The Economy : Economics for a changing world

Oxford University Press has partnered with the international collaborative project of CORE researchers and teachers to bring students a text and learning system that complements and enhances CORE's open-access eBook.The Economy:*offers new approach that integrates recent developments in economics including contract theory, strategic interaction, behavioral economics, and financial instability*challenges students to address inequality, climate change, economic instability, wealth creation, and innovation*provides a unified treatment of micro- and macroeconomics*supports all models and concepts with evidence and real-world applications*adapts to students' own learning styles with interactive model building*acts as the standard for the Economic principles course at University College London, Sciences Po Paris and the Toulouse School of EconomicsA new economics for the principles courseThe Economy begins with social interactions using elementary game theory and institutions modelled as rules of the game. This provides the basis for a modern treatment of markets including price-making as well as price-taking, the exercise of power, and the importance of social norms and adjustmentto disequilibria.Introducing labour and credit markets with incomplete contracts allows a consistent treatment of aggregate employment and fluctuations without the need for ad hoc sticky price and wage assumptions. Banks create money by extending credit and a central bank seeks to implement a target inflation rate.Growth and instability are illustrated from the Great Depression, through the post-war golden age of capitalism through to the financial crisis and ensuing uncertainties. Students acquire an understanding of the past and current evolution of the economy in its social and environmental context,equipping them to marshal evidence and articulate positions about contemporary policy issues.Pedagogical featuresDT Economist in Action videos by Al Roth, James Heckman, Thomas Piketty, and others give students a glimpse of what economists do and how they engage in real policy questionsDT How economists learn from facts boxes introduce students to research practice including how to identify causation using experiments and other methodsDT When economists disagree features engage the student with evidence and controversiesDT The Read more suggestions direct the reader to resources they can consult to take their learning furtherDT Student-paced interactive diagrams suited to diverse learner capabilities are available within the CORE open access ebook available here: http://www.core-econ.org/DT Multiple-choice questions (with explanations of correct and incorrect answers) allow students to self-test their understandingDT Great Economists panels showcase a range of influential thinkers who have shaped the path of economicsDT Definitions explain important terms right where neededDT Einsteins provide an opportunity for readers to explore the quantitative aspects of the topics under discussion in more detailDT Online Leibniz calculus supplements provide a calculus-based course option, enhancing flexibility of use.The Economy is further augmented by the online learning and assessment tool, Dashboard, making it the complete solution for teaching and learning the principles of economics.Additional support resources for the lecturer include:DT Lecture slides plus animated slides of all figures and chartsDT 250 data sets in Excel for student exercisesDT Unit by unit guides to teachingDT Suggested course structures for standalone micro and macro, and a course for non-majorsThe use of The Economy also brings to lecturers membership of a growing global network of curriculum innovators changing how economics is taught worldwide This introductory economics text equips students to address today's pressing problems by mastering the conceptual and quantitative tools of contemporary economics