TY  - GEN
AU  - CORE team
TI  - The economy: economics for a changing world
SN  - 9780198810247
U1  - 330 
PY  - 2017///
CY  - Oxford
PB  - Oxford University Press
KW  - Economics -- Textbooks
KW  - International economic relations
N2  - 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
ER  -