The Economy

The only introductory economics text to equip students to address today's pressing problems by mastering the conceptual and quantitative tools of contemporary economics.nnOUP 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.nnThe Economy:n- is a new approach that integrates recent developments in economics including contract theory, strategic interaction, behavioural economics and financial instabilityn- Engages with issues students of economics care about, exploring inequality, climate change, economic instability, wealth creation and innovation, among other issues.n- provides a unified treatment of micro- and macroeconomicsn- motivates all models and concepts by evidence and real-world applicationsn- uses interactive student-paced model-buildingn- has been adopted as the standard principles course at University College London, Sciences Po Paris and the Toulouse School of EconomicsnnA new economics for the principles coursennThe 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.nnIntroducing 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.nnGrowth 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.nnPedagogical featuresn· 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 questionsn· How economists learn from facts boxes introduce students to research practice including how to identify causation using experiments and other methodsn· When economists disagree features engage the student with evidence and controversiesn· The Read more suggestions direct the reader to resources they can consult to take their learning furthern· Student-paced interactive diagrams suited to diverse learner capabilities are available within the CORE open access ebook available here: http://www.core-econ.org/n· Multiple-choice questions (with explanations of correct and incorrect answers) allow students to self-test their understandingn· Great Economists panels showcase a range of influential thinkers who have shaped the path of economicsn· Definitions explain important terms right where neededn· Einsteins provide an opportunity for readers to explore the quantitative aspects of the topics under discussion in more detailn· Online Leibniz calculus supplements provide a calculus-based course option, enhancing flexibility of use.nnThe 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.nnAdditional support resources for the lecturer include:n· Lecture slides plus animated slides of all figures and chartsn· 250 data sets in Excel for student exercisesn· Unit by unit guides to teachingn· Suggested course structures for standalone micro and macro, and a course for non-majorsnnThe use of The Economy also brings to lecturers membership of a growing global network of curriculum innovators changing how economics is taught worldwide.