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Published: 18 September 2019

632 Pages


ISBN: 9780198849841

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This text is published by OUP Higher Education Division

Economy, Society, and Public Policy

Core Economics website Team

  • Students begin their study of economics by understanding that the economy is situated within society and the biosphere
  • Economists are interested in establishing causation does a policy work so, students learn how to identify causation (not just correlation) through the use of natural experiments, lab experiments, and other quantitative methods
  • Social interactions (modelled using simple game theory) and incomplete information (modelled using a series of principal-agent problems) are introduced from the beginning. As a result, phenomena studied by the other social sciences such as social norms and the exercise of power play a role
  • The insights of diverse schools of thought - from Marx and the classical economists to Hayek and Schumpeter - play an integral part in the book
  • The way economists think about public policy is central to ESPP. This is introduced in Units 2 and 3, rather than later in the course.
  • Students analyse the government as an actor large enough to solve as well as to cause problems
  • Students work with real data and learn transferable, quantitative skills by analysing policy problems. The online Doing Economics provides a step-by-step guide for the quantitative analysis of a policy problem related to each ESPP unit.

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