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.
Chapter 51: Economics and Justice
Economics and Justice
Exploration of the connections between economics and justice is complicated by the fact that both economics and justice are variously defined and deeply contested. Economics can be thought of as the study of the determinants of wealth creation, which was the view taken by many classical economists; the study of choice and allocation under conditions of scarcity, which is the view of contemporary neoclassical theory; the study of the production, appropriation, and distribution of the social surplus, which informs Marxian theory; the study of the manner in which communities provision for themselves, which is the view of many institutionalists; and in other ways. Justice is likewise a controversial concept. Here, too, one finds that distinct approaches yield diverse accounts of ...