According to Gregory Mankiw, a New Keynesian economist, governmental intervention can improve on market outcomes under conditions of " market failure ," or situations in which the market on its own does not allocate resources efficiently.

Not only do the firms have to pay to change the price, but also, according to N. Gregory Mankiw, there are externalities that go along with changing prices.

Gregory Mankiw took the menu-cost idea and focussed on the welfare effects of changes in output resulting from sticky prices.

Supply side proponents Trabandt and Uhlig argue that " static scoring overestimates the revenue loss for labor and capital tax cuts ", In a paper published in the Journal of Public Economics, Mankiw and Matthew Weinzierl noted that the current economics research would place an appropriate value for labor supply elasticity at around 0. 5,

To quantify the level of risk aversion implied if these figures represented the expected outperformance of equities over bonds, investors would have to be indifferent between a bet equally likely to pay $ 50, 000 or $ 100, 000 ( an expected value of $ 75, 000 ) and a certain payoff of $ 51, 209 ( Mankiw and Zeldes, 1991 ).

* Mankiw, N. Gregory.

Significant early contributions to New Keynesian theory were compiled in 1991 by editors N. Gregory Mankiw and David Romer in New Keynesian Economics, volumes 1 and 2.

After the pioneering work, surveyed in the Mankiw and Romer volumes, on what types of microeconomic ingredients might produce Keynesian macroeconomic effects, economists began putting these pieces together to construct macroeconomic models.

New Keynesianism, associated with John B. Taylor, Stanley Fischer, Gregory Mankiw, David Romer, Olivier Blanchard, Nobuhiro Kiyotaki, Jordi Galí, and Michael Woodford, is a response to Robert Lucas and the new classical school.

* N. Gregory Mankiw, ' New Keynesian Economics ', from the Concise Encyclopedia of Economics of The Library of Economics and Liberty.

* N. Gregory Mankiw ( born 1958 ), Harvard professor who chaired the Council of Economic Advisers under President George W. Bush.

* N. Gregory Mankiw, Principles of Economics, Third Ed.

Greg Mankiw described the concept as: " To get one thing that we like, we usually have to give up another thing that we like.

This was proposed by an anonymous student of N. Gregory Mankiw, though more as a thought experiment than a genuine proposal.

Greg Mankiw, former chairman of President George W. Bush's Council of Economic Advisors, offered similarly sharp criticism of the school in the early editions of his introductory economics textbook.

although Dr. Mankiw notes, " unfortunately, the academic literature on this topic is far from conclusive.

A monopoly describes a situation where all ( or most ) sales in a market are undertaken by a single firm.

* Governance structure: whereas neoclassical theory describes the firm as a production function ( a technological construction ), TCE describes it as a governance structure ( an organizational construction ).

He describes him as having " in the plain way of speaking and delivery a strange power of making himself believed ," as a man of " not only firm gravity but a severity and even some morosity ," as " rather exceedingly liked than passionately loved.

The book describes encounters between Robyn Penrose, a feminist university teacher specialising in the industrial novel and women's writing, and Vic Wilcox, the manager of an engineering firm.

In 2000, he founded Innosight LLC, a consulting and training firm which describes itself as " focusing on idea generation, strategy development, commercialization, and innovative process development.

In the Yoga Sutra, Patanjali describes asana as a " firm, comfortable posture ", referring specifically to the seated posture, most basic of all the asanas.

His entry in Thom ’ s directory for 1849 describes him as ‘ manufacturer of wrought-iron gates, railway conservatories, hothouses etc., and hot water engineer ’, indicating the broad range of activities which the firm undertook.

He also describes Smith's theorem that " the division of labour is limited by the extent of the market " as the " core of a theory of the functions of firm and industry " and a " fundamental principle of economic organisation.

He describes his almost pathetic attempts to find a finance job, only to be roundly rejected by every firm to which he applied.

Founder and head of Lutz Communication, which he describes as " a universal business consulting firm with an emphasis on businesses in motion.

He describes himself as a Democrat, while his polling firm is " independent and nonpartisan.

One of the versions of the events describes how Morgan Stanley's highly successful StatArb fund, PDT, decided to reduce its positions in response to stresses in other parts of the firm, and how this contributed to several days of hectic trading.

Countering the argument that widespread abstinence would lead to a cessation of the human race, he describes chastity as an ideal that provides guidance and direction, not as a firm rule.

Ibn al-Qalanisi describes him as " a firm believer in the doctrines of Sunnah, upright in conduct, a lover of justice towards both troops and civil population, judicious in counsel and plan, ambitious and resolute, of penetrating knowledge and exquisite tact, of generous nature, accurate in his intuitions, and possessing a sense of justice which preserved him from wrongdoing and led him to shun all tyrannical methods.

/ alˈdɛnte /) describes pasta and ( less commonly ) rice or beans that have been cooked so as to be firm but not hard.

Ken Gelder describes InGen as " resolutely secretive, just like the firm in Grisham's novel.

The Lerner index describes the relationship between elasticity and price margins for a profit-maximizing firm ; it can never be greater than one.

Denison, who was in the cast, describes Byam Shaw as " stimulating, firm, and courteous to his undergraduate cast ".

In December 2008, The Times published his account of this period, in which he describes Lehman CEO Richard Fuld as " almost unbearably intense " and " insulated from the day-to-day realities of the firm ".

The firm describes its services on its official website, saying it provides comprehensive public affairs, government relations and lobbying services on a global basis.

Childhood's End -- apparently indebted to Kurd Lasswitz's Utopian romance, Auf Zwei Planeten ( 1897 ), and also to Wells's Histories Of The Future, especially, The World Set Free ( 1914 ) and The Shape Of Things To Come ( 1933 ) -- describes the bloodless conquest of earth by the Overlords, vastly superior creatures who come to our world in order to prepare the human race for its next stage of development, an eventual merging with the composite mind of the universe.

James Blish's A Case Of Conscience ( 1958 ) describes a world hiding from its own weapons of destruction in underground shelters ; ;

Part 1, below describes this abstract model by spelling out its assumptions.

Much of its shock value derives from the fact that the first portion of the essay describes the plight of starving beggars in Ireland, so that the reader is unprepared for the surprise of Swift's solution when he states, " A young healthy child well nursed, is, at a year old, a most delicious nourishing and wholesome food, whether stewed, roasted, baked, or boiled ; and I make no doubt that it will equally serve in a fricassee, or a ragoust.

He notes for the first time that the center of gravity of a flying bird does not coincide with its center of pressure, and he describes the construction of an ornithopter, with flapping wings similar to a bird's.

Its title describes its contents: it contains the history of Biblical judges, divinely inspired leaders whose direct knowledge of Yahweh allows them to act as champions for the Israelites from oppression by foreign rulers, and models of wise and faithful behaviour required of them by their god Yahweh following the exodus from Egypt and conquest of Canaan.

Deuteronomy contains the laws by which Israel is to live in the promised land, Joshua chronicles the conquest of Canaan, the promised land, and its allotment among the tribes, Judges describes the settlement of the land, Samuel the consolidation of the land and people under David, and Kings the destruction of kingship and loss of the land.

While scholars suggest the marriage metaphor presented in Hosea describes the relationship between Israel and Yahweh, the metaphor itself remains controversial in its meaning and interpretation in modernity.

In his article Observations on the marital metaphor of YHWH and Israel in its ancient Israelite context: general considerations and particular images in Hosea 1. 2, Ben Zvi describes the role of the Gomer in the marriage metaphor as one of the “ central attributes of the ideological image of a human marriage that was shared by the male authorship and the primary and intended male readership as building blocks for their imagining of the relationship .”

An early 17th century Japanese manuscript, the Sankai Ibutsu (), describes the baku as a shy, Chinese mythical chimera with an elephant ’ s trunk, rhinoceros eyes, an ox tail, and tiger paws, which protected against pestilence and evil, although eating nightmares was not included among its abilities.

Plague is often synonymous with " bubonic plague " but this describes just one of its manifestations.

Darwin's famous closing sentence describes the " grandeur in this view of life, with its several powers, having been originally breathed into a few forms or into one.

The first letter describes its moisture properties, with c used for continental air masses ( dry ) and m for maritime air masses ( moist ).

The second letter describes the thermal characteristic of its source region: T for tropical, P for polar, A for Arctic or Antarctic, M for monsoon, E for equatorial, and S for superior air ( dry air formed by significant downward motion in the atmosphere ).

American media critic Herbert Schiller wrote: " The concept of cultural imperialism today best describes the sum of the processes by which a society is brought into the modern world system and how its dominating stratum is attracted, pressured, forced, and sometimes bribed into shaping social institutions to correspond to, or even promote, the values and structures of the dominating centre of the system.

" People of the Dark " is a remembrance story of " past lives ", and in its first-person narrative the protagonist describes one of his previous incarnations: Conan, a black-haired barbarian hero who swears by a deity called Crom.

In the Encyclopedia of Chicago, Northwestern University Professor Bill Savage describes Chicago fiction as prose which tries to " capture the essence of the city, its spaces and its people.

The Luttrell Psalter, dating to around 1340, describes a grindstone rotated by two cranks, one at each end of its axle ; the geared hand-mill, operated either with one or two cranks, appeared later in the 15th century ;

According to critic Geoffrey Blum, the process that saw its beginnings in 1942's Pirate Gold first bore its full fruit in 1950's ' Vacation Time ,' which he describes as ' a visual primer for reading comics and understanding ... the form ...." From the early 1950s Barks undertook the quarterly adventures of Uncle Scrooge and the duck clan in Scrooge's own title.

Firstly, cyberspace describes the flow of digital data through the network of interconnected computers: it is at once not " real ", since one could not spatially locate it as a tangible object, and clearly " real " in its effects.

He describes this as the good life, where the organism continually aims to fulfill its full potential.

In an official statement on its origins, TFI partly describes the practice of Flirty Fishing as follows:

This collection of bits describes both the contained database data and its related metadata ( i. e., data that describes the contained data and allows computer programs to manipulate the database data correctly ).