The first edition of The Economy was published in 2017. The world that the book attempts to explain with economics has evolved since then. Consequently, the tools we provide to students need to be updated, so that CORE Econ can continue in its mission to introduce students to what economists do now, and what we know.
Over the years, we received extensive feedback on The Economy 1.0 from committed instructors and learners. In addition, in 2020 we ran a survey of a broader group to better understand how The Economy could be improved to meet the teaching and learning needs of our users.
The Economy 2.0 will be divided into a volume for microeconomics, available in Autumn 2023, and a volume for macroeconomics available in early 2024.
The tables below show the correspondence between units in The Economy 2.0 and The Economy 1.0.
Click on the icon next to the unit titles to read more about how they’re changing.
|These units in The Economy 2.0: Microeconomics correspond to…||…these units in The Economy 1.0|
|1. Prosperity, inequality, and planetary limits||1. The capitalist revolution|
|2. Technology and incentives||2. Technology, population, and growth|
|3. Doing the best you can: Scarcity, well-being, and working hours||3. Scarcity, work, and choice|
|4. Strategic interactions and social dilemmas||4. Social interactions|
|5. The rules of the game: Who gets what and why||5. Property and power: Mutual gains and conflict|
|6. The firm and its employees||6. The firm: Owners managers, and employees|
|7. The firm and its customers||7. The firm and its customers|
|8. Supply and demand: Markets with many buyers and sellers||8. Supply and demand: Price-taking and competitive markets|
|9. Lenders, borrowers, and differences in wealth||10. Banks, money, and the credit market*|
|10. Market successes and failures: The societal effects of private decisions||12. Markets, efficiency, and public policy|
*Only the part about the credit market is included in Unit 9 of The Economy 2.0: Microeconomics
|These units in The Economy 2.0: Macroeconomics correspond to…||…these units in The Economy 1.0|
|1. The supply side model: unemployment and real wages||9. The labour market: Wages, profits, and unemployment|
|2. Supply-side policies, institutions, and inequality||New|
|3. Aggregate demand and the multiplier model||13. Economic fluctuations and unemployment
14. Unemployment and fiscal policy
|4. Inflation and unemployment||15. Inflation, unemployment, and monetary policy|
|5. Monetary and fiscal policy||14. Unemployment and fiscal policy
15. Inflation, unemployment, and monetary policy
|6. Money, banks, and debt||10. Banks, money, and the credit market**|
|7. Systemic instability: financial and environmental||New|
|8. Creative destruction, the labour market and the future of work||16. Technological progress, employment, and living standards in the long run|
|9. A century of growth, fluctuations and crises: applying the models||17. Capstone: The Great Depression, golden age, and global financial crisis|
|10. Global growth and inequality||New|
**Only the part about banks and money is included in Unit 6 of The Economy 2.0: Macroeconomics
The Economy 1.0 will continue to be available online after the 2.0 edition has been published, but it will no longer be updated. It was last updated on 31 March 2022, when:
This page will be updated regularly. Make sure you don’t miss out on updates regarding The Economy 2.0 by:
Last updated on 26 July 2023.