• 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.

Economics of Gambling
Economics of gambling

Gambling refers to placing something of value at risk on the outcome of an uncertain event. Often, it is money being put at risk (in a bet), and the event can be anything: a flip of a coin, a football game, a roll of the dice, a poker hand, a lottery, or a horse or greyhound race. Games of chance can be divided into skilled and unskilled, the distinction being dependent on the extent to which random chance determines the outcome of the wager. In coin tosses, slot machines, and lotteries, for example, the outcomes are based entirely on random luck; the behavior of the bettor has no impact on the outcome. Games of skill, on the other hand, are ...

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