• 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.

New Classical Economics
New classical economics

During the past 70 years, macroeconomic analysis has made enormous progress via the sustained accumulation of knowledge and is now firmly established as an essential component of effective public policymaking in every modern economy. In retrospect, it is uncontroversial that the “Keynesian revolution” transformed the approach of governments to economic management. Although the Keynesian consensus prevailed during the 1950s and 1960s, and was labeled the neoclassical synthesis by Paul Samuelson, the intellectual journey from Keynes's General Theory of Employment, Interest and Money (1936) to the contemporary consensus (the new neoclassical synthesis) has been marked by periods of considerable controversy (Blanchard, 2000; Woodford, 1999). In particular, during the early 1970s, there emerged a powerful intellectual counterrevolution directed against the central tenets ...

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