- Subject index
Interest in economics is at an all-time high. Among the challenges facing the nation is an economy with rapidly rising unemployment, failures of major businesses and industries, and continued dependence on oil with its wildly fluctuating price. Economists have dealt with such questions for generations, but they have taken on new meaning and significance.Tackling these questions and encompassing analysis of traditional economic theory and topics as well as those that economists have only more recently addressed, 21st Century Economics: A Reference Handbook is a must-have reference resource.Key FeaturesProvides highly readable summaries of theory and models in key areas of micro and macroeconomics, helpful for students trying to get a "big picture" sense of the fieldIncludes introductions to relevant theory as well as empirical evidence, useful for readers interested in learning about economic analysis of an issue as well for students embarking on research projectsFeatures chapters focused on cutting-edge topics with appeal for economists seeking to learn about extensions of analysis into new areas as well as new approaches Presents models in graphical format and summarizes empirical evidence in ways that do not require much background in statistics or econometrics, so as to maximize accessibility to students.
Chapter 44: World Development in Historical Perspective
World Development in Historical Perspective
Since the end of World War II, the world economy has been transformed from a devastated and fragmented assortment of national economies primarily engaged in producing a low level of basic commodities for local consumption into a unified set of product, factor, and financial markets of global dimensions generating a tremendous volume and variety of goods and services supporting a much higher level of living for the world's population. The combination of high population growth, a brisk pace in capital formation, ever widening markets, and accelerating technological advances led to a rapid rise in production with corresponding large-scale changes in productive structures and patterns of international trade. More than a half century after this transformation began, ...