• 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.

Experimental Economics
Experimental economics

Being able to test theories and understand the underlying mechanism behind observed phenomena is crucial for scientific progress in any discipline. Experimentation is an important method of measurement in the natural sciences as well as in social sciences such as psychology, but the use of experiments for gathering economic data is a much more recent endeavor. Economics has long been regarded as a nonexperimental science, which has to rely on observations of economic behavior that occur naturally. Experiments, however, have found their way into the economist's toolkit in the past few decades and are now being employed commonly in mainstream economics research in many diverse subfields such as game theory, industrial organization, labor and development economics, and, more recently, macroeconomics.

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