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The Economy - Economics for a Changing World (Paperback)
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The Economy - Economics for a Changing World (Paperback)
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The only introductory economics text to equip students to address
today's pressing problems by mastering the conceptual and
quantitative tools of contemporary economics. OUP has partnered
with the international collaborative project of CORE researchers
and teachers to bring students a book and learning system that
complements and enhances CORE's open-access online e-book. The
Economy: - is a new approach that integrates recent developments in
economics including contract theory, strategic interaction,
behavioural economics and financial instability - Engages with
issues students of economics care about, exploring inequality,
climate change, economic instability, wealth creation and
innovation, among other issues. - provides a unified treatment of
micro- and macroeconomics - motivates all models and concepts by
evidence and real-world applications - uses interactive
student-paced model-building - has been adopted as the standard
principles course at University College London, Sciences Po Paris
and the Toulouse School of Economics A new economics for the
principles course The 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 adjustment to
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 features * 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 questions * How
economists learn from facts boxes introduce students to research
practice including how to identify causation using experiments and
other methods * When economists disagree features engage the
student with evidence and controversies * The Read more suggestions
direct the reader to resources they can consult to take their
learning further * Student-paced interactive diagrams suited to
diverse learner capabilities are available within the CORE open
access ebook available here. * Multiple-choice questions (with
explanations of correct and incorrect answers) allow students to
self-test their understanding * Great Economists panels showcase a
range of influential thinkers who have shaped the path of economics
* Definitions explain important terms right where needed *
Einsteins provide an opportunity for readers to explore the
quantitative aspects of the topics under discussion in more detail
* 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: * Lecture slides plus animated slides of all
figures and charts * 250 data sets in Excel for student exercises *
Unit by unit guides to teaching * Suggested course structures for
standalone micro and macro, and a course for non-majors The use of
The Economy also brings to lecturers membership of a growing global
network of curriculum innovators changing how economics is taught
worldwide.
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