• 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.

Twentieth-Century Economic Methodology
Twentieth-century economic methodology

The birth of the discipline of political economy is often dated to the eighteenth-century Scottish Enlightenment philosophers such as David Hume and Adam Smith. Of course, there were recognized antecedents dating back to Aristotle, the Spanish Schoolmen of Salamanca, and the French Physiocrats. Even the core idea of how private interest can be reconciled with public benefit through competition had a predecessor in Bernard Mandeville. But it was the Scottish philosophers who provided the foundation of classical political economy in the eighteenth century.

The systematic study of political economy begins with the recognition of two seemingly contradictory observations about commercial life. The first observation is that individuals pursue their self-interest and do so as effectively as they are capable of doing. ...

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