N. Gregory Mankiw

N. Gregory Mankiw
Born	Nicholas Gregory Mankiw 3 2, 1958
Birthplace	Trenton, New Jersey, United States
Nationality	American
Occupation	Economist, professor, author
Title	Robert M. Beren Professor of Economics
Employer	Harvard University
Known for	Principles of Economics textbook; Chairman of the Council of Economic Advisers (2003–2005)
Education	Ph.D. in Economics, Massachusetts Institute of Technology
Website	[https://scholar.harvard.edu/mankiw Official site]

N. Gregory Mankiw is an American economist and the Robert M. Beren Professor of Economics at Harvard University, where he has taught since 1985. A figure whose surname — of Ukrainian origin — rhymes with "thank you," Mankiw has shaped the understanding of economics for millions of students worldwide through his best-selling introductory textbook, Principles of Economics, which has been translated into numerous languages and adopted at universities across the globe. Beyond the classroom, Mankiw served as Chairman of the Council of Economic Advisers (CEA) under President George W. Bush from 2003 to 2005, where he advised on fiscal policy, tax reform, and macroeconomic strategy during a period of economic recovery following the early 2000s recession. His academic research spans macroeconomics, public finance, and price adjustment, and he is recognized as a leading figure in New Keynesian economics. As of 2025, Mankiw continues to be an active voice in economic policy debates, delivering the 17th Annual Martin Feldstein Lecture at the National Bureau of Economic Research on the topic of "The Fiscal Future."

Early Life

Nicholas Gregory Mankiw was born on February 3, 1958, in Trenton, New Jersey. His surname is of Ukrainian origin, a detail he has acknowledged publicly on multiple occasions. Mankiw grew up in New Jersey and demonstrated an early aptitude for analytical thinking and the social sciences. While specific details of his childhood and family background are not extensively documented in available sources, his trajectory from a middle-class New Jersey upbringing to the upper echelons of American academic economics is well established.

Mankiw's interest in economics developed during his undergraduate years, setting the stage for what would become one of the most influential careers in modern economic education and policy advising. His early intellectual formation reflected a generation of economists who came of age during the turbulent economic conditions of the 1970s — a period marked by stagflation, oil crises, and fundamental debates about the role of government in managing the economy — experiences that would later inform his research on price stickiness, monetary policy, and fiscal responsibility.

Education

Mankiw pursued his undergraduate studies at Princeton University, where he earned a Bachelor of Arts degree in economics. He subsequently enrolled at the Massachusetts Institute of Technology (MIT) for graduate study, earning his Ph.D. in economics. MIT during this era was a center of macroeconomic thought, home to scholars who were reshaping the discipline's understanding of business cycles, monetary policy, and market imperfections. Mankiw's doctoral training at MIT placed him within a tradition of rigorous mathematical economics blended with attention to real-world policy applications — an intellectual orientation that has characterized his career in both academia and government service.

Career

Academic Career at Harvard

Mankiw joined the faculty of Harvard University's Department of Economics in 1985, beginning what would become a four-decade tenure at one of the world's leading universities. He rose through the academic ranks and was eventually appointed the Robert M. Beren Professor of Economics, a named chair he continues to hold. At Harvard, Mankiw has taught the introductory economics course (Economics 10), one of the most popular classes on campus, which at its peak enrolled well over 700 students per semester. His approach to teaching introductory economics — emphasizing core principles, real-world applications, and accessible prose — became a defining feature of economic pedagogy in the late twentieth and early twenty-first centuries.

Mankiw's academic research has focused on several areas within macroeconomics and public finance. Early in his career, he made contributions to New Keynesian economics, particularly regarding the role of price stickiness and menu costs in explaining why markets do not always clear instantaneously. His theoretical work helped provide microeconomic foundations for Keynesian macroeconomic models, bridging the gap between classical and Keynesian traditions. His research output has been published in leading economics journals, and he has been affiliated with the National Bureau of Economic Research (NBER) as a research associate for much of his career.

Textbook Author

Mankiw is perhaps best known to the general public and to economics students through his textbooks, which have become standard references in university economics courses worldwide. His Principles of Economics, first published in 1998, has gone through multiple editions and has been translated into numerous languages. The textbook is notable for its clear exposition, its organization around ten fundamental principles of economics, and its use of case studies and policy applications to illustrate abstract concepts. It became one of the best-selling economics textbooks in history, adopted by hundreds of universities in the United States and abroad.

In addition to Principles of Economics, Mankiw authored Macroeconomics, an intermediate-level textbook that is similarly used at universities across the globe. His textbooks have been credited with shaping how an entire generation of students understands core economic concepts such as supply and demand, the gains from trade, the role of incentives, and the costs of inflation. In an article discussing government spending policy, Mankiw himself referenced his textbooks alongside those of Paul Samuelson, situating his work within the broader tradition of influential economics pedagogy.

The financial success of these textbooks has itself become a subject of discussion in academic circles, as the economics of textbook publishing — including pricing, edition cycles, and the used-book market — mirrors many of the market dynamics that introductory economics courses teach. Mankiw has written about this topic on his widely read blog, applying economic reasoning to the very industry from which his textbooks emerge.

Chairman of the Council of Economic Advisers

In May 2003, Mankiw was appointed Chairman of the Council of Economic Advisers (CEA) by President George W. Bush, a position he held until February 2005. The CEA is a three-member body within the Executive Office of the President charged with providing the president with objective economic analysis and advice on the development and implementation of economic policy. As chairman, Mankiw was the president's chief economic adviser during a critical period of the U.S. economy.

Mankiw assumed the chairmanship during the recovery from the 2001 recession and the economic disruptions caused by the September 11 attacks. In his first major public address as CEA chairman, delivered at the Annual Meeting of the National Association of Business Economists in Atlanta, Georgia, on September 15, 2003, Mankiw discussed the CEA's estimates of long-run potential growth, which it placed at "a bit over 3 percent, determined by growth in the labor force plus growth in labor productivity." This assessment reflected the CEA's optimistic but measured view of the economy's trajectory following the Bush administration's tax cuts.

On November 4, 2003, Mankiw delivered remarks at the NBER Tax Policy and the Economy Meeting, held at the National Press Club, focusing on the estate tax. In that address, he examined the incidence and revenue effects of the estate tax, calling it "a timely issue" given the ongoing legislative debates surrounding the Economic Growth and Tax Relief Reconciliation Act of 2001, which had phased in a gradual repeal of the federal estate tax. Mankiw's analysis of the estate tax drew on both theoretical insights about capital accumulation and empirical evidence about behavioral responses to taxation, reflecting his academic background in public finance.

During his tenure as CEA chairman, Mankiw also addressed controversial topics. His office's 2004 Economic Report of the President included a discussion of outsourcing, which characterized the movement of certain jobs overseas as consistent with the principles of free trade and comparative advantage. The remark generated political controversy, with critics arguing that it appeared dismissive of the concerns of American workers who had lost jobs to foreign competition. Mankiw later reflected on his experience in government, noting the challenges of translating academic economic analysis into politically viable policy communication.

In an interview with the Library of Economics and Liberty following his departure from the CEA, Mankiw discussed his two-year experience in government service. The interview explored the relationship between academic economics and policy-making, the institutional dynamics of the CEA, and the challenges of advising a president on economic matters in a politically charged environment.

Post-Government Career and Continuing Influence

After leaving the CEA in 2005, Mankiw returned to his position at Harvard, where he resumed teaching and research. He continued to be an influential voice in economic policy debates through multiple channels: his academic publications, his popular blog (Greg Mankiw's Blog), his textbooks, and occasional opinion pieces in major newspapers and magazines.

Mankiw's writing in the years following his government service addressed a wide range of policy issues. In a piece published by the History News Network, he questioned whether government spending had become "too easy an answer" to economic problems, reflecting on the legacy of Keynesian fiscal policy and its application in modern contexts. This line of analysis placed him within a centrist tradition in economics that acknowledges the potential benefits of government intervention while cautioning against excessive reliance on fiscal stimulus.

In 2009, during the Great Recession, Mankiw contributed to the policy discussion with an essay in National Affairs titled "Crisis Economics." In that piece, he used the analogy of a physician treating a patient to describe the challenge facing government economists confronting the financial crisis: "To understand the challenge government economists have faced over the past year and a half, it is useful to imagine the case of a physician trying to treat a patient." The essay examined the limitations of economic knowledge in the face of unprecedented financial disruptions and the difficulties of crafting policy responses under conditions of uncertainty.

Mankiw has also been involved in advising political campaigns. He served as an economic adviser to Mitt Romney during the 2012 presidential campaign, further establishing his role as a bridge between academic economics and Republican economic policy-making. His policy positions have generally aligned with what might be described as center-right economics: support for free trade, skepticism about excessive regulation, concern about long-run fiscal sustainability, and an emphasis on the efficiency properties of market systems.

The 2025 Feldstein Lecture

In 2025, Mankiw delivered the 17th Annual Martin Feldstein Lecture at the National Bureau of Economic Research, speaking on the topic of "The Fiscal Future." The lecture, named in honor of the late Harvard economist Martin Feldstein — who served as president of the NBER for decades and was himself a former CEA chairman — addressed questions about the long-run trajectory of federal fiscal policy, including the sustainability of government debt and the implications of current spending and taxation trends for future generations. The selection of Mankiw for this lecture underscored his continuing stature within the economics profession and his long association with the NBER.

Personal Life

Mankiw resides in the Boston, Massachusetts, metropolitan area, consistent with his long-standing position at Harvard University. His surname, which he has noted is of Ukrainian origin, is pronounced to rhyme with "thank you," a fact he has shared in interviews and that interviewers have highlighted. In a 2020 interview with National Review, Mankiw discussed the origin and pronunciation of his name in the context of a wide-ranging Q&A conversation.

Mankiw maintains a widely read blog, "Greg Mankiw's Blog," where he comments on economic news, shares teaching resources, and engages with policy debates. The blog has served as an informal extension of his teaching, reaching audiences well beyond his Harvard classroom. He has used the platform to discuss topics ranging from optimal tax policy to the economics of healthcare, often bringing the same accessible analytical style that characterizes his textbooks.

Recognition

Mankiw's contributions to economics have been recognized through multiple channels. His appointment as Chairman of the Council of Economic Advisers represented one of the highest forms of professional recognition available to an American economist, placing him in a lineage that includes prominent figures such as Martin Feldstein, Janet Yellen, and Ben Bernanke.

His selection to deliver the 2025 Martin Feldstein Lecture at the NBER — a lecture series honoring one of the most influential economists of the late twentieth century — signaled the profession's continued recognition of Mankiw's contributions to economic research and policy analysis. The Feldstein Lecture is considered a mark of distinction within the economics community, and Mankiw's invitation to deliver it reflected both his scholarly output and his role in shaping fiscal policy discourse.

Mankiw's textbooks have received recognition not only through their commercial success but also through their adoption as standard curricula at leading universities worldwide. Principles of Economics and Macroeconomics are among the most widely assigned economics textbooks in higher education, and their influence on the teaching of the discipline has been substantial.

Within Harvard, Mankiw's appointment to the Robert M. Beren Professorship of Economics — a named, endowed chair — represents a recognition of his scholarly distinction and contributions to the university's academic mission.

Legacy

N. Gregory Mankiw's influence on the field of economics operates through three primary channels: his academic research, his role in economic policy-making, and his impact on economics education through his textbooks.

As a researcher, Mankiw contributed to the development of New Keynesian economics, helping to establish the microeconomic foundations for macroeconomic models that incorporate price stickiness and market imperfections. This body of work influenced the way economists think about business cycles, monetary policy, and the short-run effects of demand shocks on output and employment.

As a policy adviser, Mankiw's tenure as CEA chairman during the Bush administration placed him at the center of debates about tax policy, fiscal responsibility, and the role of government in promoting economic growth. His public remarks on potential growth rates, estate tax policy, and the economics of outsourcing contributed to the broader public discourse on these issues, even when — as in the case of outsourcing — the academic consensus he articulated proved politically contentious.

As an educator and textbook author, Mankiw's impact is perhaps most far-reaching. His Principles of Economics introduced millions of students to the discipline, and its framework — organized around a set of core principles — became a model for how introductory economics is taught. By referencing his textbooks alongside those of Paul Samuelson, Mankiw situated himself within a tradition of economist-educators whose written works shaped the field's pedagogical standards for decades.

His continued engagement with fiscal policy debates — exemplified by his 2025 Feldstein Lecture on "The Fiscal Future" — demonstrates that Mankiw remains an active participant in the economic discussions that will shape policy for years to come. Whether through the classroom, the written page, or the policy arena, Mankiw's career illustrates the multiple ways in which academic economists can influence both the profession and the broader public understanding of economic forces.