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The economy : economics for a changing world

Contributor(s): CORE team.
Publisher: Oxford Oxford University Press 2017Description: xxiii, 1126p.ISBN: 9780198810247.Subject(s): Economics -- Textbooks | International economic relationsDDC classification: 330 | E74 Summary: 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.
List(s) this item appears in: New arrival list Feb. 24 to March 01, 2020
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Item type Current location Collection Call number Status Date due Barcode Item holds
Books Books P K Kelkar Library, IIT Kanpur
General Stacks 330 E74 (Browse shelf) Available A185279
Total holds: 0

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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