• 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.

Forensic Economics
Forensic economics

The National Association of Forensic Economics (NAFE) defines forensic economics as “the scientific discipline that applies economic theories and methods to the issue of pecuniary damages as specified by case law and legislative codes” (National Association of Forensic Economics, n.d.-a). During the litigation process, economists determine the value of economic damages, testify, and critique the opposing experts' economic analysis.

The purpose of this chapter is to provide a general overview of the economic issues in a typical personal injury and wrongful death litigation tort, which is a private or civil wrong. The chapter also discusses the ethical issues involved when using different methodologies to estimate damages.

Economic damages typically are presented to the trier of fact (which can be a jury or judge) as ...

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