• 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.

Cost-Benefit Analysis
Cost-benefit analysis

Infrastructure, education, environmental protection, and health care are examples of goods and services that in many circumstances are not produced by competitive private companies. Instead, decision making regarding investments and regulations is often made by politicians or public sector officials. For these decisions to be consistent, rational, and increase welfare, a systematic approach to evaluating policy proposals is necessary. Cost-benefit analysis is such a tool to guide decision making in evaluation of public projects and regulations. Cost-benefit analysis is a procedure where all the relevant consequences associated with a policy are converted into a monetary metric. In that sense, it can be thought of as a scale of balance, where the policy is said to increase welfare if the benefits outweigh the ...

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