This is a good introduction to economics for people who don't understand what economics really is, and a great refresher for others who do have a knowledge of economics. It is well designed, well executed, and I hope lots of people read it. It is not easy to explain complex topics in terms understandable to casual readers.

There are a couple of counterpoints I'd like to make, and couple of small corrections that should be made up front.

First, the statement: "As the price is lowered, the demand once again increases." This is a common misstatement, and is not that important, but I am a stickler for accuracy. As price is reduced the QUANTITY DEMANDED increases, not demand itself. As price is reduced, we move down the demand curve. An increase in demand is a shift of the curve, and is not based on price, but on things like changes in tastes, advertising, available substitutes, etc.

Second, "...it is generally accepted that in the short-term, policies that lead to higher inflation (such as reducing taxes or increasing stimulus) tend to lead to lower employment," I assume this is a typo, as the classical model assumes a negative correlation between inflation and UNemployment.

One of Mankiw's principles has been shown recently to be overstated. We have had extreme money printing since the financial crash in 2008, with almost no inflation. Inflation is also caused by a shortage of supply, or an increase in demand, and this relationship applies to both products and labor. The lack of inflation lately can in large part be attributed to a lack of labor pressure and an increase in competition, both stemming from globalization of the economy. Money printing has helped to keep inflation low, but it has not resulted in increased unemployment.

The article discusses exceptions to the principles of economic choice as alternative economic decisions, which are all correct. But there are also many exceptions that are caused by personal tastes, and norms and moral value choices, that are outside the realm of economics entirely.

One other more important point I would like to stress is that the description of markets and their benefits in this article is a fine description of competitive markets, but competitive markets are a shrinking characteristics of our capitalist economy. A couple of problems here. First, the theory of competition REQUIRES a set of assumptions to be met first, such as free entry and exit of firms, and perfect information between producers and consumers. After we learn about competitive markets, we learn monopoly theory, which turns competitive markets upside down. In a monopolistic sector, many of the assumptions are violated, and marginal revenue is lower than demand, which creates market power that lets a firm produce a lower quantity than a competitive market, charge a higher price, and reap profits. In a perfectly competitive sector, MR=D, so price is set by demand and in the long term profits average to zero.

Monopoly capitalism has not historically been the major area emphasized in economics, but in today's world it needs more attention. Much of our economy is dominated by a few firms in each sector with powerful market power. This has resulted in extreme profits, and increasing concentration, in a self-fulfilling loop. As a result, income and wealth inequality has increased in the world, and exploded in America. So much so that if our economy maintained the same structure it had as recently as 1975, $50 trillion of the wealth of the richest 1% of Americans would have been distributed more equally to the less wealthy 99%.

The theory of capitalism is pretty well established, but when combined with politics and personal greed, it becomes distorted. The author points out areas where government regulation is important, and I would suggest that we need far more governmental control. This may seem counterintuitive coming from an economist trained in neo-classical models, but I want capitalism to succeed, and as it is now it is on a self-destructive trajectory.

Having made all these objections, I liked this article, and am recommending it to others.