• Summary
  • Contents
  • 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 ...

Transaction Cost Economics
Transaction cost economics

Economics is the study of human interactions involving trade. In addition to the costs of production and distribution, every trade has associated with it the costs of the trade itself: of locating trading partners, of negotiating the terms of the trade and adapting those terms as economic conditions change, of monitoring and enforcing the terms of the trade, and so forth. These costs are called transaction costs, and traders' attempts to limit them explain why many economic, political, and social institutions have evolved the way they have.

Transaction cost economists seek to understand how transaction costs influence the design and evolution of the institutions used to coordinate economic relationships. Friedrich Hayek (1945) has written of the “marvel” of the spontaneous coordination ...

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