• Summary
  • Contents
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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 ...

Demand Elasticities
Demand elasticities

Economic lore depicts Alfred Marshall leaping in 1881 from the low roof of the Oliva Hotel while on vacation in Palermo, Italy; Marshall, the legend continues, ran through the town's streets shouting, “Eureka, I've found it!” The legend has his excitement stemming from his discovery of a simple formalization for the concept of elasticity (Keynes, 1963).1 Marshall was not the first to incorporate something like elasticity in his economic analysis. He was familiar with the work of mathematical economists Augustin Cournot and Johann von Thünen, both of whom developed theories of firm behavior earlier in the nineteenth century and arguably hinted at elasticity. The classical economist John Stuart Mill also discussed the impact of changes in price on quantity consumed and on ...

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