• 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.


Several definitions of econometrics exist, a popular example being the following: “Econometrics is the study of the application of statistical methods to the analysis of economic phenomena.” The variety of definitions is due to econometricians wearing many different hats. First and foremost, they are economists, capable of using economic theory to improve their empirical analyses of the problems they address. At times they are mathematicians, formulating economic theory in ways that make it appropriate for statistical testing. At times they are accountants, concerned with the problem of finding and collecting economic data and relating theoretical economic variables to observable ones. At times they are applied statisticians, spending hours with the computer trying to estimate economic relationships or predict economic events. And at times they ...

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