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 b r i e f c o n t e n t s

Preface xv Part 5 money and PriCes in THe

About the Authors xxvi long run 219
Acknowledgments xxvii chapter 10 The Monetary System 221
chapter 11 Money Growth and Inflation 245

Part 1 inTroduCTion 1
Part 6 THe maCroeConomiCs of oPen
chapter 1 Ten Principles of Economics 3 eConomies 271
chapter 2 Thinking Like an Economist 21
Appendix Graphing: A Brief Review 39 chapter 12 Open-Economy Macroeconomics: Basic
chapter 3 Interdependence and the Gains Concepts 273
from Trade 49 chapter 13 A Macroeconomic Theory of the Small
Open Economy 303

Part 2 suPPly and demand: How markeTs

work 65 Part 7 sHorT-run eConomiC
fluCTuaTions 331
chapter 4 The Market Forces of Supply
and Demand 67 chapter 14 Aggregate Demand and Aggregate
Appendix The Mathematics of Market Supply 333
Equilibrium 92 chapter 15 The Influence of Monetary and Fiscal
Policy on Aggregate Demand 375
chapter 16 The Short-Run Tradeoff between Inflation
Part 3 THe daTa of maCroeConomiCs 97 and Unemployment 417
chapter 5 Measuring a Nation’s Income 99
chapter 6 Measuring the Cost of Living 123 Part 8 final THougHTs 449
chapter 17 Five Debates over Macroeconomic
Part 4 THe real eConomy in THe Policy 451
long run 139
chapter 7 Production and Growth 141
chapter 8 Saving, Investment, and the Financial
System 167 Glossary 473
chapter 9 Unemployment and Its Natural Rate 193
Index 477

vi nel
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 t a b l e o f c o n t e n t s

Preface xv Principle #10: Society Faces a Short-Run Tradeoff

How the Book Is Organized xv between Inflation and Unemployment 14
Walk-Through xviii FYI: How to Read This Book 15
New in This Sixth Canadian Edition xxi Conclusion 16
Ancillaries xxiii Summary 17
About the Authors xxvi
Key Concepts 17
Acknowledgments xxvii
Questions for Review 17
Problems and Applications 18

chapter 2
THinking like an eConomisT 21
Learning Objectives 21

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The Economist as Scientist 22
The Scientific Method: Observation, Theory,
and More Observation 22
Part 1 The Role of Assumptions 23
Economic Models 24
inTroduCTion 1 Our First Model: The Circular-Flow Diagram 24
Our Second Model: The Production Possibilities
Frontier 26
Microeconomics and Macroeconomics 29
chapter 1
Ten PrinCiPles of eConomiCs 3 The Economist as Policy Adviser 30
Learning Objectives 3 Positive versus Normative Analysis 30
Economists in Ottawa 31
How People Make Decisions 4 Why Economists’ Advice Is Not Always Followed 32
Principle #1: People Face Tradeoffs 4
Principle #2: The Cost of Something Why Economists Disagree 33
Is What You Give Up to Get It 5 Differences in Scientific Judgments 33
In The news: Olympic Lineups and Opportunity Cost 6 Differences in Values 33
Principle #3: Rational People Think at the Margin 7 Perception versus Reality 34
Principle #4: People Respond to Incentives 8 In The news: Environmental Economists 35

How People Interact 9 Let’s Get Going 36

Principle #5: Trade Can Make Everyone Better Off 9 Summary 37
Principle #6: Markets Are Usually a Good Way to
Key Concepts 37
Organize Economic Activity 10
FYI: Adam Smith and the Invisible Hand 11 Questions for Review 37
Principle #7: Governments Can Sometimes Improve Problems and Applications 37
Market Outcomes 12
Appendix Graphing: A Brief Review 39
Graphs of a Single Variable 39
How the Economy as a Whole Works 13
Graphs of Two Variables: The Coordinate System 39
Principle #8: A Country’s Standard of Living Depends on
Curves in the Coordinate System 40
Its Ability to Produce Goods and Services 13
Slope 44
Principle #9: Prices Rise When the Government
Cause and Effect 45
Prints Too Much Money 14

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viii table of contents

chapter 3 Markets and Competition 68

inTerdePendenCe and THe gains from Trade 49 What Is a Market? 68
Learning Objectives 49 What Is Competition? 68

A Parable for the Modern Economy 50 Demand 69

Production Possibilities 50 The Demand Curve: The Relationship between
Specialization and Trade 52 Price and Quantity Demanded 69
Market Demand versus Individual Demand 70
Shifts in the Demand Curve 71
Comparative Advantage: The Driving Force of Specialization 53
CAse sTUDY: Two Ways to Reduce the Quantity of
Absolute Advantage 55
Smoking Demanded 74
Opportunity Cost and Comparative Advantage 55
Comparative Advantage and Trade 56
FYI: The Legacy of Adam Smith and David Ricardo 57 Supply 75
The Price of Trade 57 The Supply Curve: The Relationship between
In The news: Does Free Trade Create Jobs? 58 Price and Quantity Supplied 75
Market Supply versus Individual Supply 76
Shifts in the Supply Curve 77
Applications of Comparative Advantage 59
Should Sidney Crosby Shovel His Own Sidewalk? 59
Should Canada Trade with Other Countries? 60 Supply and Demand Together 79
Equilibrium 79
Conclusion 61
Three Steps to Analyzing Changes in Equilibrium 81
Summary 61 In The news: Supply, Demand, and Technology 86
Key Concepts 62 Conclusion: How Prices Allocate Resources 87
Questions for Review 62 Summary 88
Problems and Applications 62 Key Concepts 88
Questions for Review 89
Problems and Applications 89
Appendix The Mathematics of Market Equilibrium 92

©Thinkstock
©Shutterstock

Part 3
Part 2 THe daTa of maCroeConomiCs 97
suPPly and demand:
How markeTs work 65
chapter 5
measuring a naTion’s inCome 99
chapter 4 Learning Objectives 99
THe markeT forCes of suPPly and demand 67
Learning Objectives 67 The Economy’s Income and Expenditure 100

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 table of contents ix

The Measurement of Gross Domestic Product 102 Real and Nominal Interest Rates 132
“GDP Is the Market Value . . .” 102 CAse sTUDY: Interest Rates in the Canadian Economy 134
“. . . Of All . . .” 102 Conclusion 135
“. . . Final . . .” 103 Summary 136
“. . . Goods and Services . . .” 103
Key Concepts 136
“. . . Produced . . .” 103
“. . . Within a Country . . .” 103 Questions for Review 136
“. . . In a Given Period of Time” 104 Problems and Applications 137
FYI: Other Measures of Income 104

The Components of GDP 105

Consumption 105
Investment 106
Government Purchases 106
Net Exports 106
CAse sTUDY: The Components of Canadian GDP 107

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Real versus Nominal GDP 108
A Numerical Example 108
The GDP Deflator 110
CAse sTUDY: Real GDP over Recent History 111
CAse sTUDY: GDP, GNP, and Foreign Ownership 112
Part 4
THe real eConomy
GDP and Economic Well-Being 114 in THe long run 139
CAse sTUDY: Measuring Economic Well-Being in
Canada 115
CAse sTUDY: International Differences in GDP and the
Quality of Life 117 chapter 7
In The news: Identifying the 1 Percent 118 ProduCTion and growTH 141
Conclusion 120 Learning Objectives 141
Summary 120
Key Concepts 120 Economic Growth around the World 142
Questions for Review 121 FYI: Are You Richer Than the Richest
American? 144
Problems and Applications 121
Productivity: Its Role and Determinants 144
Why Productivity Is So Important 144
How Productivity Is Determined 145
chapter 6 FYI: The Production Function 147
measuring THe CosT of living 123 CAse sTUDY: Are Natural Resources a Limit to Growth? 148
Learning Objectives 123
Economic Growth and Public Policy 149
The Consumer Price Index 124 The Importance of Saving and Investment 149
How the Consumer Price Index Is Calculated 124 Diminishing Returns and the Catch-Up Effect 149
FYI: What Is in the CPI’s Basket? 126 Investment from Abroad 151
Problems in Measuring the Cost of Living 127 Education 152
The GDP Deflator versus the Consumer Price Index 128 Health and Nutrition 153
In The news: Promoting Human Capital 154
Correcting Economic Variables for the Effects of Property Rights and Political Stability 155
Inflation 130 Free Trade 156
Dollar Figures from Different Times 130 Research and Development 157
FYI: The Bank of Canada’s Inflation Calculator 131 In The news: One Economist’s Answer 157
CAse sTUDY: Mr. Index Goes to Hollywood 131 CAse sTUDY: Productivity Slowdowns and
Indexation 131 Speedups 159

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x table of contents

Population Growth 161 Job Search 204

Conclusion: The Importance of Long-Run Growth 163 Why Some Frictional Unemployment Is Inevitable 204
Summary 164 Public Policy and Job Search 205
Employment Insurance 205
Key Concepts 164
Questions for Review 164
Minimum-Wage Laws 207
Problems and Applications 165
Unions and Collective Bargaining 209
The Economics of Unions 209
chapter 8 FYI: Who Earns the Minimum Wage? 210
Are Unions Good or Bad for the Economy? 211
saving, invesTmenT, and THe finanCial sysTem 167
Learning Objectives 167
The Theory of Efficiency Wages 212
Worker Health 212
Financial Institutions in the Canadian Economy 168
Worker Turnover 212
Financial Markets 169
Worker Effort 213
FYI: How to Read the Newspaper’s Stock Tables 171
Worker Quality 213
Financial Intermediaries 172
CAse sTUDY: Henry Ford and the Very Generous
Summing Up 173
$5-a-Day Wage 213
Conclusion 214
Saving and Investment in the National Income Accounts 173
FYI: Minimum, Efficiency, and Living Wages 215
FYI: Financial Institutions in Crisis 174
Some Important Identities 175 Summary 216
The Meaning of Saving and Investment 177 Key Concepts 216
Questions for Review 216
The Market for Loanable Funds 178 Problems and Applications 217
Supply and Demand for Loanable Funds 178
Policy 1: Saving Incentives 180
Policy 2: Investment Incentives 182
Policy 3: Government Budget Deficits and Surpluses 183
CAse sTUDY: The Accumulation of Government
Debt in Canada 186
FYI: How Large Is Government Debt? 188
Conclusion 189
Summary 190
Key Concepts 190
Questions for Review 191

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Problems and Applications 191

chapter 9
Part 5
unemPloymenT and iTs naTural raTe 193
Learning Objectives 193 money and PriCes
in THe long run 219
Identifying Unemployment 194
How Is Unemployment Measured? 194
CAse sTUDY: Labour-Force Participation of Men
and Women in the Canadian Economy 198 chapter 10
Does the Unemployment Rate Measure THe moneTary sysTem 221
What We Want It To? 199 Learning Objectives 221
How Long Are the Unemployed without Work? 200
Why Are There Always Some People Unemployed? 201 The Meaning of Money 222
FYI: A Tale of Two Recessions 203 The Functions of Money 222

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 table of contents xi

The Kinds of Money 223 Menu Costs 262

In The news: The History of Money 224 Relative-Price Variability and the Misallocation
Money in the Canadian Economy 225 of Resources 262
FYI: Credit Cards, Debit Cards, and Money 226 Inflation-Induced Tax Distortions 263
CAse sTUDY: Where Is All the Currency? 227 Confusion and Inconvenience 264
A Special Cost of Unexpected Inflation: Arbitrary
The Bank of Canada 228 Redistributions of Wealth 265
The Bank of Canada Act 228 Inflation Is Bad, but Deflation May Be Worse 266
Monetary Policy 229 CAse sTUDY: Money Growth, Inflation, and
the Bank of Canada 266
Commercial Banks and the Money Supply 230 Conclusion 268
The Simple Case of 100 Percent-Reserve Banking 230 Summary 268
Money Creation with Fractional-Reserve Banking 231 Key Concepts 269
The Money Multiplier 232 Questions for Review 269
Bank Capital, Leverage, and the Financial Crisis
Problems and Applications 269
of 2007–09 233
The Bank of Canada’s Tools of Monetary Control 235
Problems in Controlling the Money Supply 238
FYI: The Bank of Canada’s Response to the 2007–09
Financial Crisis 239
CAse sTUDY: Bank Runs and the Money Supply 240
Conclusion 241
Summary 242
Key Concepts 242
Questions for Review 242
Problems and Applications 243

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chapter 11
money growTH and inflaTion 245
Learning Objectives 245 Part 6
THe maCroeConomiCs
The Classical Theory of Inflation 246 of oPen eConomies 271
The Level of Prices and the Value of Money 246
Money Supply, Money Demand, and Monetary
Equilibrium 247
The Effects of a Monetary Injection 249 chapter 12
A Brief Look at the Adjustment Process 250 oPen-eConomy maCroeConomiCs:
The Classical Dichotomy and Monetary
Neutrality 251
BasiC ConCePTs 273
Learning Objectives 273
Velocity and the Quantity Equation 253
CAse sTUDY: Money and Prices during
Hyperinflations 254 The International Flows of Goods and Capital 274
The Inflation Tax 256 The Flow of Goods: Exports, Imports, and
The Fisher Effect 257 Net Exports 274
In The news: A Recipe for Economic Disaster 258 CAse sTUDY: The Increasing Openness of the Canadian
Economy 275
In The news: Breaking Up the Chain of Production 277
The Costs of Inflation 259
The Flow of Financial Resources: Net Capital
A Fall in Purchasing Power? The Inflation
Outflow 278
Fallacy 260
The Equality of Net Exports and Net Capital Outflow 279
Shoeleather Costs 261
FYI: The Current Account Balance 281

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xii table of contents

Saving, Investment, and Their Relationship to the How Policies and Events Affect a Small Open
International Flows 281 Economy 314
Summing Up 283 FYI: Negative Values of Net Capital Outflow 314
CAse sTUDY: Saving, Investment, and Net Capital Increase in World Interest Rates 315
Outflow of Canada 283 Government Budget Deficits and Surpluses 316
Trade Policy 318
The Prices for International Transactions: Political Instability and Capital Flight 321
Real and Nominal Exchange Rates 286 In The news: The Open-Economy Trilemma 324
Nominal Exchange Rates 286 Conclusion 326
Real Exchange Rates 287 Summary 327
FYI: The Value of the Canadian Dollar 288 Key Concepts 327
FYI: The Euro 291
Questions for Review 327
Problems and Applications 328
A First Theory of Exchange-Rate Determination: Purchasing-
Power Parity 292
The Basic Logic of Purchasing-Power Parity 292
Implications of Purchasing-Power Parity 293
CAse sTUDY: The Nominal Exchange Rate during a
Hyperinflation 294
Limitations of Purchasing-Power Parity 294
CAse sTUDY: The Hamburger Standard 296

Interest Rate Determination in a Small Open Economy with

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Perfect Capital Mobility 297
A Small Open Economy 297
Perfect Capital Mobility 298
Limitations to Interest Rate Parity 298
Part 7
Conclusion 299
sHorT-run eConomiC
Summary 300
Key Concepts 300 fluCTuaTions 331
Questions for Review 301
Problems and Applications 301
chapter 14
aggregaTe demand and aggregaTe suPPly 333
Learning Objectives 333

chapter 13 Three Key Facts about Economic Fluctuations 334

a maCroeConomiC THeory of THe small Fact 1: Economic Fluctuations Are Irregular
oPen eConomy 303 and Unpredictable 334
Learning Objectives 303 Fact 2: Most Macroeconomic Quantities Fluctuate
Together 336
Fact 3: As Output Falls, Unemployment Rises 336
Supply and Demand for Loanable Funds and
for Foreign-Currency Exchange 304
Explaining Short-Run Economic Fluctuations 336
The Market for Loanable Funds 305
The Assumptions of Classical Economics 337
The Market for Foreign-Currency Exchange 308
The Reality of Short-Run Fluctuations 337
FYI: Purchasing-Power Parity as a
In The news: The Social Influences of Economic
Special Case 311
Downturns 338
The Model of Aggregate Demand and Aggregate Supply 339
Equilibrium in the Small Open Economy 311
Net Capital Outflow: The Link between the The Aggregate-Demand Curve 340
Two Markets 311 Why the Aggregate-Demand Curve Slopes
Simultaneous Equilibrium in Two Markets 312 Downward 341

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 table of contents xiii

Why the Aggregate-Demand Curve Might Shift 343 A Formula for the Spending Multiplier 393
CAse sTUDY: Housing Wealth 344 Other Applications of the Multiplier Effect 395
The Crowding-Out Effect on Investment 395
The Aggregate-Supply Curve 347 Open-Economy Considerations 397
Why the Aggregate-Supply Curve Is Vertical in the Changes in Taxes 403
Long Run 347 Deficit Reduction 403
Why the Long-Run Aggregate-Supply Curve Might FYI: How Fiscal Policy Might Affect Aggregate
Shift 348 Supply 404
Using Aggregate Demand and Aggregate Supply
to Depict Long-Run Growth and Inflation 350 Using Policy to Stabilize the Economy 405
Why the Aggregate-Supply Curve Slopes Upward The Case for Active Stabilization Policy 405
in the Short Run 352 The Case against Active Stabilization Policy 405
Why the Short-Run Aggregate-Supply Curve Automatic Stabilizers 406
Might Shift 355 A Flexible Exchange Rate as an Automatic Stabilizer 407
CAse sTUDY: The Recession of 2008–09 (Again) 408
Two Causes of Economic Fluctuations 356
The Effects of a Shift in Aggregate Demand 357 A Quick Summary 410
FYI: Monetary Neutrality Revisited 360 FYI: Interest Rates in the Long Run and the Short Run 412
CAse sTUDY: Big Shifts in Aggregate Demand: Two Conclusion 413
Depressions and World War II 361 Summary 414
CAse sTUDY: The Recession of 2008–09 364
Key Concepts 415
The Effects of a Shift in Aggregate Supply 365
CAse sTUDY: Oil and the Economy 368 Questions for Review 415
FYI: The Origins of Aggregate Demand and Aggregate Problems and Applications 415
Supply 369
Conclusion 371
Summary 371
Key Concepts 372 chapter 16
Questions for Review 372 THe sHorT-run Tradeoff BeTween inflaTion
Problems and Applications 372 and unemPloymenT 417
Learning Objectives 417

The Phillips Curve 418

Origins of the Phillips Curve 418
chapter 15 Aggregate Demand, Aggregate Supply, and the
THe influenCe of moneTary and Phillips Curve 419
fisCal PoliCy on aggregaTe demand 375
Learning Objectives 375 Shifts in the Phillips Curve: The Role of Expectations 421
The Long-Run Phillips Curve 421
How Monetary Policy Influences Aggregate Demand 376 The Meaning of “Natural” 424
The Theory of Liquidity Preference 377 Reconciling Theory and Evidence 424
The Downward Slope of the Aggregate-Demand The Short-Run Phillips Curve 425
Curve 382 The Natural Experiment for the Natural-Rate
Changes in the Money Supply 383 Hypothesis 427
Open-Economy Considerations 384
FYI: The Zero Lower Bound 389 Shifts in the Phillips Curve: The Role of Supply
CAse sTUDY: Why Central Banks Watch the Stock Shocks 428
Market (and Vice Versa) 390
The Cost of Reducing Inflation 432
How Fiscal Policy Influences Aggregate Demand 391 The Sacrifice Ratio 432
Changes in Government Purchases 391 Rational Expectations and the Possibility of Costless
The Multiplier Effect 391 Disinflation 434

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xiv table of contents

FYI: Measuring Expectations of Inflation 435 Pro: Policymakers Should Try to Stabilize the
Disinflation in the 1980s 436 Economy 452
In The news: How to Keep Expected Inflation Low 438 Con: Policymakers Should Not Try to Stabilize the
The Zero-Inflation Target 439 Economy 452
Anchored Expectations 440
The 2008-09 Recession 442 Should Monetary Policy Be Made by an Independent
Looking Ahead 444 Central Bank? 453
Conclusion 445 Pro: Monetary Policy Should Be Made by an
Summary 446 Independent Central Bank 454
Key Concepts 446 Con: Monetary Policy Should Not Be Made by an
Independent Central Bank 455
Questions for Review 447
Problems and Applications 447
Should the Central Bank Aim for Zero Inflation? 456
Pro: The Central Bank Should Aim for Zero Inflation 456
Con: The Central Bank Should Not Aim for Zero
Inflation 457
FYI: Price Level Targeting 459

Should Governments Balance Their Budgets? 460

Pro: Governments Should Balance Their Budgets 461
Con: Governments Should Not Balance Their
Budgets 462
FYI: Progress on Debt Reduction? 464
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Should the Tax Laws Be Reformed to Encourage

Saving? 465
Pro: The Tax Laws Should Be Reformed to Encourage
Saving 465
Part 8 Con: The Tax Laws Should Not Be Reformed to
final THougHTs 449 Encourage Saving 467
Conclusion 467
Summary 468
Questions for Review 469
chapter 17 Problems and Applications 469
five deBaTes over maCroeConomiC PoliCy 451
Learning Objectives 451
Glossary 473
Should Monetary and Fiscal Policymakers Try to Index 477
Stabilize the Economy? 451

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 Preface

As soon as we got our hands on the first U.S. edition of Principles of Macroeconomics,
it was clear to us that “this one is different.” If other first-year economics textbooks
are encyclopedias, Gregory Mankiw’s was, and still is, a handbook.
Between us, we have many years of experience teaching first-year economics.
Like many instructors, we found it harder and harder to teach with each new
edition of the thick, standard texts. It was simply impossible to cover all of the
material. Of course, we could have skipped sections, features, or whole chapters,
but then, apart from the sheer hassle of telling students which bits to read and not
to read, and worries about the consistencies and completeness of the remaining
material, we ran the risk of leaving students with the philosophy that what mat-
ters is only what’s on the exam.
We do not believe that the writers of these other books set out with the intention
of cramming so much material into them. It is a difficult task to put together the
perfect textbook—one that all instructors would approve of and that all students
would enjoy using. Therefore, to please all potential users, most of the books end
up covering a wide range of topics. And so the books grow and grow.
Professor Mankiw made a fresh start in the first U.S. edition. He included all
the important topics and presented them in order of importance. And in the sixth
U.S. edition, he has resisted the temptation to add more and more material. We
have, in adapting the text for Canadian students, taken a minimalist approach: “If
it isn’t broken, don’t fix it!” While the book is easily recognizable as Mankiw’s, we
have made changes that increase its relevance to Canadian students. Some of these
changes reflect important differences between the Canadian and U.S. economies.
For example, the Canadian economy is much smaller and more open than the
U.S. economy, and this fact is explicitly recognized in this edition. Other changes
reflect important institutional differences between the two countries, including
the structure of the tax system and the nature of competition policy. Finally, the
Canadian edition focuses on issues and includes examples that are more familiar
and relevant to a Canadian audience.
We would not have agreed to participate in the Canadian edition if we were
not extremely impressed with the U.S. edition. Professor Mankiw has done an
outstanding job of identifying the key concepts and principles that every first-year
student should learn.
It was truly a pleasure to work with such a well-thought-out and well-written
book. We have enjoyed teaching from the earlier Canadian editions and we look
forward to using the sixth Canadian edition. We hope you do, too.

HOW THE BOOK IS ORGANIZED

To write a brief and student-friendly book, Mankiw considered new ways to orga-
nize familiar material. What follows is a whirlwind tour of this text. This tour, we
hope, will give you a sense of how the pieces fit together.

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xvi Preface

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 costs, marginal decision making, the role of
incentives, the gain from trade, and the efficiency of market allocations. Throughout
the text an effort is made to relate the discussion back to the ten principles of eco-
nomics introduced in Chapter 1. The interconnections of the material with the ten
principles are clearly identified throughout the text.
Chapter 2, “Thinking Like an Economist,” examines how economists approach
their field of study, discussing the role of assumptions in developing a theory and
introducing the concepts of an economic model. It also discusses the role of econo-
mists in making policy. The appendix to this chapter offers a brief refresher course
on how graphs are used and how they can be abused.
Chapter 3, “Interdependence and the Gains from Trade,” presents the theory
of comparative advantage. This theory explains why individuals trade with their
neighbours, 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.

The Fundamental Tools of Supply and Demand

The next chapter introduces 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.

More Macroeconomics
Our 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). We 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 more easily digested pieces.
Third, because the business cycle represents a transitory deviation from the econ-
omy’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 short run is more controversial among economists than the macroeconomic
theory of the long run. For these reasons, most upper-level courses in macroeco-
nomics now follow this long-run-before-short-run approach; our goal is to offer
introductory students the same advantage.
Returning to the detailed organization, we start the coverage of macroeco-
nomics 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,” discusses
the measurement and use of the consumer price index.

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 Preface xvii

The next three chapters describe the behaviour 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,
“Unemployment and Its Natural Rate,” 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 behaviour of the real economy, the book then
turns to the long-run behaviour of money and prices. Chapter 10, “The Monetary
System,” introduces the economist’s concept of money and the role of the cen-
tral bank in controlling the quantity of money. Chapter 11, “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 12, “Open-Economy Macroeconomics: Basic Concepts,” explains the
relationship among saving, investment, and the trade balance; the distinction
between the nominal and real exchange rate; and the theory of purchasing-power
parity. Chapter 13, “A Macroeconomic Theory of the Small Open Economy,” pres-
ents 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
their emphasis on this material, these chapters are written so that they can be
used in different ways. Some may choose to cover Chapter 12 but not Chapter 13,
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 fully developing the long-run theory of the economy in Chapters 5
through 13, the book turns to explaining short-run fluctuations around the long-
run trend. This organization simplifies teaching the theory of short-run fluctua-
tions because, at this point in the course, students have a good grounding in many
basic macroeconomic concepts. Chapter 14, “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 15, “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 16,
“The Short-Run Tradeoff between Inflation and Unemployment,” explains why
policymakers who control aggregate demand face a tradeoff between inflation
and unemployment. It examines why this tradeoff 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 17, “Five Debates over Macroeconomic
Policy.” This capstone chapter considers controversial issues facing policymakers:
the proper degree of policy activism in response to the business cycle, the choice
between rules and discretion in the conduct of monetary policy, the desirability of
reaching zero inflation, the importance of reducing the government’s debt, 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.

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xviii Preface

WALK-THROUGH
The purpose of this text is to help students learn the fundamental lessons of eco-
nomics and to show how such lessons can be applied to the world in which they
live. Toward that end, various learning tools recur throughout the book.

Chapter Openers Well- Case studies Economic theory is useful and interesting only
designed chapter openers act as if it can be applied to understanding actual events and policies.
previews that summarize the Updated or replaced with more current Canadian examples, the
major concepts to be learned in numerous case studies apply the theory that has just been
each chapter. developed.

Figures and Tables Colourful and eye-

catching visuals are used to make important
economic points and to clarify Canadian
and other key economic concepts. They have
also proved to be valuable and memorable
teaching aids.

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 Preface xix

Updated Canadian “In the news” “FYI” Features These features provide addi-
Features One benefit that students gain from tional material “for your information.” Some of
studying economics is a new perspective and them offer a glimpse into the history of economic
greater understanding about news from Canada thought. Others clarify technical issues. Still
and around the world. To highlight this benefit, others discuss supplementary topics that instruc-
excerpts from many Canadian news articles, tors might choose either to discuss or skip in their
including opinion columns written by prominent lectures.
economists, show how basic economic theory can
be applied.

Key Concept Definitions When key concepts

are introduced in the chapter, they are presented
in bold typeface. In addition, their definitions are
placed in the margin and in the “Glossary” at the
back of the book. This treatment helps students
learn and review the material.

QuickQuizzes After each major section,

students are offered a quick quiz to check their
comprehension of what they have just learned. If
students cannot readily answer these quizzes, they
should stop and reread the material before
continuing.

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xx Preface

Chapter summaries Each chapter ends with a

brief summary that reminds students of the most
important lessons that they have just 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 terms they do not understand in
the original context.

Questions for Review At the end of each chapter

questions for review cover the chapter’s primary les-
sons. Students can use these questions to check their
comprehension and to prepare for exams.

Problems and Applications Each chapter also

contains a variety of problems and applications that
ask students to apply the material they have learned.
Some instructors may use these questions for home-
work assignments. Others may introduce them as a
starting point for classroom discussion.

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 Preface xxi

NEW IN THIS SIXTH CANADIAN EDITION

The sixth Canadian edition of Principles of Macroeconomics has been carefully revised
to ensure its contents are current and its examples reflect the interests and concerns
of the student market. Responding to reviewer requests for more emphasis on math,
we have added a new appendix “The Mathematics of Market Equilibrium” at the
end of Chapter 4, included more technical questions in the end-of-chapter assign-
ments to raise the difficulty level, and provided online math problems developed
by Hannah Holmes, Subject Matter Coordinator, of McMaster University so stu-
dents can practice their skills (see www.nelson.com/mankiwmacro6e). New topics
discussed in this edition include quantitative easing, the danger of deflation, the
Keystone XL and Northern Gateway oil pipeline projects, liquidity traps, and more.
Sections have been updated to include analysis of financial challenges from 2007–12.
Case Studies have been revised and updated to reflect current world trends. New
FYI and In the News boxes address such issues as debates over government debts,
“living wages,” the role of banks in the recent financial crisis, and the open economy
“trilemma.” Key figures and graphs have been updated throughout the text, and
the illustration program has been refreshed through the replacement of any dated-
looking photographs.
Here is a chapter-by-chapter list of significant changes:

Chapter 1 A new In the News feature discusses the Vancouver Olympic

lineups and opportunity cost.

Chapter 2 A new section has been added on “Why Economists’ Advice Is Not
Always Followed.” In the “Why Economists Disagree” section, a revised table lists
“Propositions about Which Most Economists Agree.”

Chapter 3 The “Applications of Comparative Advantage” section has been

expanded and uses Sidney Crosby as an example. A new In the News feature
questions whether free trade creates jobs.

Chapter 4 A significant addition to this edition is the new appendix “The

Mathematics of Market Equilibrium,” which guides the student through the pro-
cess of solving market equilibrium for linear demand and supply curves.

Chapter 5 A new In the News feature asks “Who Are the 1%?” and presents
data showing how the share of total Canadian income received by the richest
1 percent has varied since 1920. The existing case study on foreign investment has
been improved; interest in this topic has grown recently as a result of Chinese
companies purchasing Canadian firms.

Chapter 6 A shorter, straightforward discussion of real and nominal interest

rates includes a change to Figure 6.3 that emphasizes how inflation is the reason
for the difference between them.

Chapter 7 A new In the News feature presents an article by economist Daron

Acemoglu that discusses why some nations thrive while others do not.

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xxii Preface

Chapter 8 The existing case study, “The Accumulation of Government Debt in

Canada,” has been improved by comparing government debt in Canada to that in
other countries and by comparing current levels of debt to past values. A new FYI
feature asks “How Large Is Government Debt?” and discusses different ways of
measuring and thinking about it.

Chapter 9 A new FYI feature discusses the idea of a “living wage” and com-
pares it to minimum and efficiency wages. The discussion of Employment
Insurance has been updated to reflect recent changes in legislation.

Chapter 10 A new section takes a closer look at details related to bank capital,
the capital requirements of banks, the concept of leverage, and the role that all of
these played in the 2007–09 financial crisis. The concept of quantitative easing is
also introduced and discussed.

Chapter 11 A new section discusses how deflation may be just as dangerous to

an economy as inflation. New emphasis has been placed on how high rates of
inflation do more than simply cause prices to rise quickly—they also create the
conditions for poverty and international conflicts.

Chapter 13 A new In the News feature discusses the open economy “tri-
lemma” and explains how small open economies like Canada can choose between
only two of the following: using monetary policy to stabilize the economy, fixing
the exchange rate, and allowing financial capital to flow freely into and out of the
economy.

Chapter 14 A new In the News feature discusses the ways in which recessions
have broad impacts beyond those that can be described by unemployment rates
and falling GDP. A new discussion of the Keystone XL and Northern Gateway oil
pipeline projects is included.

Chapter 15 A new FYI feature examines what monetary policy can or cannot
do when nominal interest rates fall close to zero. The concept of the liquidity trap
is discussed, as is the possibility of using quantitative easing.

Chapter 16 A new FYI feature discusses why expectations of inflation are

important and how the Bank of Canada tries to gain insights into what those
expectations are. The discussion of Canada’s experience with inflation and unem-
ployment since 2000 has been completely revised, including three new supporting
figures. The 2008–09 recession and the policy responses to it are discussed in
terms of the Phillips curve.

Chapter 17 A new FYI feature describes price targeting, a new approach to

monetary policy that is currently being considered by the Bank of Canada.
Another new FYI feature discusses how government debt is measured and how
concerns about the size of the debt burden are affected by inflation, population
growth, and economic growth.

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 Preface xxiii

ANCILLARIES
For the Instructor
The Nelson Education Teaching Advantage (NETA) program delivers research-
based instructor’s resources that promote student engagement and higher-order
thinking to enable the success of Canadian students and educators. Whether
your course is offered in class, online, or both, Nelson is pleased to provide
pedagogically driven, research-based resources to support you. Be sure to visit
Nelson Education’s Inspired Instruction website at www.nelson.com/inspired
to find out more about NETA. Don’t miss the testimonials of instructors who
have used NETA supplements and seen student engagement increase!
The four NETA programs that accompany Principles of Macroeconomics, Sixth
Canadian Edition, are NETA Engagement (the instructor’s manual, including
teaching tips for promoting student engagement), NETA Assessment (for
testing and quizzing), NETA Presentation (for PowerPoint lectures), and NETA
Digital (the framework that underlies all online offerings). Details of the sup-
plements prepared specifically for use with Principles of Macroeconomics follow
the general NETA program notes below (see the heading for the Instructor’s
Resource CD). Instructor supplements can also be downloaded from the dedi-
cated website at www.nelson.com/mankiwmacro6e.

neTA engagement presents materials that help instructors deliver engaging

content and activities to their classes. Instead of instructor’s manuals that regurgi-
tate chapter outlines and key terms from the text, each NETA Enriched Instructor’s
Manual (EIM) provides genuine assistance to teachers. The EIMs answer questions
like What should students learn? Why should students care? What are some common
student misconceptions and stumbling blocks? EIMs not only identify the topics that
cause students the most difficulty, but also describe techniques and resources
to help students master these concepts. Dr. Roger Fisher’s Instructor’s Guide to
Classroom Engagement (IGCE) accompanies every Enriched Instructor’s Manual.

neTA Assessment relates to testing materials. Under NETA Assessment,

Nelson’s authors create multiple-choice questions that reflect research-based best
practices for constructing effective questions and testing not just recall but also
higher-order thinking. Our guidelines were developed by David DiBattista, a 3M
National Teaching Fellow whose recent research as a professor of psychology at
Brock University has focused on multiple-choice testing. All Test Bank authors
receive training at workshops conducted by Prof. DiBattista, as do the copyedi-
tors assigned to each Test Bank. A copy of Multiple Choice Tests: Getting Beyond
Remembering, Prof. DiBattista’s guide to writing effective tests, is included with
every Nelson Test Bank/Computerized Test Bank package.

neTA Presentation has been developed to help instructors make the best use
of PowerPoint® in their classrooms. With a clean and uncluttered design devel-
oped by Maureen Stone of StoneSoup Consulting, NETA Presentation features
slides with improved readability, more multimedia and graphic materials, activi-
ties to use in class, and tips for instructors on the Notes page. A copy of NETA
Guidelines for Classroom Presentations by Maureen Stone is included with each set
of PowerPoint slides.

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 Another Random Document on
Scribd Without Any Related Topics
 The Lifting Cable. After
tying this to the counter-
balance, run it over pulley F,
then over pulley E, and tie
to screw-eye H in the top of
the car. The cable must be
of the right length so when
the counter-balance has
dropped to the ground the
car will come just above the
porch railing, as shown in
Fig. 104. Tie
Fig. 107.—Counter-
Fig. 106.—Elevator Car.
balance. The Lowering Cable to
the screw-eye screwed into
the under side of the car.
As long as the weight of the car and its load remains less than half of that of
the counter-balance, the counter-balance will drop and by so doing lift the car.
The cable attached to the bottom must be pulled to lower the car.
Those of you boys who own a tree-hut, or intend to build one,[1] should erect
an elevator similar to the one just described, for hoisting supplies to the hut.

FOOTNOTE
[1] Plans for building Tree-huts, and a Dumb-waiter for supplies, are given in Chapter XXV of
"The Handy Boy."
 CHAPTER VIII
HOME-MADE MECHANICAL TOYS
Those of you boys who have examined the little mechanical toys sold upon
the street corners just before Christmas probably have been surprised to find
how simply they are made, and perhaps it has never occurred to you that you
might make toys equally as good for presents for your younger brothers,
sisters, or cousins. Most of the smaller mechanical toys are not only easy to
make, but they require materials which cost little and can usually be picked up
at home. Sometimes it takes considerable thinking and planning to discover
just the things which can be adapted to the various parts of toys; but that is
where part of the fun of toy making comes in.
A Buzz-saw Whirligig is an interesting toy (Fig. 108). Lay out a disk about
5 inches in diameter upon a piece of cardboard, locate the position for the
spool-end on the center of each face, and make four rings outside of this.
Divide the circumference of the disk into sixteen equal parts, and lay off the
teeth as shown. (Fig. 111.) The spool-ends used for centers should have two
holes drilled through them for the twisting cord to slip through, and should be
fastened to the disk with glue or brads.
A cotton string is best for
Operating the Whirligig. After slipping it through the holes in the spool-
ends, tie the ends together. To work the toy, slip the first finger of each hand
through the loop of each end, and whirl the disk in one direction until the
string is twisted from both ends as far as the center. Then pull firmly on the
ends of the string, and the disk will whirl in the opposite direction until the
string is untwisted and twisted up again in the opposite direction. As the
strings twist, slacken your hold upon the ends, and when it has wound up
tight pull again to make it whirl in the opposite direction. The disk should
whirl very steadily when working right, and the knack of making the string
twist so the disk will do so is attained with a little practice.
The Clog-dancer (Fig. 109) is an easily made loose-jointed doll. His dancing-
stage is a shingle or piece of stiff cardboard held on the edge of a chair
beneath your knee. He is held by means of the string attached to his head, so
 that his feet rest lightly upon the stage,
and he is made to jig by tapping the outer
end of the stage with the free hand.

Fig. 111.—Detail of Buzz-saw

Whirligig shown in Fig. 108.

Fig. 108.—The Buzz-saw whizzes when you twist the Cord.

Fig. 109.—The Eccentric Clog-dancer Fig. 110.—Pull the string and Jack
jumps comically.
is a Circus in himself.

With a little practice the figure can be made to go through the steps of the
most eccentric clog-dancer.
The more grotesque the dancer's appearance is, the more amusing his
dancing will be, so the cruder you make him the better. Figure 112 shows the
working details for his construction. The center part of a thread-spool forms
the head, and a spool-end and the rounded end of a broom-handle form the
hat. These three pieces are nailed together. The body is a piece of a broom-
handle, and a spool-end nailed to it forms the shoulders. Drive a nail into the
end of the body, tie a string to this, and run the string up through the hole in
the head, and out through a hole in the hat; tie the string to a fancy-work
ring.
 The
arms
and legs
are
made of
sticks
whittled
to the
lengths
marked
in Fig.
112, and
about ¼
inch in
diameter
, and are
jointed
by
driving
tacks
into their
ends and
connecti
Fig. 113.—Details of Body of the
ng these
Jumping-Jack shown in Fig. 110.
with
heavy
linen thread. Figure 112 shows how the feet
and hands are cut, and how tacks are driven
into them for the thread connections. Paint
the clog-dancer's body, arms, and legs white,
his head, hands, and feet black, and mark Fig. 112.—Details of Body of the
his eyes, nose, and mouth upon his face in Clog-dancer shown in Fig. 109.
white.
A Toy Jumping-Jack is always amusing, and Fig. 110 shows a simply
constructed home-made model. You will see by Fig. 113 how the figure is
made. The peaked _hat_ is half a spool tapered down from the end to the
center; and the head is the center from a darning-cotton spool, shaped down
at one end for a neck, and with eyes, nose, and mouth cut in on one side.
Figure 113 shows the diagrams for the front and back of the body, the arms,
and the legs. These are cut out of cigar-box wood. Cut the neck stick A long
enough to run through the head and hat, with a square block on the end to fit
between the body pieces. The blocks B should be of the same thickness as
block A. Bore the pivotal holes through the arms and legs in the positions
shown, using a small gimlet or red-hot nail with which to do the boring, and
tie a piece of heavy linen thread through each as shown. The arms and legs
are pivoted on brads driven through the front of the body into the back.
When the body has been fastened together, bring the ends of the threads
together, and tie to a small ring; also knot the threads close to the body to
keep them together. In painting Jack, you might provide him with a red coat,
blue trousers and a blue hat, white stockings, and black shoes.
A Cricket-rattle is about the liveliest form of rattle ever devised (Fig. 114).
After constructing one for your sister or brother, you probably will decide to
make one for yourself. For this rattle, first prepare a notched spool (A, Fig.
116). The notches in this need not be cut as perfectly as shown, but the
notches in one end of the spool must be exactly opposite those in the other
end. Whittle the handle B to the shape and size shown, cut the strips C out of
cigar box wood, and prepare the block D as shown. The groove in the edge of
D is cut of just the right width to receive the end of the wooden strip E. The
length of E is best determined after nailing the ends of strips C to D, and
slipping the handle through the holes in strips C and spool A. It should extend
from the groove in D into the notches in A. Make it as wide as the spool is
high. Paint the rattle red or blue.
The
Turtle
Toy
which
crawls
along
the
floor
when
you
alternat
ely pull
and
slacken
a
Fig. 116.—Details of the Noisy Cricket-rattle shown in Fig. 114.
thread
that
runs through its shell, has always been one of the most popular of mechanical
toys, and you will be surprised to find how easily our home-made model
shown in Fig. 115 is put together. The shell is a small tin mold such as is used
for molding jellies. One about 4 inches long costs 10 cents. A mold having the
form of a bunch of grapes is a pretty good form for the turtle shell, as you will
see by the illustrations.

Fig. 114.—Whirling the Cricket-rattle makes it chirp.

Fig. 115. —The Crawling Turtle's shell Is a Jelly Mould.
 Fig. 117.—How Head, Feet, and Tail are Attached to a Jelly Mould to
Make the Turtle shown in Fig. 115.
Fig. 118.—The Spool Wheels and the Rubber-bands which Propel them

The head, the tail, and the four feet are cut out of tin from a can, and bent
into the forms shown in Fig. 117. Then slits are cut through the narrow rim of
the mold by piercing the tin with the point of a nail at the proper places for
attaching them, as shown in the small detail drawing, and the tab ends are
pushed through the slits, bent over, and clinched with a pair of pincers.
A thread spool 1¼ inches long forms the wheels on which the turtle runs, and
two rubber-bands 1½ inches long propel it. Cut a piece of a lead pencil a trifle
longer then the spool, split it into halves, remove the lead, and insert the
rubber bands in the groove; then slip the piece of pencil into the hole in the
spool (Fig. 118). The rubber-band ends must project an equal distance
beyond the spool-ends. Before fastening the spool to the tin mold shell, tie
the end of a piece of heavy linen thread to its center, and then wind about
twenty turns about it. Pierce a hole through each side of the mold a trifle in
front of the center, and after slipping pieces of string through the ends of the
rubber-bands (Fig. 118), tie them through the holes pierced through the sides
of the mold. Pierce a hole through the shell, directly over the center of the
spool, slip the free end of the thread wound on the spool through this hole,
and tie it to a fancy-work ring (Fig. 117).
To Make the Turtle Crawl, place it upon the floor, pull on the ring, and as
the thread unwinds from the spool the rubber-bands will twist; then slacken
the thread, and the turtle will crawl along the floor. As the rubber-bands
untwist, the thread will wind up on the spool again. Continue pulling and
slackening the thread alternately, and the turtle will continue to crawl.
 CHAPTER IX
HOME-MADE TOPS
There are many styles of tops, probably more than you ever dreamed of, and
it will surprise you to hear that the owners of some of the most curious forms
are bearded men who take as much delight as any girl or boy in spinning
them. A few years ago on Murray Island, which is way down among the South
Sea Islands, top spinning took such a strong hold upon the attention of the
natives that they neglected their work, and families often were without food,
boys and girls having to go to school hungry. Matters became so serious, in
fact, as a result of this fad for top spinning, that, finally, the head chieftain
was compelled to restrict it to certain days. There are many experts among
these South Sea Islanders. The men sing songs while their tops spin, cheer
them on, and take the greatest precautions to shelter them from wind. An eye
witness of a contest reported that the winning top spun 27 minutes, which
you must admit is a pretty long time.
Whip-tops and peg-tops of several varieties can be purchased at the corner
candy store, but the kinds I am going to show you how to make cannot be
bought anywhere.
 Figs. 119 and 120.—Clock Wheel Tops.
Fig. 121.—Upholstering Tack Top.
Fig. 122.—How to Hold Upholstering Tack for Spinning.
Figs. 123 and 124.—Details of Spool Top.

Clock Wheel Tops. A splendid spinner can be made of the little balance-
wheel of a broken clock (Fig. 119). This little wheel is so accurately made that
it will spin very steadily from a minute and one-half to two minutes. As the
ends of this wheel's axle are pointed, the top will stand in one spot as long as
it spins.
The toothed wheel shown in Fig. 120, or any of the other forms of wheels
from a clockwork will make good spinners, yet, unless you file their pivot ends
to points, they will not spin in one spot but will glide and hop over the table in
spirals. The friction thus produced decreases the length of time that they will
spin, but makes them none the less interesting as tops. Great fun may be had
spinning these wheel tops around the balance-wheel top, while the latter is
spinning. Figure 129 shows how to hold a clock wheel between the thumb
and first finger, for spinning. Start it with a snapping movement of the fingers.
A Rug-Tack Top. A rug tack or large upholstering tack is another good
spinner. While the clockwork wheels are spun by twirling them by means of
the upper end of the pivots, the tack top is spun by holding the spinning point
between the thumb and first finger, as shown in Fig. 122, then giving it a
quick twirl and dropping it upon a table. The tack top is an eccentric spinner.
First it hops about in a very lively fashion; then, when you think it is about
ready to topple over, it regains its balance
and for some seconds spins quite as
steadily as the clockwork balance-wheel
top. The tack top can be spun upon its
head as well as upon its point.
A Spool Top. The top in Fig. 123 is made
from a half of a spool and a short piece of
lead-pencil. Saw a spool into halves, and
then taper one half from its beveled end
to the center. Sharpen the piece of pencil
to a point, and push it through the spool
until its point projects just a trifle. Spin Fig. 125.—A Shoe-polish Can Top.
the spool top in the same way as the
clock wheel tops.
A Spinning Top Race-track. By drawing a track upon a piece of cardboard,
as shown in Fig. 129, with an opening on the inside, great fun may be had by
starting any one of the small tops just described, with the exception of the
balance-wheel top, in the center of the space inside of the track, and tilting
the cardboard so as to cause the top to spin through the opening on to the
track, and around the track. There is a trick in keeping the top from running
off the track that can be acquired only with practice.
A Shoe-polish Can Top (Fig. 125). This is a sure-enough good looking top,
and it spins as well as it looks. It is made of a pencil, a cone-shaped piece cut
from a spool, similar to the top shown in Fig. 123, and an empty shoe-polish
can.
The dotted line in Fig. 126 indicates how the end of the pencil sticks through
a hole in the shoe-polish can, then through the cone-shaped piece of spool.
The hole through the can must be located in the exact center, so the top will
balance properly. To find the center, place the box bottom down upon a piece
of paper, and with a pencil draw a line around it. Cut the paper along the
center, and you will have a piece the shape and size of the can bottom. Fold
the piece in half, then in half again the other way (Fig. 127), open it up, and
the intersection of the two folds, indicated by dotted lines in Fig. 128, will be
the exact center. With the center located, place the piece of paper first upon
the bottom, then upon the top of the can, and punch a hole through the
center of it and the can, with the point of a large nail. Increase the size of the
hole enough to admit the pencil.
 Spin this top in the manner
shown in Fig. 125. Hold the
upper part of the pencil
between your hands, with the
palms together, and slide your
hands back and forth, first
slowly, then rapidly. Release it
so as to cause it to drop
squarely upon its point upon a
level wooden surface. The
steadiness of this top's
spinning will depend entirely
upon the accuracy with which
you cut the center hole for the
pencil.
A Spiral Top. The top in Fig.
130 presents a curious
appearance while spinning,
the spiral design upon it
seeming to change its form as
the top revolves.
The only difference between
the construction of this top
and the shoe-polish can top is
Figs. 126-128.—Details of Shoe-polish Can Top.
in the substitution of the spiral
disk for the polish can. A
pencil and cone-shaped piece of spool are required as in the case of the other
top.
The spiral design for the disk, shown in Fig. 131, is large enough so you can
make a tracing of it on a piece of transparent paper, and then trace it off upon
a piece of cardboard. Fill in alternate rings with black ink or water-color, in the
way shown, then cut out the disk, pierce a hole through its exact center to fit
over the pencil end, and glue the under side to the top of the cone-shaped
piece of spool. Spin this top in the same way as the shoe-polish can top is
spun (Fig. 125).
Fig. 130.—A Spiral Top.

Fig. 129.—A Spinning Top Race-track.

Fig. 132.—A Merry-go-round Top.

A Merry-go-round Top (Fig.
132) is a new idea easily
carried out. You will require a
cardboard disk 12 inches in
diameter, three spools, a
pencil, and some light-weight
cardboard.
Fig. 133 shows the details for
this top. If you haven't a
compass, use a large-sized
dinner plate with which to
draw the circumference of the
disk (A). Then cut a conical-
shaped piece of spool (B),
stick the lead-pencil through it
for a spinning point (C), punch
a hole through the disk to fit
over the pencil, and tack the
Fig. 131.—Diagram of Spiral for Spiral Top.
disk to B. Cut off a third of the
length of a ribbon spool for E,
and fasten another spool (D) to the top of the pencil. Spool D should be glued
fast to the pencil, and the spool-end E should turn loosely upon it. Coat the
lower part of the pencil with glue so it will stick fast in B.
How the Top Spins. When you have made this much of the top, spin it to
see how it works. Wrap the spinning cord—a strong lightweight wrapping-
twine—about spool D, in the same manner that you wind the cord on any top;
then, holding spool end E with the left hand (Fig. 132), pull steadily upon the
cord with the right hand until all is unwound, and gently drop the top upon its
spinning point. To get the best results, the cardboard used for the disk
platform must be very straight. If it warps, flatten it by pressing it under a pile
of books.
Horses and Riders for the merry-go-round may be prepared like those of
the clockwork merry-go-round in Chapter X (Figs. 143, 146, and 147). Figure
134 shows how two burnt matches or toothpicks are lashed to the legs of the
horses for supports, and Fig. 133 shows how holes are pierced through the
disk platform to stick them in.
A Flag mounted upon spool D will make the merry-go-round top complete.
 Fig. 134.—How Horses
are Mounted upon Top
Platform.

Fig. 133.—Detail of Merry-go-round

Top.
 CHAPTER X
HOME-MADE CLOCKWORK TOYS
The toys shown opposite page 90 are a few of the many mechanical toys
which can be operated by clockwork, and they are easy to make, too,
requiring no more mechanical ability than is possessed by the average boy old
enough to handle the simplest of tools.
Generally it is easy to find an old clock somewhere about the house, and a
clock which has been discarded simply because it has become worthless as a
timekeeper is perfectly good for operating these toys, provided the mainspring
is in working order. It is not necessary to have a set of works for each toy, for
they are so quickly fastened in place that but a minute is required to transfer
the works from one toy to another.
Before commencing work upon the toys, get together
The Other Necessary Materials. These will consist of cigar boxes,
cardboard, cotton or silk spools, glue, brads, and a few pieces from the
woodpile, with one or two additional articles which are mentioned later on.
Brads 5/8 inch and 1 inch in length should be purchased for fastening the
framework of the toys together, and the cigar boxes should be about 8 inches
by 4 inches by 2 inches in size. Remove the paper from the boxes as
described on page 175.
 Fig. 139.—How the Clockwork Motor is Fastened to the Cigar-box
Cover.
(This Box has been cut down to the Proper Length for the Ferris Wheel.)

To Prepare the Clockwork for use, remove it from its case, detach the
hands and face, and pry off the small wheel pivoted directly under the hands;
this wheel is shown at A in Fig. 139. Remove also the balance-wheel B (Fig.
139) and the lever C pivoted next to it, to increase the speed of the remaining
wheels.
Fasten the clockwork motor for
The Merry-go-round shown in Fig. 135 to the cover of a cigar box, as
illustrated in Figs. 136 and 139, boring holes through the cover with a gimlet
for the pivot ends on the back of the works to set into. Remove the lower
flange from a spool (D, Fig. 139) and fasten the spool on to the central pivot
of the clockwork in the position formerly occupied by wheel A. The hole in the
spool will be too large for the pivot and must be filled up with sealing-wax. To
do this, hold a piece of sealing-wax above the spool and melt it with a lighted
match, allowing it to drip into the hole until the latter is about half full, then
press the wax down with the end of a match until it is compact, smooth it off
on the bottom of the spool, and make a dent in it with a pencil to indicate the
exact center of the hole. Heat the end of the pivot with a lighted match, and
press it into the dent in the wax, being careful in doing so to get the spool
straight upon the pivot. Cut a hole through the bottom of the cigar box
belonging to the cover to which you have attached the works, for spool D to
project through (Fig. 139).
To Make the Standard for the merry-go-round, cut four strips of wood 8
inches long, and fasten one to each corner of the cigar box, turning the
bottom side of the box up; then cut a piece of ½-inch board 10 inches
square, locate its center F by drawing diagonal lines from corner to corner as
shown in Fig. 140, bore a 1-inch hole through it at this point for spool D (Fig.
136), and then nail the box to the center of the board as shown in Fig. 140.
The Tent should be laid out upon heavy white paper as shown in Fig. 141.
After describing a circle with a radius of 9 inches, describe another circle
within it with a radius of 7½ inches, this inner circle (shown by dotted lines in
the diagram) being drawn for a guide in fastening the tent upon its tent-poles.
 Fig. 137.—A Ferris Wheel.

Fig. 135.—A Merry-go-round.

Fig. 136.—A Clockwork Motor.

 Fig. 138.—The "Flying Airships.

Cut out the tent along the outer circle, and from it cut a triangular piece about
the size of that included between lines KL and ML in the diagram. Cover the
under edge of KL and the upper edge of ML with glue, lap KL over to about
NL, and rub down the edges with a cloth to make as neat a joint between the
pieces as possible (Fig. 142). Bore a hole through each corner of the standard
top (G, H, I, and J, Fig. 140), then cut four sticks 7 inches long, sandpaper
them until smooth, and glue them into these holes for
The Tent-poles. When the tent has dried, tack it to the ends of the poles,
being careful to make it set evenly upon them; cut a scalloped border out of
red or blue paper and paste it to the edge all around as shown in Fig. 135,
and stick a small flag in the peak.
Fig. 140.—Plan of Top of Standard Fig. 141.—Pattern for Tent of
for Merry-go-round. Merry-go-round.

Fig. 142.—The Tent ready to

be Fastened upon a Tent-
pole.
 Fig. 143.—Full-size Pattern for the Horses of the Merry-go-round.

The Horses. A full-size pattern for these is shown in Fig. 143. Take a piece of
tracing-paper or any thin transparent paper, and place it over the pattern and
make an exact copy; then rub a soft lead-pencil over the other side of the
paper, turn the paper over with the blackened side down, and transfer the
drawing six times upon a piece of lightweight cardboard. Paint the horses with
water-colors, using the pattern as a guide for shading and marking them,
then cut them out with a sharp knife or a pair of scissors.
Figure 144 shows the pattern for
The Sleighs. Draw this out upon a piece of cardboard, cut it out and fold
along the dotted lines, then turn in the flaps and glue them to the dashboard
and to the back. Cut two seats by the pattern given, bend down the flaps and
glue them to the sides of the sleigh, and make the back for the front seat like
that on the back seat (Fig. 145). Then make another sleigh similar to the one
just completed, for two are required for the merry-go-round. Paint the sleighs
green or yellow with trimmings of a lighter shade.
 Fig. 144.—Pattern for the Merry-go-round Sleighs.

Figure 136 shows

The Shafts upon which the horses and sleighs are mounted. Cut them 5½
inches long, whittle them round, and rub them down with sandpaper. The
shafts are fastened in a spool hub which has five holes bored in it (E, Fig.
136); bore the holes with a gimlet or small drill, marking them off first with a
pencil to be sure of getting them spaced at equal distances. Point the ends of
the shafts and glue them into the holes in the hub, then connect this spool to
spool D with a piece of a lead-pencil 2 inches long (Fig. 1366).
To fasten the horses to the shafts, punch
a hole through three of them at X (Fig.
143) and slip each one over a shaft, then
tack the other three horses to the ends of
these shafts at the point X. To fasten the
sleighs to the remaining shafts, glue one
end of a piece of paper to the back of the
front seat and the other end around the
shaft (Fig. 145).
Fig. 145.—A Completed Sleigh The Girl Riders for the sleighs are
showing Attachment to Shaft. shown full size in Fig. 146, and
The Boy Riders for the horses are
shown full size in Fig. 147. Make tracings from the patterns as you made that
of the horse and prepare four girls and six boys. Paint their clothes in bright
colors. Cut a second leg for each boy rider, so he can be made to sit astride of
his horse, and glue the leg to his hip as shown in Fig. 148. Cut a slit in each
seat of the sleigh and stick the flaps on the girl riders in them.
 Fig. 146.—Full-size
Pattern for the Girl
Riders.

Fig. 147.—Full-size
Pattern for the Boy
Riders.

For the Platform shown directly under the horses and

sleighs in Fig. 135, cut a piece of cardboard 11 inches in
diameter; if you choose to make the Ferris wheel before
the merry-go-round, you may use the center pieces
removed in cutting out the rims, as noted in Fig. 153. Fig. 148.—How
the Second Leg of
Punch a hole through the center of this disk large enough the Boy is
for the peg connecting spools D and E to slip through. This Attached.
platform rests upon the top of spool D and revolves with it.
To Operate the Merry-go-round. The key by which the mainspring is
wound up is shown screwed in place on the under side of the cigar-box cover
in Fig. 139. While winding the mainspring, it will be necessary to have some
means of checking it so it will not unwind at the same time, and the best
scheme for a check is to bore a small gimlet hole through the cover of the
cigar box and stick a match through this and run it between the spokes of one
of the clock wheels so as to prevent it from turning. Then when you have
wound up the spring and are ready to start the merry-go-round, all you have
to do is to pull out the match.
The model of this toy which the author has before him runs for five minutes
with one winding, and any boy can make one which will run as well if he
follows the directions given and uses a reasonable amount of carefulness in
the work.
Other Animals than horses may be used if you wish to follow the
arrangement of some of the latest merry-go-rounds, and pictures of these
may be found among the colored cut-outs sold in the stationery stores, or if
you can draw well, you may copy them from books and magazines. Great fun
may be had by changing the positions of the boy riders, making them ride
backward part of the time and sometimes two and three boys on a horse.
Doubtless you have heard of the famous Ferris wheel, and a good many of
you have ridden in the smaller wheels patterned after it, at the amusement
parks, so you will be interested in making
A Miniature Ferris Wheel like the one shown in Fig. 137.
The Standard for supporting the wheel (Fig. 149) consists of two triangular
supports, one with a spool hub fastened to its top for the axle of the wheel to
run through and the other with the cigar box inclosing the clockwork fastened
to it. Figures 150, 151, and 152 show the construction of these supports. Cut
strips P and Q 12 inches long and R 10 inches long, and trim off the upper
ends of P and Q so when they are nailed together the lower ends will be 8
inches apart; nail strip R to the lower ends of P and Q (Fig. 150). To fasten
the spool hub to its support, smear one side of a piece of tape with glue and
wind it several times around the spool (Fig. 151), then set the spool on top of
the support and press the ends of the tape against the sides of strips P and Q
(Fig. 152).
The Clockwork Motor for the Ferris
wheel is fastened to the cover of a cigar
box just as that for the merry-go-round
was fastened (Fig. 139), but the length of
the box is cut down as much as the
clockwork will allow to make the box as
square and compact as possible.
It is very necessary to have the axle
bearings exactly on a line in order to have
the wheel run smoothly, so, in fastening
the cigar box to its support, be sure that
the center of the hole in spool D (Fig.
139) is on a level with the spool hub on
the opposite support. Nail the supports to
a 10-inch by 12-inch board, 8 inches
apart, and fasten a cigar box between Fig. 149.—Standard for the Ferris
them for Wheel.

The Station Platform (Fig. 149).

 To Make the Wheel, first lay
out the rims upon a piece of
heavy cardboard, using the radii
shown in Fig. 153 for describing
the circles, then lay the sheet of
cardboard upon a board and
Cut out the Rims with a sharp
knife, being careful not to run
off of the pencil line. The
Hubs of the wheel are spools
with six holes bored in them for
the spokes to fit in (Fig. 156).
Fig. 150.—Make Two Supports like Cut six
this for the Ferris Wheel Standard.
Figs. 151 and 152.—How a Spool is Spokes 5¾ inches long by 1/8
Fastened to the Top of the Support
for a Hub. inch thick for each hub, and cut
a slot in one end of each for the
cardboard rims to fit in (Figs.
154 and 157). Use a saw rather than a knife in making the slots, for
it will make a kerf of just the right width to receive the cardboard
and will not be so apt to split the ends of the slender spokes. Whittle
the hub ends of the spokes to fit the holes in the spool hubs (Figs.
154 and 157). In
Putting together the Spokes, Hubs, and Rims of the wheel,
first stick three spokes in a hub and slip a rim into the slots in their
ends, then stick the remaining spokes into the hub, one at a time,
and spread the rim enough so it can be slipped into their slots (Fig.
155).
 Fig. 153.—How to Lay out the Cardboard Rims of the Ferris Wheel.
Fig. 154.—The Spokes Fitted into the Spool Hub.
Fig. 155.—The Rim Slipped into the End of the Spokes.

When the hubs, rims, and

spokes have been assembled,
lay them aside and get some
heavy wrapping-paper or thin
cardboard out of which
To Make the Cars. The pattern
for the cars is shown in Fig. 158, Fig. 156.—A Spool Hub for the
and on it you will find all the Wheel.
dimensions necessary for laying Fig. 157.—How the Spokes, Rims,
it out to the proper size. It will and Axles are Fastened Together.
be understood that the
unfigured portions of the drawing are the same as those with
dimensions marked upon them. The dotted lines at the door and
window openings indicate where the cutting is to be done, while all
other dotted lines indicate where the cardboard is to be scored and
folded.
 Fig. 158.—Pattern for the Ferris Wheel Cars.

Use a ruler in making the drawing of the car to get the lines straight,
and when you have finished it go over it carefully and compare it
with the illustration to be sure it is correct, after which make a
careful tracing of it, turn it over and transfer the drawing five times
upon cardboard. These and your original drawing will give you the
required number of cars. Cut out the openings with a sharp knife
and then do the rest of the cutting with a pair of scissors; punch a
¼-inch hole in each end of each car with a lead-pencil (Fig. 158),
being careful to get the holes exactly opposite. In folding and gluing
the cars, slip the flaps inside and bend the roofs so they will follow
the curve of the ends (Fig. 159).
When the cars have
been completed, cut
six sticks 5 inches
long, whittle them
down until they are
about 3/16 inch in
diameter, and
sandpaper them until
they are perfectly Fig. 159.—A Completed Car for the Ferris
round and smooth. Wheel.
These sticks connect
the rims of the wheel
and form
The Axles from which the cars are hung (Fig. 159). Great care must
be used in fastening them between the rims, for they are easily split,
and the best way to do is to start a hole first in the ends of each
axle with an awl or by driving a brad part way in and then
withdrawing it; then drive a brad through each spoke of one rim into
an axle (Fig. 157); slip the other ends of the axles through the holes
in the ends of the cars (Fig. 159), and nail the spokes of the other
rim to them.
To Mount the Wheel upon its standard, whittle an axle 8½ inches
long to fit the hubs, then hold the wheel between the two uprights,
with the hubs on a line with the spool bearings and run the axle
through the holes (Fig. 137).
Build Steps at each end of the platform out of heavy writing-paper
or light cardboard. Fold the paper or cardboard back and forth,
making pleats about ¼ inch wide for the steps, and after gluing it in
place cut out the balustrades and glue them to the edges of the
steps. Make the top step low enough so there will be about ¼-inch
clearance between it and the bottom of the cars (Fig. 137).
After you have made a final inspection to see that everything has
been put together properly, your toy will be ready for operation, and
I am sure that when you set the clockwork machinery in motion, and
the little wheel begins to revolve slowly with each little car balancing
upon its axle, you will agree that you have constructed a very
interesting toy.
The "Flying Airships" is a riding device consisting of a number of
cars suspended by steel cables from large arms pivoted to the top of
a tower. When the machinery is started, the arms begin to revolve
slowly, and the motion produced causes the cars to swing out away
from the center. As the speed of the arms increases, the cars swing
out farther and farther, until when the highest speed has been
reached the cables by which the cars are suspended have taken an
oblique position and raised the cars some distance above the
ground; then the speed of the engine is gradually diminished, and
the cars finally regain their former position. This piece of apparatus
is also known as an aerostat.
You will find the miniature flying airships (Fig. 138) easy to construct
after making a merry-go-round or Ferris wheel, as many of its details
are identical with those of the other toys.
The Standard for the toy is made similar to the one for the merry-
go-round (Fig. 135), except that the top board is omitted and a
circular piece of cardboard of the size of the disks removed in cutting
out the rims of the Ferris wheel is substituted in its place. Cut a hole
through the exact center of the piece large enough so it will fit over
spool D (Fig. 136).
Cut a Mast about 14 inches long and of the diameter of the hole in
the spool and stick it into spool D; then 3 inches below the top of
the mast fasten a spool with four horizontal arms 6 inches long
glued into holes bored in it. Fasten a crosspiece 4½ inches long to
the end of each arm with brads, and from these suspend
Cars made similar to those of the Ferris wheel, with cords. Set a
small flag in a hole bored in the top of the mast and then run cords
from the top of the mast out to the ends of the arm pieces.
With this toy the cars cannot be swung out obliquely as on the large
flying airships except by
Increasing the Speed of the Clockwork. This can be
accomplished by removing one or two of the wheels of the
clockwork, but it is not advisable to take out more than one wheel in
addition to those removed for the merry-go-round (Fig. 139)
because the mainspring would require rewinding too often to make
the toy enjoyable.
An Electric Motor can be belted to these toys as a substitute for
the clockwork, if you own one and prefer to try it out.
The clockwork toys just described were invented by the author for
his book "Handicraft for Handy Boys," and were the first designs, he
believes, devised for home-made mechanical toys of this nature. No
doubt you have noticed that manufacturers of the so-called
"construction sets"—steel and wood strips supplied with bolts and
screws for assembling—have used these very same forms of models
to show what can be made with their outfits. But your Ferris wheel,
merry-go-round, and aerostat, built as described in this chapter, with
materials picked up at home, will be the equal of any that can be
built, and you will have the satisfaction of knowing that you haven't
required an expensive "construction set" for making them.
All sorts of toy vehicles can be operated by clockwork. Figure 160
shows
An Automobile, and Fig. 161 shows how the clockwork motor is
mounted upon the chassis and belted to the driving wheel. The
same scheme that was used for the cars of the toy railway described
in Chapter VI will be followed in making
The Frame of the automobile, as that is about the simplest way,
and makes a light, easy-running vehicle.
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