• 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.

Regulatory Economics
Regulatory economics

Economic theory establishes that in a free and unfettered market, characterized by intense competition between many well-informed buyers and sellers, where resource mobility is possible, a socially efficient allocation of an economy's resources is generated. Characteristic of perfectly competitive markets, this social efficiency is measured as the maximization of total market surplus—that is, the sum of consumers' and producers' surpluses is maximized at a market-determined equilibrium price. For the individual firm, the consequence of this intensely competitive market is that price for the seller is determined within the market, and the only profit-maximizing mechanism available to the firm is to set production levels such that profits are maximized. This occurs when the firm's marginal cost of production equals the market price. Any ...

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