• 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 Crime
Economics of crime

The persistence of “crime” in all human societies and the challenges it imposes for determining how to enforce laws enjoining it have attracted the attention of scholars throughout human history, including, in particular, utilitarian philosophers and early economists such as Beccaria, Paley, Smith, and Bentham. Indeed, in view of its empirical regularity, sociologists such as Durkheim adopted the view that “crime, in itself, is a normal social phenomenon,” rather than an aberration of human nature. It was not until the late 1960s, especially following the seminal work by Becker (1968), however, that economists reconnected with the subject in a systematic fashion, using the modern tools of economic theory and applied econometrics.

The essence of the economic approach, as restated by Becker ...

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