Instructor
Paul Stock, University of Mary Phillip Tussing, Houston Jim Wollscheid, University of
Hardin Baylor Community College Arkansas–Fort Smith
Yang Su, University of William Walsh, University of Doyoun Won, University
Washington Alabama of Utah
Anna Terzyan, Loyola Marymount Beth Wheaton, Southern Methodist Kelvin Wong, Arizona State
University University University
Elsy Thomas, Bowling Green State Oxana Wieland, University of Fan Yang, University of
University Minnesota Crookston Washington
Kathryn Thwaites, Sandhills Christopher Wimer, Heidelberg Ying Yang, University of Rhode
Community College University Island
The team of editors who worked on this book improved it tremendously.

Jane Tufts, developmental editor, provided truly spectacular editing—as she
always does. Jason Fremder, economics Product Director, and Christopher Rader,
Product Manager, did a splendid job of overseeing the many people involved
in such a large project. Sarah Keeling, Senior Learning Designer, was crucial in
assembling an extensive and thoughtful group of reviewers to give me feedback
on the previous edition and shape up the new edition. Anita Verma, Senior
Content Manager, was crucial in putting together an excellent team to revise the
supplements and with Beth Asselin and Phil Scott, project managers at SPi Global,
had the patience and dedication necessary to turn my manuscript into this book.
Bethany Bourgeois, Senior Designer, gave this book its clean, friendly look. Irwin
Zucker, copyeditor, refined my prose, and Val Colligo, indexer, prepared a careful
and thorough index. John Carey, Executive Marketing Manager, worked long hours
getting the word out to potential users of this book. The rest of the Cengage team
has, as always, been consistently professional, enthusiastic, and dedicated.
We have a top team of veterans who have worked across multiple editions
producing the supplements that accompany this book. Working with those at
Cengage, the following have been relentless in making sure that the suite of ancillary
materials is unmatched in both quantity and quality. No other text comes close.
PowerPoint: Andreea Chiritescu (Eastern Illinois University)
Test Bank: Shannon Aucoin, Eugenia Belova, Ethan Crist, Kasie Jean, and Brian
Rodriguez (in-house Subject Matter Experts)
Instructor manual: David Hakes (University of Northern Iowa)
I am grateful also to Rohan Shah and Rohit Goyal, two star undergraduates at
Harvard and Yale, respectively, who helped me refine the manuscript and check
the page proofs for this edition.
As always, I must thank my “in-house” editor Deborah Mankiw. As the first
reader of most things I write, she continued to offer just the right mix of criticism
and encouragement.
Finally, I should mention my three children Catherine, Nicholas, and Peter. Their
contribution to this book was putting up with a father spending too many hours
in his study. The four of us have much in common—not least of which is our love
of ice cream (which becomes apparent in Chapter 4).
N. Gregory Mankiw
May 2019
Brief Contents
Part I Introduction 1 Part v Money and Prices in the Long Run 209
1 Ten Principles of Economics 1 11 The Monetary System 209
2 Thinking Like an Economist 17 12 Money Growth and Inflation 233
3 Interdependence and the Gains from Trade 45
Part vI The Macroeconomics of Open Economies 259

Part II How Markets Work 61 13 Open-Economy Macroeconomics: Basic
Concepts 259
4 The Market Forces of Supply and Demand 61
14 A Macroeconomic Theory of the
Open Economy 281
Part III The Data of Macroeconomics 87

5 Measuring a Nation’s Income 87 Part VII Short-Run Economic Fluctuations 303
6 Measuring the Cost of Living 107 15 Aggregate Demand and Aggregate Supply 303
16 The Influence of Monetary and Fiscal Policy on
Aggregate Demand 339
Part IV The Real Economy in the Long Run 125 17 The Short-Run Trade-Off between Inflation and
Unemployment 365
7 Production and Growth 125
8 Saving, Investment, and the Financial
System 149
9 The Basic Tools of Finance 171 Part VIII Final Thoughts 389
10 Unemployment 187 18 Six Debates over Macroeconomic Policy 389
xv
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+ Booklist 17:152 Ja ’21
“Cheerfully condescending and commonplace. Mr Burroughs

deserves something better.” D. M.
− + Nation 112:89 Ja 19 ’21 40w

+ N Y Evening Post p10 D 31 ’20 220w
“It is true to the life, sympathetic and intimate. No admirer of John

Burroughs can do without this pleasant book.”
+ N Y Times p2 D 5 ’20 1450w
“It is a good book for boys and girls as well as for older people up
to the nineties.”
+ Outlook 126:600 D 1 ’20 50w

+ R of Rs 62:669 D ’20 120w
+ Wis Lib Bul 16:236 D ’20 60w
BARRY, RICHARD HAYES. Fruit of the desert.

*$1.50 Doubleday
20–7295
“A race of sun-worshippers, the Sunnites, rescue the hero, left
starving on the desert of Arizona by bandits. He finds his new friends
to be survivors of an ancient civilization. Inevitably, as in all stories
of this type, he falls in love with their high priestess and escapes with
her to the less romantic but more comfortable life of every-day
America.”—Outlook
“Having elected to write a romance, and a romance of a very

romantic sort, Mr Barry is entirely justified in using romantic
methods and in paying just as little heed as pleases him to
probabilities. He writes with the skill of a craftsman, he keeps the
interest well sustained.”
+ N Y Times p24 Ag 1 ’20 720w

Outlook 125:223 Je 2 ’20 80w
BARTHOLOMEW, WALLACE EDGAR, and

[2]
HURLBUT, FLOYD. Business man’s English,
spoken and written. il *$1.48 Macmillan 808
20–15735
“Bartholomew and Hurlbut have prepared a book which ‘intends

to interpret English as used by the careful business man of today.’
Chapter I of this book indicates the need of a study of business
English. Succeeding chapters take up such subjects as the business
vocabulary, ‘Common errors,’ clearness and emphasis in written
expression. Chapters VIII, IX, and X deal with oral English. Five
chapters are devoted to the study of various forms of letters. The
subject of advertising is given thorough consideration.”—School R
N Y Evening Post p9 O 30 ’20 90w
Reviewed by Brander Matthews
+ N Y Times p10 D 5 ’20 980w
“The book is well organized for use as a textbook. Persons giving

English courses in secondary schools will find it helpful.”
+ School R 28:797 D ’20 320w

The Times [London] Lit Sup p801 D 2
’20 40w
BARTLETT, WILLIAM HENRY. Handbook of

American government; rev and enl ed. by H:
Campbell Black. *$1.25 Crowell 353
20–11824
The last previous edition of this book appeared in 1912. The

present revision is designed to cover changes since that time,
including three amendments to the constitution, changes in the
judicial system, and changes brought about by the war. The editor
has also “taken advantage of the opportunity to explain or discuss at
greater length various important topics mentioned in the original
text, and to introduce comments or explanations of some clauses of
the constitution, or of the practical working of government under it,
which had not previously been included.” (Editor’s note)
+ Survey 45:26 O 2 ’20 60w
BARTLEY, MRS NALBRO ISADORAH.

Gorgeous girl. il *$1.75 (2c) Doubleday
20–6713
Stephen O’Valley became rich quick. He strained every nerve to

become so because he wanted to marry the “gorgeous girl,” Beatrice
Constantine, the spoiled daughter of wealth. When the engagement
gaieties, the wedding and honeymoon were over, and Steve proposed
to Beatrice that they quiet down and “find themselves” the
disillusionment began. A perpetual round of social excitement, a
reckless spending of money was Beatrice’s entire world and Steve’s
comparisons between her and Mary Faithful, his right hand in
business, became more searching. In time Mary assumes the rôle of
critic holding the mirror up to Steve, to show not only his own life
but Mary’s heart. When the failure of Steve’s business sends the
heartless Beatrice to Reno another kind of “gorgeous girl” takes her
place.
“Nalbro Bartley has mastered the style of American magazine

fiction. She has the light touch, the gift for quick, clever
characterization and a modicum of American slang. It is quite
noticeable that the women of the story are much more real creations
than the men.”
+ − Boston Transcript p11 Ap 3 ’20 500w
+ Ind 104:247 N 13 ’20 20w
“While Nalbro Bartley’s new story of ‘The gorgeous girl’ cannot be

called particularly convincing, it is less glaringly improbable than
some of her other tales. The book has some neat phrasing, Mary’s
home life is nicely sketched, and there are a few clever touches of
characterization.”
+ − N Y Times 25:199 Ap 18 ’20 480w
Reviewed by E. C. Webb
Pub W 97:995 Mr 20 ’20 300w
BARTLEY, MRS NALBRO ISADORAH. Gray

angels. *$1.90 (1½c) Small
20–17174
The first notice the world took of Thurley Precore was when she
“sang for her supper” and then continued to sing herself into people’s
hearts generally. The rich ghost lady heard the voice in her living
tomb and came out to take Thurley to New York and give her a
musical education. She became a prima donna, lived in an intimate
circle of first class artists, experienced their disappointments, their
boredom and the restlessness of fame. She tried to become reckless
and flirted with the forbidden, when her singing teacher, also a man
of genius, whom she secretly loved, set her right by confiding to her
his vision of America’s supreme mission in art. Winning the violet
crown he called it. Later the war with its war madness showed to
Thurley that her own particular mission lay in helping to restore a
hysterical people to sanity and to become one of the gray angels to
the broken ones of the war.
“The book is entertaining, the characters are well drawn. Fewer

characters would have been better. Thurley’s interesting career, with
its pleasing denouement, might have been told in considerably less
than 420 pages.”
+ − N Y Times p10 O 17 ’20 350w
BARTON, BRUCE. It’s a good old world. *$1.50

Century 814
20–14616
The book is a collection of contributions to various magazines.
They all look upon the cheery side of life, pick out the amenities from
the commonplaces, and abound in good advice and cheery
encouragement for the passengers on this “Good old world” whose
“quiet, patient fashion in which he goes around about the same old
task, day after day and year after year” the author admires. Some of
the titles are: I expect to be entirely consistent—after ninety; A great
little word is “why”; The second mile; It’s a moving picture world,
and the film changes every few minutes; The fine rare habit of
learning to do without; That fine old fake about the good old days;
Everybody has something.

+ Ind 104:249 N 13 ’20 30w
“Brief and pithy and filled with common sense philosophy.”
+ Wis Lib Bul 16:234 D ’20 30w
BARTON, GEORGE. Celebrated spies and

famous mysteries of the great war. il *$2 Page 940.3
19–17029
“George Barton has gathered together some of the strange

happenings of the war. It is no connected tale of espionage, but
rather a series of pen pictures relating to only a few of those involved
in the conflict, and those few among the best known. The opening
chapter deals with the disappearance of the Hampshire, with
Kitchener and his staff; the final one, with the murder of Ferdinand
at Sarajevo. In between are such dissimilar persons as Edith Cavell,
Capt. Fryatt, Bolo Pasha, Roger Casement, Ram Chanda and Werner
Horn.”—Springf’d Republican
“Every chapter reads like an Oppenheim novel in little, and there is

matter enough in the book to furnish material for all writers who are
seeking plots for stories of mystery.”
+ Boston Transcript p11 D 13 ’19 200w
“This book contains more promise than performance. Whatever

interest the stories themselves might hold is entirely spoiled by the
stagey dressing.”
− Cath World 111:406 Je ’20 170w
“An especially interesting chapter is ‘Eugene Van Doren and the

secret press of Belgium.’ If Mr Barton has told nothing new he has at
least gathered together the fragments of interesting and varied
careers reflecting differing aspects of the war.”
+ Springf’d Republican p8 D 16 ’19 160w

BARTON, WILLIAM ELEAZAR. Paternity of
Abraham Lincoln; was he the son of Thomas
Lincoln? an essay on the chastity of Nancy Hanks.
*$4 Doran
20–19246
The author says that this book may be considered a footnote to his
earlier book, “The soul of Abraham Lincoln” and as a suppressed
preface to a “Life of Abraham Lincoln” which he plans to write. He
states that in collecting data for the first book he came upon a
considerable body of material bearing on Lincoln’s paternity and
discovered that a number of intelligent collectors of Lincoln books
and students of history were convinced that Abraham Lincoln was
not the son of Thomas Lincoln. “Moreover, the author found himself
at length compelled to ask of himself the question, What if these
reports are true? And he pursued his investigations with an open
mind.... The author has endeavored to trace every rumor and report
relating to the birth of Abraham Lincoln, to assemble all the available
evidence in favor of it and against it, to judge each one of these
reports upon its own merits, and to render what, he believes, is a
judgment from which there can be no successful appeal.” The
judgment is a refutation of the supposed evidence and the author
believes that he has covered the ground so thoroughly that the
matter need not be referred to again.
+ Boston Transcript p7 N 20 ’20 840w
“A convincing study which leaves not a square inch of ground for

the scandal to stand on. Mr Barton’s researches have been exhaustive
and—barring a few minor slips—accurate.” C. V. D.
+ Nation 111:734 D 22 ’20 820w
“It is undisputedly and indisputably a good work to which Dr

Barton has set his hand.”
+ N Y Times p16 O 31 ’20 1750w

R of Rs 53:222 F ’21 70w
“A scholarly monograph.”
+ Springf’d Republican p6 N 15 ’20 480w
BARTON, WILLIAM ELEAZAR. Soul of

Abraham Lincoln. *$4 (3½c) Doran
20–3862
“The fact that there are so many books on the religion of Abraham
Lincoln is a chief reason why there should be one more.” (Preface)
The author explains his volume by stating the considerations which
differentiate it from earlier works. He has provided an adequate
historical background for the study of Lincoln’s religious life in
successive periods and has been aided in this effort by the fact that
he spent seven years in the same environment in which Lincoln lived
during two important epochs of his career. He has assembled a larger
body of essential evidence than any previous writer has compiled,
and subjected it to a critical analysis. He has opened several entirely
new avenues of investigation and he has set forth his conviction
concerning the faith of Abraham Lincoln aside from his theological
opinions. Accordingly the book falls into three parts: 1, A study of
religious environment; 2, An analysis of the evidence; 3, The religion
of Lincoln. The appendices contain extracts from addresses and
books of other writers and there is a bibliography and an index.
“For libraries attempting a complete Lincoln collection, though it

is rather lacking in charm for general reading.”
+ − Booklist 17:28 O ’20
“This book is so important in its field that it must be regarded as

necessary to any library, public or private, fittingly equipped for the
critical consideration of Lincoln’s religious history. His book is so
well done that it is likely long to remain the standard work on the
subject.” L. E. Robinson
+ Bookm 51:547 Jl ’20 3200w
“The conclusion of the whole matter is that despite its entertaining

and its authoritative biographical qualities, such a book as ‘The soul
of Abraham Lincoln’ is utterly futile. It leaves us exactly at the point
of its beginning. In its last page we have no clearer idea of Lincoln’s
religious belief than in its first. Despite the mass of material he
assembles, Dr Barton proves nothing.” E. F. E.
− + Boston Transcript p4 Ap 7 ’20 1500w
“His viewpoint, the skilful analysis of conflicting evidence, and the

ability which the author shows in reaching a logical conclusion,
seems to us to make this book one with which all students of the lives
of Lincoln must hereafter reckon.”
+ N Y Call p10 Mr 28 ’20 340w
“His volume will probably be the final authority on the much-

debated topic of Mr Lincoln’s religious faith.”
+ Outlook 124:656 Ap 14 ’20 2000w

Spec 124:835 Je 19 ’20 70w
“Like many others who would like to have Mr Lincoln pictured not
exactly as he really was, but as they are eager to think him, Mr
Barton labors hard to show what he believes to have been the
president’s religious ideas. The result is a new literary portrait of Mr
Lincoln, interesting and agreeable in details of the president’s family
life, but leaving one unconvinced regarding his religious
convictions.”
+ − Springf’d Republican p6 Mr 15 ’20

600w
“Mr Barton has done his work with good feeling and well. In one
thing we dissent from him seriously. He quite naturally ascribes
Lincoln’s refusal to follow his wife all the way into the Presbyterian
fold, or some other, to the weak side of his intellect and character. In
all this there is something astray.”
+ − The Times [London] Lit Sup p480 Jl 29

’20 1250w
BARUCH, BERNARD MANNES. Making of the
reparation and economic sections of the treaty. *$3
Harper 940.314
20–18667
Having been intimately concerned with the creation of the

reparation and economic sections of the treaty, the writer, in his
introduction to the book, gives an apologetic review of the then
existing conditions. The treaty was made, he says, in the still
smouldering furnace of human passion. In the reparation clauses the
conference was not writing a mere contract of dollars and cents; it
was dealing with blood-raw passions still pulsing through peoples’
veins. He concedes that the treaty is severe but also insists that it is a
flexible instrument, qualified to help effectuate a just and proper
peace, if that desire and purpose be really present. Contents: How
the reparation clauses were formed; Drawing the economic clauses;
Reparation clauses; Economic clauses; Appendix; Index.
“He writes with more caution and less indignation than Keynes but
his conclusion is essentially the same.”
“It is straight history, instead of being, like Keynes’s book, a blend

of history, literary satire and propaganda.”
+ Ind 103:442 D 25 ’20 120w
“Though Mr Baruch is still somewhat under the influence of the

pall of Paris, he lifts something of the veil of secrecy, and when he
does he speaks with authority, and not as the journalists. It is an
invaluable contribution.” L. S. G.
+ − Nation 111:506 N 3 ’20 1200w
Reviewed by Alvin Johnson
New Repub 25:21 D 1 ’20 1550w
“Mr Baruch seeks to explain, rather than to defend—which is the

more enlightening method. His simplicity, candor, and restraint let
the reader in to an apprehension of the true facts as he sees them.
Where is it, then, that Mr Baruch’s conception of the relations of men
and nations fails us and dismays us? Because he counts too low the
significance of words. Mr Baruch comforts himself that the parts of
the treaty which he hates not less than I do are empty because they
are impossible, and harmless because they can never happen. But
they have wounded, nevertheless, the public faith of Europe.” J. M.
Keynes
+ − N Y Evening Post p3 D 4 ’20 3050w
“The author has given a valuable account of the matter; clear,

dispassionate, uninvolved. His contentions gain in force through the
strictness with which he keeps within the field that he has marked
out for himself.”
+ No Am 212:859 D ’20 600w
“Should prove a valuable book of reference.”

+ Outlook 127:32 Ja 5 ’21 340w
“Mr Baruch’s chapters are brief and direct, while also persuasive to
the point of carrying conviction. The atmosphere in which the work
was done is well reproduced. This volume will be a necessary part of
every public and private library that includes the essential books
relating to the making of peace.”
+ R of Rs 62:668 D ’20 320w
“His new book is short and concise, but it is in some respects the
most illuminating comment upon the treaty that we have seen.”
+ Spec 125:778 D 11 ’20 1300w
BASCOM, LELIA. Elementary lessons in English

idiom. *$2 Appleton 425
20–15172
A work prepared in the Extension division of the University of

Wisconsin as a textbook for students in correspondence-study. It is
“designed to aid two types of students,—those who are not native
Americans but who have had a season of study in night school or
elsewhere so that they read and write English a little; and those
native Americans who are handicapped by a lack of knowledge of
good English usage.” The teaching thruout the book is by examples
and exercises for practice. Rules are reserved for a summing up at
the end.
BASDEN, GEORGE THOMAS. Among the Ibos
of Nigeria. il *$5 Lippincott 916.6
20–20653
“The country of the Ibos is a district in British West Africa on the

lower Niger immediately above the delta, and mainly on the eastern
bank of the river. The people—some of them—are cannibals and
addicted to the offering of human sacrifices with every circumstance
of cruelty; they eat snakes, except the python which is sacred; their
occupations are primitive, farming, fishing, and hunting—all three it
will be noticed connected with the necessity for procuring the prime
necessity, food. Their customs will be found detailed in this book.”—
The Times [London] Lit Sup
“There are annoying misprints both in English and Ibo; the map,
especially in the southern portion, must be termed misleading, it
does not even contain all the names mentioned in the text; but Mr
Basden has brought together much interesting material, some of it
novel, though in many instances insufficiently localized to be of use
to the scientific student. The errors pointed out above need not alarm
the general reader, who will find the life of the people set forth in an
interesting manner.” N. W. T.
+ − Ath p580 O 29 ’20 580w
“It is by a missionary of wide experience, rare open-mindedness,

and a real gift of observation. He makes no pretension to literary
excellence, but has made a book that is entertaining as well as
valuable ethnologically.”
+ Outlook 126:470 N 10 ’20 60w

“If we did not begin by crediting Mr Basden with sincerity, we
should be convinced of it in a few pages.”
+ The Times [London] Lit Sup p631 S 30

’20 720w
BASS, JOHN FOSTER. Peace tangle. *$4.50

Macmillan 940.314
20–19521
“Mr Bass traces recent diplomatic history from the secret treaties
entered into by various nations through the Paris peace conference
and the subsequent period. He devotes special chapters to conditions
in Germany, France, Italy, Austria, Hungary, Czechoslovakia,
Poland, Russia, the Balkans, and Turkey. Particular interest attaches
to the comment on the League of nations.”—Outlook
“Not so much a study of the treaty itself as Scott or of particular

sections of it as Baruch but more an evaluation in terms of actual
conditions and hoped for results. Less well organized than Keynes
but more detached in spirit (opinions are presented coldly, without
any attempt to persuade).”
“His book falls short of some of the other accounts, notably that of
Keynes, in organization of material, in charm of style and subtlety of
argument. In compensation it offers superior evidence of candor,
freedom from preconception and party bias and respect for the
independence of the reader’s judgment.” Alvin Johnson
+ − New Repub 24:330 N 24 ’20 1700w
“We know of no better volume to commend either to the man in

the street or to the serious student. The matter reveals a keen
observation, a rich experience, and a ripe maturity of judgment.”
+ Outlook 126:470 N 10 ’20 330w
“It is the best single book that has been written showing how the
peace treaty has actually worked in its application to political and
economic conditions.”
+ R of Rs 62:668 D ’20 110w

The Times [London] Lit Sup p843 D 9
’20 100w
BASSETT, JOHN SPENCER. Our war with

Germany; a history. il *$4 (3c) Knopf 940.373
19–19694
For descriptive note see Annual for 1919.
“Taken all together the account of Professor Bassett is the clearest

and best that has yet attempted in one volume the story of our part in
the world war. New sources will modify parts of the work, but the
main outlines will stand much as this historian has dispassionately
presented them. The chief complaint that some readers will make
with justice is that the book is placid rather than penetrating or
analytical.”
+ − Am Hist R 25:737 Jl ’20 650w
“Professor Bassett has written modestly and intelligently in a field

in which it would be easy to go far astray, and has attained more than
the ‘reasonable accuracy’ that his preface hopes for. No better book is
as yet available for the student interested in our participation in the
world war, and no other is so detached and historical-minded as this.
The least successful portion of the book is that which covers the
obscure yet significant leadership of the United States in the
development of the ‘single front,’ military and economic.” F: L.
Paxson
+ − Am Pol Sci R 14:351 My ’20 420w

+ Booklist 16:198 Mr ’20
“Carefully studied and judicially written, this book is sure to be one

of the useful authorities. In a broad survey of the field, the only
notable lack is a consideration of the economic effects of the war and
of its financing.” Preserved Smith
+ − Nation 110:302 Mr 6 ’20 360w
BASSETT, SARA WARE. Paul and the printing

press. il *$1.50 (2½c) Little
20–8885
Paul Cameron, president of his class in Burmingham high school,

conceives the idea of a school paper. With boyish daring he
approaches the leading editor of the town with a business
proposition and to the great man’s surprise persuades him into
printing the paper. The venture is a success and Paul learns much of
modern printing methods as well as something of the history of early
manuscript books and of printing. The book is the first volume in the
Invention series.
“Miss Bassett has made the story readable and enjoyable. One is
not too conscious of the didactic intention while on the other hand
her information stands out clearly, and she never allows it to be
smothered by the story interest.”
+ Boston Transcript p6 Je 30 ’20 150w
BASSETT, SARA WARE. Wall between. il

*$1.90 Little
20–15702
“A feud of four generations between two New England families is

the motif of Sara Ware Bassett’s new romance, ‘The wall between.’
Since the days of Great-Grandfather Webster and Great-Grandfather
Howe, the two families have quarreled over who shall keep in repair
the stone wall dividing their farms. Ellen Webster, a narrow-minded,
vitriolic spinster of seventy-five, and Martin Howe, forty, are the
respective heads of the families of this generation. Matters change
when Ellen brings her young niece Lucy from the West into the old

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Brief principles of macroeconomics

Ninth Edition. Edition N. Gregory

N Gregory Mankiw Brief principles of macroeconomics

N Gregory Mankiw Brief principles of macroeconomics

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

How Markets Work

The Data of Macroeconomics

The Real Economy in the Long Run

7 Production and Growth

The Macroeconomics of Open Economies

Short-Run Economic Fluctuations

15 Aggregate Demand and Aggregate Supply

Australia • Brazil • Mexico • Singapore • United Kingdom • United States

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Printed in the United States of America

What’s New in the Ninth Edition?

• Technology companies are increasingly using economists to better run their

How Is This Book Organized?

In the News Boxes

Ask the Experts Boxes

Definitions of Key Concepts

List of Key Concepts

Questions for Review

Problems and Applications

Alternative Versions of the Book

• Principles of Economics. This complete version of the book contains all

Translations and Adaptations

The team of editors who worked on this book improved it tremendously.

Part vI The Macroeconomics of Open Economies 259

Part III The Data of Macroeconomics 87

“Cheerfully condescending and commonplace. Mr Burroughs

− + Nation 112:89 Ja 19 ’21 40w

“It is true to the life, sympathetic and intimate. No admirer of John

+ N Y Times p2 D 5 ’20 1450w

+ Outlook 126:600 D 1 ’20 50w

BARRY, RICHARD HAYES. Fruit of the desert.

“Having elected to write a romance, and a romance of a very

+ N Y Times p24 Ag 1 ’20 720w

BARTHOLOMEW, WALLACE EDGAR, and

“Bartholomew and Hurlbut have prepared a book which ‘intends

Reviewed by Brander Matthews

+ N Y Times p10 D 5 ’20 980w

“The book is well organized for use as a textbook. Persons giving

+ School R 28:797 D ’20 320w

BARTLETT, WILLIAM HENRY. Handbook of

The last previous edition of this book appeared in 1912. The

+ Survey 45:26 O 2 ’20 60w

BARTLEY, MRS NALBRO ISADORAH.

Stephen O’Valley became rich quick. He strained every nerve to

“Nalbro Bartley has mastered the style of American magazine

“While Nalbro Bartley’s new story of ‘The gorgeous girl’ cannot be

+ − N Y Times 25:199 Ap 18 ’20 480w

Pub W 97:995 Mr 20 ’20 300w

BARTLEY, MRS NALBRO ISADORAH. Gray

“The book is entertaining, the characters are well drawn. Fewer

+ − N Y Times p10 O 17 ’20 350w