Interdisciplinary Economics

Drawing from fields as diverse as economics, political science, psychology, and sociology, Professor of Economics William Ferguson ’75 lays out a complex argument in his first book, from Stanford University Press. Collective Action & Exchange: A Game-Theoretic Approach to Contemporary Political Economy (June 2013) examines collective-action problems through the lenses of political economy and game theory. Ferguson argues that successful economic development requires at least partial resolution of such problems.  

To craft his argument, Ferguson blends theories of economics, social preferences and norms, rationality, power, and social network theory, among others. The seed for the book, he says, grew from an economics department memo he wrote in 2008, discussing how developments in economic theory could affect the curriculum. He went on to conduct research at universities in London, Virginia, and Indiana, where he worked with 2009 Nobel laureate Elinor Ostrom. 

“Several people have told me, ‘We need this kind of book, and we don’t see one.’ No books I’ve seen use game theory as I do to address political economy.” He envisions the book as a versatile text for upper-level undergraduate economics courses, and as a useful applied tool for graduate courses in economics, policy, business, and even sociology.