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The aim of this course is two-fold. First, we study the microeconomic effects of incentives on the consumer and the producer and their relationship with efficiency. By developing a detailed analysis of the market system, the course provides the framework for policy intervention and the assessment of their effectiveness. Second, we develop an understanding of how the economy works at the aggregate level: this does not only provide the foundations for macroeconomic analysis but, by focusing on the economic interaction of individuals, the course develops the theoretical and empirical foundations required to analyze international trade, its evolution toward global value chains and the challenges to contemporary commercial policy.