The Economy: Economics for a Changing World 1st Edition Solutions
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.
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