• 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 ...

Macroeconomic Models
Macroeconomic models

The term macroeconomics refers to study of the behavior of an economy as a whole or as a system; the phenomena explained are (1) the short-run level of economic activity—the levels of national output, income, and employment; (2) the causes of short-run fluctuation in economic activity (business cycles); and (3) the long-run growth rate of an economy. This chapter focuses on the first two aspects of macroeconomics. The models are presented in an approximate chronological order; the chapter's organizing theme is that modern macro-economic models can be seen as based on one of two competing “visions” of the economy: (1) The economy is seen as stable, with strong market forces pushing it toward an equilibrium level consistent with full employment of labor and ...

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