• 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 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.

Externalities and Property Rights
Externalities and property rights

The private market is a common economic mechanism for allocating scarce economic resources in an efficient manner. Imagine a situation where all decisions (when, where, how much, and at what price) relating to producing and consuming every good or service in the society are made by government or a group of individuals. Under such a system, one can expect much wastage, time delay, and lack of coordination among decision entities, which would hamper the smooth and efficient delivery of goods and services. In an ideal world, perfectly competitive private markets are means to achieving the most efficient way of making goods and services available to people, of exactly the quantities they need, at prices they can afford, and ...

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