The Economy Book Core

The Economy
by CORE Team, CORE Economics Education (Project)

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 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
DT 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
DT How economists learn from facts boxes introduce students to research practice including how to identify causation using experiments and other methods
DT When economists disagree features engage the student with evidence and controversies
DT The Read more suggestions direct the reader to resources they can consult to take their learning further
DT 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 understanding
DT Great Economists panels showcase a range of influential thinkers who have shaped the path of economics
DT Definitions explain important terms right where needed
DT Einsteins provide an opportunity for readers to explore the quantitative aspects of the topics under discussion in more detail
DT 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 charts
DT 250 data sets in Excel for student exercises
DT Unit by unit guides to teaching
DT 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.


The Core Theory in Economics
by Lester Telser

An important tenet of game theory, core theory has nonetheless been all but ignored by the mainstream. Its basic premise is that individuals band together in order to promote their interests as much as possible. The return to an individual depends on competition among various coalitions for its membership, and a group of people can obtain a joint maximum by suitable coordinated actions.

In this key title, Lester Telser investigates the following issues:

  • Markets
  • Multiproduct Industry Total Cost Functions with Avoidable Costs
  • Critical Analyses of Noncooperative Equilibria.

Through these distinct sections, Telser skilfully brings the ideas of core theory to bear on a range of issues within economics – with particular emphasis on supply and demand and the way markets function.


Core and Equilibria of a Large Economy. (PSME-5)
by Werner Hildenbrand

Can every allocation in the core of an economy be decentralized by a suitably chosen price system? Werner Hildenbrand shows that the answer is yes if the economy has “many” participating agents and if the influence of every individual agent on collective actions is “negligible.” To give a general and precise definition of economics with this property he considers both economies with a continuum of agents, and a sequence of economies with an increasing number of participants. In both cases this leads to a measure theoretic formulation of economic equilibrium analysis.

In the first part of the book the relevant mathematics is developed. In the second part the continuity and convexity properties of the total demand of a consumption sector are investigated. An important result is the equivalence between the core and the set of Walras equilibria for an exchange economy with a continuum of agents. The author then deals with limit theorems on the core for purely competitive sequences of exchange economies. In the last chapter the core and the set of Walras equilibria for a coalition production economy and the relation between these two equilibrium concepts are studied.

Originally published in 1974.

The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.


Core Economics for Managers
by Joshua Gans

In this engaging text Joshua Gans turns economic teaching on its head. Specifically aimed at the management or MBA student, Core Economics for Managers covers the essentials but does so in ways that build on and reinforce the student’s work experiencesBeginning with the tools of decision-making, this book does not shy away from the complexities of managerial decisions but embraces them to consider both uncertainty and strategic interaction in a readily accessible way. This allows the student to move with ease to considering the principles of negotiated exchange and how prices are formed when parties interact face to face rather than anonymously in markets. This provides a natural way of talking about competition and the gains from cooperation.The traditional topics of economics and competitive strategy can then be introduced by considering pricing; that is, how a firm chooses its price, how a firm can innovate in pricing, how prices are constrained by competition and how prices can act as signals for investment. Finally, with all of these tools in hand, the student can seamlessly move on to topics of contracting, outsourcing, the provision of incentives and the building of relationships.No other single book covers this multitude of topics in such an accessible way. Gone are unnecessary jargon from economics and strategy. All that remains is the core. And that core can be taken with the student back into their studies and commercial life.

Stand Out of Our Light
by James Williams

Former Google advertising strategist, now Oxford-trained philosopher James Williams launches a plea to society and to the tech industry to help ensure that the technology we all carry with us every day does not distract us from pursuing our true goals in life. As information becomes ever more plentiful, the resource that is becoming more scarce is our attention. In this ‘attention economy’, we need to recognise the fundamental impacts of our new information environment on our lives in order to take back control. Drawing on insights ranging from Diogenes to contemporary tech leaders, Williams’s thoughtful and impassioned analysis is sure to provoke discussion and debate. Williams is the inaugural winner of the Nine Dots Prize, a new Prize for creative thinking that tackles contemporary social issues. This title is also available as Open Access.

The Political Economy of Defence
by Ron Matthews

Defence is the ultimate public good, and it thus falls to government to determine the appropriate amount of public revenue to commit to the defence of the realm. This will depend on history, strategic threat, international security obligations, entreaties from allies and, of course, the threat faced. The Political Economy of Defence is structured to identify, explain and analyse the policy, process and problems that government faces from the starting point of national security through to the ultimate objective of securing a peaceful world. Accordingly, it provides insights into how defence budgets are determined and managed, offering relevant and refreshingly practical policy perspectives on defence finance, defence and development trade-offs, sovereignty vs globalisation debates, and many other pertinent issues. It will appeal to policymakers, analysts, graduate students and academics interested in defence economics, political economy, public economics and public policy.

The Impact of Climate Change on the United States Economy
by Robert Mendelsohn, James E. Neumann

Understanding the impacts of climate change on economic behaviour is an important aspect of deciding when to take policy actions to prevent or mitigate its consequences. This book applies advanced new economics methodologies to assess impacts on potentially vulnerable aspects of the US economy: agriculture, timber, coastal resources, energy expenditure, fishing, outdoor recreation. It is intended to provide improved understanding of key issues raised in the recent Intergovernmental Panel on Climate Change (IPCC) reports. It concludes that some climate change may produce economic gains in the agriculture and forestry sectors, whereas energy, coastal structures, and water sectors may be harmed. The book will serve as an important reference for the scientific, economic, and policy community, and will also be of interest to natural resource/environmental economists as an example of economic valuation techniques. The volume will clearly be of main importance to researchers and policymakers in the US, but will also be influential as a model for assessment of impacts on economies worldwide.

Political Economy of Contemporary India
by R. Nagaraj, Sripad Motiram

Cover — Political Economy of Contemporary India — Title — Copyright — Contents — List of Tables and Maps — List of Figures and Pictures — Preface — 1 Introduction: From ‘Intermediate Regime’ to Crony Capitalism — Introduction — I India’s Political Economy: An Overview — 1.1 — 1.2 — 1.3 — II A Synoptic View of the Contributions — 2.1 — 2.2 — 2.3 — 2.4 — III — Endnotes — References — Economy-wide Considerations — 2 The Relationship between the Reserve Bank and the Government of India: Political Economy of Central Banking in India — Introduction — Central Banking till 1985: A Hindu Marriage — The Phase of Monetary Targeting (1986-1998): Emergence of a Joint Family System — More Recent Period: Cracks in the Joint Family or Adulthood of the RBI — Liberalising capital account of the BoP — Public debt and the RBI — To reduce or not to reduce (repo rate): the Hamletian dilemma of Central Banking — Shape of things to come — Conclusion — Annex 1: list of RBI Governors — Endnotes — References — 3 The Limits of Liberalization: The Power Sector — Introduction — Electricity Subsidies: Continuity and Change in the ‘Basic Political Equilibrium’ — Agricultural power — Plural elites — Forging a Dual-Track System: India’s Distinctive Dynamic of Institutional Change — The segmented policy process — The dual-track power sector — The sustainability of the state-market hybrid — Conclusion — Endnotes — References — Political Economy by Regions of India — 4 Political Economy of a Dominant Caste — Introduction — Multiple Crises of the Marathas — Discourse of Backwardness — Internal Stratification and Community Claims — Conclusion — Endnotes — References — 5 Populism and Party: Society Developmental Regimes in Tamil Nadu and West Bengal — Introduction — Dynamics of Economic Growth — Distribution of Enterprises

Brands, Geographical Origin, and the Global Economy
by David M. Higgins

Indications of geographic origin for foodstuffs and manufactures have become an important source of brand value since the beginnings of globalization during the late nineteenth century. In this work, David M. Higgins explores the early nineteenth-century business campaigns to secure national and international protection of geographic brands. He shows how these efforts culminated in the introduction of legal protocols which protect such brands, including, ‘Champagne’, ‘Sheffield’, ‘Swiss made’ watches and ‘Made in the USA’. Higgins explores the major themes surrounding these indications, tying in the history of global marketing and the relevant laws on intellectual property. He also questions the effectiveness of European Union policy to promote ‘regional’ and ‘local’ foods and why such initiatives brought the EU in conflict with North America, especially the US He extends the study with a reflection on contemporary issues affecting globalization, intellectual property, less developed countries, and supply chains.

Predictive Innovation: Core Skills
by Mark Proffitt

Predictive Innovation(r) is a revolutionary approach to innovation. It’s a structured way of thinking that allows you to see what customers will want, in advance, and how to most profitably make it using readily available resources. It’s proven by 25 years of scientific research and experience with the most innovative people and companies in the world. Stemming from work first applied at Apple Computer and now used at Samsung, Predictive Innovation(r) has been shown to increase profits by as much as 95 times traditional methods and cut risk in half. Core Skills is the first book in the series. It’s an information packed practical how-to manual that doesn’t ignore important theory. It gives you the foundation needed to start using Predictive Innovation(r) in business and your personal life. No fluff, it’s serious science written in clear & easy to read language so it’s accessible to everyone including non-native English speakers. Each of the 23 chapters covers a powerful tool that you could build a career on. Step-by-step instructions guide you through applying powerful skills. Every time you read it you will learn something new. It contains: – 125 photos and graphics – over 100 examples on a wide range of topics – 7 challenging exercises Whether you are a product manager, C-level executive, engineer, entrepreneur, student, teacher, or curious thinker, Predictive Innovation(r): Core Skills will fascinate you with a new way of looking at the wor


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