Greg Mankiw

Born February 3, 1958 in Trenton, New Jersey Was the chairman of President Bush’s Council of Economic Advisors 2003 Ph.D. in Economics from MIT in 1984 Teaches at Harvard Wrote 2 college- level text books: Principles of Economics and Macroeconomics

“The economy is like a supertanker,... It doesn't move on a dime. Policy can nudge it, but it takes a while before it starts moving and moving substantially.”

1.People have rational preferences among outcomes that can be identified and associated with a value. 2.Individuals maximize utility and firms maximize profits. 3.People act independently on the basis of full and relevant information. In less specific terms, one of Mankiw’s major views is free market, and he believes the government should stay out of our economy. To let it fix itself.

Mankiw writes numerous blogs and articles about our country’s financial issues. He is trying to save us money, and take us out of debt so that he can stop from going back into the Great Depression. “I have a plan to reduce the budget deficit. The essence of the plan is the federal government writing me a check for $1 billion. The plan will be financed by $3 billion of tax increases. According to my back-of-the envelope calculations, giving me that $1 billion will reduce the budget deficit by $2 billion.” Influenced by: John Maynard Keynes Arthur Pigou Stanley Fischer Milton Friedman [ 16 ]

He did important work on menu costs, sources of price stickiness. In 1989, he wrote a paper arguing that the aging of baby boomers was going to undermine the housing market. In November 2006, Mankiw became an official economic adviser to then- Massachusetts governor Mitt Romney's political action committee, Commonwealth PAC. [6[6 In 2007, he signed on as an economic advisor to Romney's presidential campaign