This course aims to introduce students to basic economic concepts necessary to analyse the workings of the economy and address some of the pressing development issues of today. It covers: (i) the economy -- its scope, its measurement, its institutional structures, its governance, and its evolution in a national and international context; (ii) markets and market failure - the functioning of markets and where markets either fail or do not exist; (iii) competing theories and paradigms - the determinants of economic activity, international trade and growth, and how these have informed modern policy debates at home and abroad. Throughout the course, we will address the various specific challenges that national governments and international organizations face at every turn, and evaluate the arguments and methods by which they have proposed to resolve them.

Questions about contemporary challenges - why is the unemployment impact of the pandemic higher in some countries than others, do tax cuts generate economic growth, and many more – have been studied by economists for decades. This course aims to introduce students to basic economic concepts and often contentious theories used to analyse the workings of the economy and address these questions. It covers: (i) the economy -- its scope, its measurement, its institutional structures, its governance, and its evolution in a national and international context; (ii) markets and market failure - the functioning of markets and where markets either fail or do not exist; (iii) competing theories and paradigms - the determinants of economic activity, international trade and growth, and how these have informed modern policy debates at home and abroad. Throughout the course, we will address the various specific challenges that national governments and international organizations face at every turn, and evaluate the arguments and methods by which they have proposed to resolve them.