000			01475 a2200181 4500
020			_a9780198810247
040			_cIIT Kanpur
041			_aeng
082			_a330 _bE74
245			_aThe economy _beconomics for a changing world _cCORE team
260			_bOxford University Press _c2017 _aOxford
300			_axxiii, 1126p
520			_aThe 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.
650			_aEconomics -- Textbooks
650			_aInternational economic relations
700			_aCORE team
942			_cBK
999			_c561213 _d561213