Producing The Economy: A South Asian Perspective

This book would not have been possible without the help, support and goodwill of many people.

First, CORE’s editorial board—Wendy Carlin, Sam Bowles and Margaret Stevens—were extraordinarily helpful and patient with our attempts to rewrite and redo various materials. With both good humour and eagle-eyed rigour, they ensured that mistakes were minimised, new material was sound and effectively presented, and that any sloppiness in presentation or conception did not make its way into the text. They were very gracious and supportive of my attempts to transmute CORE’s The Economy to The Economy: A South Asian Perspective (TESA). In all this Luka Crnjakovic managed the overall project with incredible efficiency.

Second, Srinivasan Iyer and the Ford Foundation provided a generous grant to create The Economy: A South Asian Perspective (TESA). This allowed us to run workshops to try and identify what should be part of the book and to engage with teachers who were already teaching the material to get a better sense of how to support them. In addition, it funded a small team who could support the technical back end and hold the many pieces of the project together. Azim Premji University also provided some additional support in this regard.

Third, the team itself. Electric Book Works in South Africa was a reliable and responsive partner and helped make the digital production process smooth. Zico Dasgupta was an early post-doctoral fellow who helped get the project off the ground. Kshiraja Krishnan redid all the figures painstakingly. Avinash Tripathi and Amit Basole provided material for various chapters, as did Rosa Abraham. My biggest thanks however go to Advait Moharir, who took up a project manager role straight out of university and kept all the pieces together. He ensured that all the various parts kept moving, wrote and re-wrote several parts and consistently and gently dissuaded me from bad decisions. This book would not have been possible without him.

Finally, I would like to thank various generations of students who had to suffer through new (and incomplete) material that I tested on them and gave feedback. My hope is that future students will have benefitted from their good-heartedness in being guinea pigs for my previous attempts.

Arjun Jayadev
Bengaluru, September 2021

Since this book is an adaptation of CORE’s The Economy, acknowledgements for the original text follow below.

Producing The Economy

The Economy was produced by a group of authors—the CORE team—together with teaching and learning experts, researchers, reviewers, instructors, students in the pilot universities, and editors, designers, and web developers.

The CORE team

The contents were produced by the CORE team of authors coordinated by Samuel Bowles, Wendy Carlin and Margaret Stevens; primary writers of each unit are listed below.

Unit 1 Samuel Bowles, Wendy Carlin, Arjun Jayadev, Margaret Stevens; Unit 2 Kevin O’Rourke, Samuel Bowles, Wendy Carlin, Margaret Stevens; Unit 3 Margaret Stevens, Samuel Bowles, Robin Naylor, David Hope; Unit 4 Antonio Cabrales, Daniel Hojman, Samuel Bowles, Wendy Carlin, Margaret Stevens; Unit 5 Samuel Bowles, Wendy Carlin, Margaret Stevens; Unit 6 Samuel Bowles, Wendy Carlin, Margaret Stevens; Unit 7 Margaret Stevens, Samuel Bowles, Wendy Carlin; Unit 8 Margaret Stevens, Samuel Bowles, Wendy Carlin; Unit 9 Samuel Bowles, Wendy Carlin, Margaret Stevens; Unit 10 Wendy Carlin, Paul Segal, Samuel Bowles; Unit 11 Rajiv Sethi, Samuel Bowles, Wendy Carlin, Margaret Stevens; Unit 12 Margaret Stevens, Samuel Bowles, Rajiv Sethi; Unit 13 Yann Algan, Wendy Carlin, Paul Segal; Unit 14 Yann Algan, Wendy Carlin, Paul Segal; Unit 15 Yann Algan, Wendy Carlin, Paul Segal; Unit 16 Yann Algan, Wendy Carlin, Samuel Bowles, Paul Segal; Unit 17 Wendy Carlin, Samuel Bowles, Paul Segal; Unit 18 Kevin O’Rourke, Samuel Bowles, Wendy Carlin, David Hope, Paul Segal; Unit 19 Suresh Naidu, Samuel Bowles, Wendy Carlin, Paul Segal; Unit 20 Juan Camilo Cárdenas, Marion Dumas, Cameron Hepburn, Begüm Özkaynak, Alexander Teytelboym, Samuel Bowles, Wendy Carlin; Unit 21 Diane Coyle, Georg von Graevenitz, Samuel Bowles, Wendy Carlin; Unit 22 Suresh Naidu, Samuel Bowles, Wendy Carlin, Timothy Besley. The Leibniz supplements were provided by Malcolm Pemberton and Nicholas Rau. Rajiv Sethi is editor of CORE’s ‘Great economists’ features.

The Teaching and Learning Committee

Yann Algan (Sciences Po, Paris), Alvin Birdi (Chair of CORE’s Teaching and Learning Committee, University of Bristol), Parama Chaudhury (UCL), Kenjiro Hori (Birkbeck University of London), Peter Howells (University of the West of England), Arjun Jayadev (Azim Premji University), Ashley Lait (The Economics Network), Christian Spielmann (UCL), Margaret Stevens (University of Oxford), Andrew Sykes (St Paul’s School, London).

CORE researchers and interns

Maria Balgova (University of Oxford), Jack Blundell (Stanford University and University of Oxford), Clemens Blab (UCL), Stefan Gitman (UCL), David Goll (UCL), Zoe Helding (University of Oxford), Stanislas Lalanne (University of Oxford), Becky McCann (University of Oxford), Ali Merali (UCL), Victoria Monro (UCL), Adam Nadzri (UCL), Karl Overdick (UCL), Valeria Rueda (University of Oxford), Alvaro Salamanca (University of Oxford), Shiva Sethi (University of North Carolina), Shreya Singh (UCL).

Production team for The Economy 1.0

Luka Crnjakovic (project manager), Aashika Doshi (executive assistant), Davide Melcangi (economist), Tim Phillips (editor), Eileen Tipoe (economist)
Editorial, design and software-development: Arthur Attwell, Steve Barnett, Jennifer Jacobs, David Le Page, Karen Lilje, Craig Mason-Jones, Dione Mentis, Christina Tromp, Derika van Biljon

CORE ‘Economist in action’ videos

Anat Admati (Stanford University), Robert Allen (University of Oxford), Juan Camilo Cardenas (Universidad de los Andes), Arin Dube (University of Massachusetts Amherst), Esther Duflo (MIT), Barry Eichengreen (University of California Berkeley), Richard Freeman (Harvard University), Kathryn Graddy (Brandeis University), James Heckman (University of Chicago), Petra Moser (New York University), Suresh Naidu (Columbia University), Thomas Piketty (Paris School of Economics), Dani Rodrik (Harvard University), Alvin Roth (Stanford University), F. M. Scherer (Harvard University), Juliet Schor (Boston College), John Van Reenen (MIT), Joseph Stiglitz (Columbia University). Directed by Bob Denham (Econ Films)


Philippe Aghion, Manuel Agosin, Karishma Ajmera, David Alary, Philippe Alby, Gerhard Altmann, Alberto Andrade, Simon Angus, Hannes Ansorg, Rhys Ap Gwilym, Belinda Archibong, Janine Aron, the late Kenneth Arrow, the late Tony Atkinson, Orazio Attanasio, Rob Axtell, Peter Backus, Dani Ball, Faisal Bari, Abigail Barr, Kaushik Basu, Ralf Becker, Wilfred Beckerman, Anurag Behar, Eric Beinhocker, Alan Bennett, Richard Berg, Christoph Berger, Erik Berglof, V. Bhaskar, Rhian Bilclough, Neal Bobba, Olivier Blanchard, Jo Blanden, Nick Bloom, Richard Blundell, Eric Bottorff, Danielle Boudville, Sinéad Boultwood, Clara Bowyer, James Boyce, Andrei Bremzen, Stephen Broadberry, Clair Brown, Claudia Buch, Michael Burda, Gabriel Burdin, Aisha Burke, Esther Carlin, Sarah Caro, Andrea Carvallo, Jennifer Case, John Cassidy, Allan Castro, Camila Cea, Oscar Cervantes, Jagjit Chadha, Kah Kit Chan, Bruce Chapman, Axelle Charpentier, Ali Cheema, Syngjoo Choi, Adam Cockburn, Mihai Codreanu, Maeve Cohen, Chris Colvin, Ed Conway, Ian Corrick, Nicolas Courdacier, Nicholas Crafts, Kenneth Creamer, Martin Cripps, Edward Crutchley, Martha Curtis, Reza Daniels, Massimo D’Antoni, Richard Davies, Rahul De, David de Meza, Simon DeDeo, Marc Defosse, Richard Dietz, Andrew Dilnot, Ngan Dinh, Edgaras Dockus, Manfred Doll, Michael Dorsch, Peter Dougherty, Mirco Draca, Arnaud Dyevre, Ben Dyson, Joe Earle, Fabian Eckert, The Economics Network, Pinar Ertor, Husnain Fateh, Rana Fayez, Raphael Fischer, Stuart Foster, Matthew Furnell, David Garber, Nicolas Garrido, Maximilian Gerstenkorn, Bunt Ghosh, Abigail Gibson, Daniele Girardi, Jonathan Glyn, Ian Goldin, Christian Gollier, Mariusz Górski, Andrew Graham, Liam Graham, John Greenwood, Joe Grice, Arthur Grimes, Florian Grosset, Caterina Guidi, Marco Gundermann, Bishnupriya Gupta, Sergei Guriev, Andrew Gurney, Andrew Haldane, Simon Halliday, Gill Hammond, Emily Hanchett, Matthew Harding, Tim Harford, Colm Harmon, Pippa Harries, Roby Harrington, Ben Hartridge, Jerry Hausman, Teresa Healy, David Hendry, Frederic Henwood, Josh Hillman, William Hines, Carinna Hockham, Richard Holcroft, Sam Huby, Jimena Hurtado, Will Hutton, Zoulfikar Issop, David James, Cloda Jenkins, Colin Jennings, Sajaad Jetha, Rob Johnson, Noah Johnson, Anatole Kaletsky, Girol Karacaoglu, Alexei Karas, John Kay, Jeong Hoon Keem, Lyyla Khalid, Bilal Khan, Julie Kilcoyne, Alan Kirman, Paul Klemperer, Amairisa Kouki, Pradeep Kumar, Oscar Landerretche, Philip Lane, Manfred Laubichler, Samuel Law, Jonathan Leape, Valerie Lechene, Howon Lee, Margaret Meyer, Murray Leibbrandt, Rob Levy, Peter Lindert, Bao Linh Le, Jose Lobo, Philipp Lohan, Deborah Mabbett, Stephen Machin, Rod Maddock, Lisa Magnani, Kamil Majczak, Alan Manning, Cecile Markarian, Jaime Marshall, Peter Matthews, Patrick McKenna, John McLaughlin, Hugh McLean, Rashid Memon, Atif Mian, Tom Michl, Branko Milanovic, Jennifer Miller, Catherine Mole, Bruno Momont, Alejandro Moyano, John Muellbauer, Anand Murugesan, Houda Nait El Barj, Venu Narayan, Andy Norman, Paul Novosad, Thomas O’Sullivan, Martha Olney, Jeremy Oppenheim, Andrew Oswald, Emily Pal, Stefania Paredes Fuentes, Jung Hoon Park, Marii Paskov, Bhavin Patel, Sean Payne, PEPS-Economie, Jonathan Pincus, Ashby Plant, Laura Povoledo, Ian Preston, Stefan Pricopie, Tim Prizeman, Stefan Prochnow, Louis Putterman, John Raiss, Ranjita Rajan, Wolfgang Reinicke, Derek Rice, Rebecca Riley, Federico Rocchi, Max Roser, Andy Ross, Alessandra Rossi, Jannie Rossouw, Robert Rowthorn, Phil Ruder, Tripti Rungta, Steve Russell, Michael Rybarczyk, Cristina Santos, Mark Schaffer, Philipp Schmidt, Monika Schnitzer, Paul Seabright, Anil Shamdasani, Eddie Shore, Gordon Shukwit, Jason Shure, Adrian Slack, Beatrice Smith, Stephen Smith, Neil Smith, Dennis Snower, Robert Solow, Daniel Sonnenstuhl, George Soros, David Soskice, Teresa Steininger, Nicholas Stern, Lucy Stewart, Joseph Stiglitz, Bob Sutcliffe, Peter Temin, Stefan Thewissen, Caroline Thomas, Sarah Thomas, Leith Thompson, Keith Thomson, Ahmet Tonak, Kautuk Trivedi, David Tuckett, Adair Turner, Burak Unveren, Romesh Vaitilingam, Imran Valodia, Philippe Van Parijs, Samo Varsik, Julia Veglesi, Andres Velasco, Paul Vertier, Nirusha Vigi, Charles Vincent, David Vines, Snjezana Voloscuk, Victoria Waldersee, Ian Walker, Danielle Walker Palmour, James Watson, Christopher Webb, Jorgen Weibull, Stephen Whelan, Ryan Wilson, Glenn Withers, Martin Wittenberg, Martin Wolf, Nikolaus Wolf, Cornelia Woll, Renbin Woo, Meredith Woo, Elisabeth Wood, Chris Wood, Ingrid Woolard, Stephen Wright, Kiichiro Yagi, Peyton Young, Homa Zarghamee.