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37-588: CORE Econ was conceived in late 2012, by Professors Wendy Carlin of University College London , Samuel Bowles of the Santa Fe Institute , and Oscar Landerretche , who at that time was Director of the School of Economics and Business of the University of Chile . At the time, Professor Carlin wrote to colleagues to suggest they collaborate to revise the curriculum, noting that "altering the course of

74-433: A Creative Commons license so that "any user can customize, translate, or improve it for their own use or the use of their students." The Economy 2.0 is the second edition of The Economy 1.0, CORE Econ's original introductory economics textbook. A complete rewrite of The Economy 1.0, The Economy 2.0 brings together the latest research in economics and related disciplines, with the feedback CORE Econ have received over

111-489: A master's degree and PhD at the University of Oxford on a Rhodes Scholarship , finishing in 1987. Her thesis was entitled The development of the factor distribution of income and profitability in West Germany, 1945-1973 and was supervised by Andrea Boltho . In her early academic career, Carlin focused on contemporary economics and economic history, and in particular, West Germany. The statistician John Carlin

148-762: A Changing World . Oxford: Oxford University Press. CORE Econ Team, The (2023). The Economy 2.0: Microeconomics. Open access e-text https://core-econ.org/the-economy/ . CORE Econ Team, The (2023). The Economy 2.0: Macroeconomics. Open access e-text https://core-econ.org/the-economy/ . CORE Team, The (2018). Economy, Society, and Public Policy . Oxford: Oxford University Press. CORE Team, The (2018). Doing Economics . Open access e-text https://core-econ.org/doing-economics . CORE Team, The (2020). Experiencing Economics . Open access e-text https://core-econ.org/experiencing-economics . Wendy Carlin Wendy Joan Carlin , CBE FBA (born 1957)

185-597: A New Economy, and the Finistere Charitable Foundation. Past funders include Nuffield Foundation , HM Treasury , Friends Provident Foundation, The Bank of England , and the International Economic Association . CORE Econ's authors claim that popular textbooks such as Principles of Economics by Greg Mankiw are little different in content to the first modern text book, Economics by Paul Samuelson , which

222-562: A member of the council of the Royal Economic Society . Carlin has written three books, all coauthored with David Soskice : The third book integrates the financial system into the macroeconomic model to allow for analysis of financial cycles as well as business cycles and growth. Since 2019, Carlin has served as an External Professor to the Santa Fe Institute In September 2014, Carlin

259-1049: A minor. Like The Economy 1.0 and 2.0, it focuses on topics such as inequality, power, and environmental economics. ESPP is funded by the Nuffield Foundation . As of 2024, it's available in English and Slovakian. Also in 2018, CORE published Doing Economics , a collection of empirical projects designed to teach quantitative methods in economics using real-world data, also funded by the Nuffield Foundation. These projects link to units in The Economy 2.0, ESPP and The Economy 1.0 and help students explore important questions around real-world challenges such as inequality and climate change. All projects come with step-by-step instructions and exercise solutions and students can decide to complete them in R, Excel, Google Sheets or Python. Experiencing Economics

296-544: A print version of The Economy 1.0 was published by Oxford University Press and has been self-published by CORE Econ since 2022. Since 2019 The Economy 1.0 is also available as a free app for Android, Windows and iOS, and it's also available in EPUB format, for free. In 2018, CORE Econ published Economy, Society, and Public Policy , a free ebook designed to introduce the economics to non-specialists, particularly students from outside economics courses who were taking economics as

333-590: Is Tim Gardam . The Foundation's income comes from the interest on its investments and it spends about £10 million on charitable activities each year. It is financially and politically independent and is governed by a board of trustees who meet four times a year. The Foundation makes grants for research and innovation projects that aim to improve the design and operation of social policy, particularly in: It has discontinued its Open Door programme, but remains committed to encouraging original and thought-provoking approaches to research that identify new questions and change

370-541: Is Wendy Carlin ( University College London ), Samuel Bowles ( Santa Fe Institute ) and Margaret Stevens (University of Oxford). Other prominent economists have contributed to the published material, including Nobel laureates James Heckman , Alvin Roth and Joseph Stiglitz , who recorded videos for it on inequality in education, matching markets and the financial crisis. Since 2019, the CORE Econ online material embeds

407-490: Is a collection of classroom games and experiments programmed in classEx. These games and experiments are linked to units in The Economy 2.0, ESPP and The Economy 1.0 and come with step-by-step instructions for instructors to run them in their classes. CORE Insights are a self-contained educational resource with a variety of CORE Econ’s standard student learning activities. They are authored by international subject experts. Current CORE Insights are: CORE Economics Education

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444-622: Is a professor of economics at University College London , expert advisor to the Office for Budget Responsibility , and research fellow at the Centre for Economic Policy Research . Her research focuses on macroeconomics , institutions and economic performance , and the economics of transition . Carlin was born in 1957, her father Brian Frederick Carlin was an agricultural scientist. Carlin completed her undergraduate education at Murdoch University , Australia in 1978. She then went on to study for

481-543: Is designed for the post-neoliberal age". Bethan Staton highlighted in the Financial Times how CORE Econ's "fresh approach to teaching that grounds economics in the real world" has been gathering steam in business schools too. Noah Smith praised CORE Econ for "focusing more on hands-on data analysis." Some curriculum reform campaigners have criticised CORE Econ for being too narrow and prescriptive, and not acknowledging competing schools of thought. Daniel Lapedus,

518-563: Is funded by grants from various organisations, including Open Society Foundations, Friends Provident Foundation and Nuffield Foundation and is based in the Economics Department at University College London. The CORE project has produced an interactive open-access e-book for an introductory course in economics, currently being used at universities around the world such as UCL , Sciences Po , Toulouse School of Economics , Humboldt University , and many more. In 2015, she became

555-464: Is her brother. During her PhD studies, Carlin was a lecturer in economics at Christ Church, Oxford . After her PhD she moved to the Department of Economics at UCL where she has remained since. She was appointed professor at UCL in 2002. In 2000, Carlin became a research fellow at the Centre for Economic Policy Research . Since 2011, Carlin has been a member of the expert advisory board to

592-478: Is not a pluralist curriculum ... It presents one paradigm, while students should be able to choose among different schools of thought." The Times Higher Education Supplement called the course "a bold revamp" and wrote that taking CORE in year 1 had improved results in year 2 for students at University College London : The proportion of students gaining a first in the second-year microeconomics module rose from 22 per cent in 2014-15 to 32 per cent in 2015-16, while

629-632: Is registered as a charity in England and Wales, with a board of trustees. The day-to-day running of the project is based at University College London . The course and support materials have been created by academic economists who volunteer their time, including Yann Algan ( Sciences Po , Paris), Timothy Besley ( London School of Economics ), Diane Coyle ( University of Manchester ), Cameron Hepburn ( University of Oxford ), Suresh Naidu , Rajiv Sethi, Margaret Stevens (University of Oxford), and Kevin O'Rourke ( University of Oxford ). The steering group

666-426: Is too narrowly focused and more effort should be made to broaden the curriculum". Professor Carlin has written that: "The textbook model is definitely broken. In it, economic actors are amoral and self-interested, perfectly competitive market prices equate supply to demand implementing "optimal" outcomes, while environmental degradation , instability , and inequality are afterthoughts at best … Yet it continues as

703-458: Is used in approximately 500 universities worldwide. This economics textbook was designed as the source material for taught courses in the first year of an undergraduate degree, although it has also been used in schools, and for advanced courses in public policy. As of 2024 this textbook is available in English, Italian, French, Spanish, Finnish, German and partially in Portuguese. In 2017,

740-585: The Institute for Fiscal Studies the Nuffield Foundation funded a proposal for a revision of the British tax system. The research project was headed by Nobel laureate Sir James Mirrlees . In 2015, the Nuffield Foundation funded Our World in Data , a free web-publication to share quantitative social science with the general public. This publication is used in teaching in many universities and in media coverage of

777-633: The Office for Budget Responsibility . Between 2000 and 2015 she was co-managing editor (with Philippe Aghion ) of Economics of Transition. In 2013, Carlin was one of the founders of Curriculum Open-access Resources in Economics (CORE) , for which she is now the director. CORE is a new introductory course in economics provided free to students and teachers, hoping to "reform the undergraduate economics curriculum", in which economists "will learn to use evidence from history, experiments and other data sources to test competing explanations and policies" CORE

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814-538: The Rethinking Economics welcomed CORE Econ's "incorporation of a variety of thinkers in their curriculum, as well as their efforts to make economics more real and engaging for economics students ... But real critical pluralism that reflects the true diversity of real-world perspectives is still a long way off. There is plenty more rethinking yet to be done." Yuan Yang, one of the founders of Rethinking Economics , told The Financial Times that: "Core

851-624: The UK. The Foundation has contributed to healthcare and medical research. It has a separate fund for investing in rheumatic disease research. This was bequeathed by Captain Oliver Bird in 1948. Over the next 10 years the Oliver Bird Fund will dedicate up to £12.5m on research into musculoskeletal (MSK) conditions. It also has a small dedicated fund for strengthening relationships between the UK and other Commonwealth countries. In 1951,

888-569: The backbone of much undergraduate teaching. However remote from what economists really do and the way we think, this is the "economics" imprinted on the public's mind." Launched in October 2013 at HM Treasury , CORE Econ said its mission was to address these issues by creating a textbook incorporating contributions from many academics with different points of view that was "humbler, more empirical and more topical". Professor Carlin wrote that students "are embarrassed when they are no more able to explain

925-490: The eurozone crisis or persistent unemployment than their fellow students in engineering or archaeology", and that CORE Econ would ensure that "digital technology and interactive teaching methods will introduce students to an empirical discipline. They will learn to use evidence from history, experiments and other data sources to test competing explanations and policies." CORE Econ's courses are offered through open access online ebooks published on its web site. Its ebooks use

962-516: The interactive visualizations of Our World in Data throughout the material. This makes all data available for download and allows data selection for specific countries. CORE Econ funds its projects through grants. Startup funding was provided by the Institute for New Economic Thinking . Current funders include the Ford Foundation , the James M. and Cathleen D. Stone Foundation, Partners for

999-553: The long-term perspective on global development. In 2018, the Foundation established the Ada Lovelace Institute to research ethical questions raised by big data, algorithms and artificial intelligence . In 2019, the Foundation launched a major review of inequalities chaired by Professor Sir Angus Deaton , and a £15m Strategic Fund for ambitious, interdisciplinary research projects that will address some of

1036-400: The proportion awarded third-class honours fell from 28 per cent to 11 per cent. ... In macroeconomics , the proportion gaining firsts was unchanged, but the number who attained a 2:1 rose from 21 per cent in 2014-15 to 36 per cent in 2015-16." In September 2024 there are approximately 500 universities worldwide using CORE Econ. These include: CORE Team, The (2017). The Economy, Economics for

1073-685: The second half of the 20th century, such as asymmetric information , strategic social interactions and incomplete contracts should be given greater prominence in undergraduate teaching. It claims that in most universities these ideas are "mentioned, if at all, at the end of the introductory course, or as special topics." Several authors have researched on CORE Econ's curriculum and written about its innovations and how it helps students learn economics. Source: The Economy has been received favourably. The Economist wrote that "[e]arly results are promising": The Economy does not dumb down economics; it uses maths readily, keeping students engaged through

1110-502: The terms of the debate. The Foundation also funds programmes designed to increase research capacity in science and social science. Each year it funds over 1,000 Nuffield Research Placements to give hands on research experience to 16- and 17-year-olds studying STEM subjects. With the ESRC and HEFCE it funds Q-Step, a £19.5 million programme designed to promote a step-change in quantitative methods training for social science undergraduates in

1147-453: The topicality of the material. Quite early on, students have lessons in the weirdness in economics—from game theory to power dynamics within firms—that makes the subject fascinating and useful but are skimmed over in most introductory courses. In The New Yorker , John Cassidy wrote that "The members of the core team deserve credit for responding to the critics of economics without pandering to them." Nick Romeo wrote that " The Economy [1.0]

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1184-613: The trust deed was amended to include "the advancement of education" as an objective of the foundation. This led to the Nuffield Science Teaching Project in the 1960s. In 1960, the Foundation made a multi-year grant to Paintings in Hospitals for the purchase of paintings, and occasionally sculpture, in order to establish a permanent art collection for loan to hospitals in London. In 2006, together with

1221-589: The undergraduate curriculum is like turning around a half a million ton super tanker. But I think that the time may be right for the initiative I am inviting you to join me in proposing." Following the financial crisis of 2007–2008 , students had formed groups, such as the International Student Initiative for Pluralist Economics (ISIPE) and Rethinking Economics , to demand improvements to the mainstream economics curriculum. ISIPE, for example, argued that "teaching in economics departments

1258-414: The years from committed instructors. Building on the successful features of The Economy 1.0, The Economy 2.0 introduces important innovations: The Economy 2.0 is available for free online, and is published as a print book by Hackett Publishing Company. The Economy 1.0 is the first and flagship publication of CORE Econ. A textbook in 22 chapters that provides a complete introduction to economics and

1295-639: Was awarded an honorary degree in economics from Murdoch University. In 2016, Carlin was awarded a CBE in the new year honours, for services to economics and public finance. Carlin received the 2019 Economics Network Outstanding Career Achievement in Economics Education award. She is also a fellow of the European Economic Association and was elected a Fellow of the British Academy in 2023. Carlin

1332-583: Was married to University of Oxford economics lecturer Andrew Glyn , with whom she had two children. Glyn died in December 2007 from brain cancer . Nuffield Foundation The Nuffield Foundation is a charitable trust established in 1943 by William Morris, Lord Nuffield , the founder of Morris Motors Ltd . It aims to improve social well-being by funding research and innovation projects in education and social policy, and building research capacity in science and social science. Its current chief executive

1369-529: Was published in 1948, meaning that these textbooks have ignored many of the innovations in economics since then: "What we teach [students] in our intro classes bears little resemblance to how we do economics ourselves. The great mid-20th century thinkers – John Maynard Keynes , Friedrich Hayek , and John Nash – initiated a process that eventually transformed how we now understand the economy, in three ways. Only one of these [Keynes] made it into today's principles course." CORE Econ argues that concepts developed in

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