The most important equation in economics
Much of the history of economics can be traced by the contents of its best-selling textbooks. In 1848, John Stuart Mill published the blockbuster economics textbook of the 19th century: Principles of Political Economy. A century later, in 1948, Paul Samuelson—the very first American Nobel laureate in economics, who more than anyone else made economics the mathematical subject it is today—popularized Keynesian economics in the best-selling economics textbook of all time, Economics: An Introductory Analysis. This past year, in my classroom, I taught from one of the two best and most popular introductory economics textbooks, Brief Principles of Macroeconomics authored by Greg Mankiw—chair of the economics department at Harvard, former chair of the president’s Council of Economic Advisors, and my graduate school advisor.
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One constant in all of these textbooks is an equation as famous for economics as E=MC2 is for physics—an equation suitable for an economist’s vanity license plate: MV=PY.
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