- 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 50: Economics of Education
Economics of Education
Economics is a study of making choices to allocate scarce resources—what to produce, how to produce, and for whom to produce. With education being one of the top social priorities to compete for scarce resources, economic analysis on returns of education, the optimal allocation of education resources, and evaluation of education policies has become increasingly important. In addition to the theoretical development and empirical applications of human capital theory, different areas of economics have also applied to education issues, such as the use of the economics of production to study the relation between education inputs and outputs.
Since the release of the 1983 National Commission on Excellence in Education report A Nation at Risk, the U.S. government has initiated different education ...