Download e-book for kindle: 21st Century Economics: A Reference Handbook by Rhona C. Free

By Rhona C. Free

ISBN-10: 1412961424

ISBN-13: 9781412961424

Curiosity in economics is at an all-time excessive. one of the demanding situations dealing with the country is an economic climate with speedily emerging unemployment, mess ups of significant companies and industries, and persisted dependence on oil with its wildly fluctuating cost. Economists have handled such questions for generations, yet they've got taken on new that means and significance.

Tackling those questions and encompassing research of conventional fiscal concept and subject matters in addition to those who economists have simply extra lately addressed, 21st Century Economics: A Reference Handbook is a must have reference resource.

Key Features

  • Provides hugely readable summaries of concept and types in key components of micro and macroeconomics, worthwhile for college students attempting to get a ''big picture'' experience of the field
  • Includes introductions to appropriate conception in addition to empirical facts, important for readers drawn to studying approximately monetary research of a subject matter besides for college kids embarking on examine projects
  • Features chapters concerned about state-of-the-art themes with charm for economists looking to know about extensions of research into new parts in addition to new methods
  • Presents models in graphical format and summarizes empirical facts in ways in which don't require a lot heritage in data or econometrics, to be able to maximize accessibility to students

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Additional resources for 21st Century Economics: A Reference Handbook

Example text

1 HISTORY OF ECONOMIC THOUGHT PAOLA TUBARO University of Greenwich; Centre Maurice Halbwachs ike economic history, the history of economic thought (HET) investigates economic issues in long-run perspective. Yet the two fields are distinct and should not be confounded: HET does not study economic facts such as the 1929 financial crisis but rather economic theories and economic literature. It focuses on the historical roots of economic ideas and takes into account a wide array of schools of thought; in conjunction with pure theory and the history of facts, it constitutes part of a comprehensive approach to the study of the economic bases of modern societies.

Accounts of the market mechanism of this time period place emphasis on the symmetry of supply-and-demand factors and on the resulting equilibrium. Individual demand and supply are derived, respectively, from agents’ calculations of utility (for consumers) and profit/cost (for firms), and market supply and demand are obtained by aggregating all individual values. When market supply equals demand, the market is in equilibrium—that is, the decisions of all households and all firms are consistent with one another.

The answers provided at different epochs, though based on different arguments and different sources of evidence, often have elements in common—partly because these are issues that have major philosophical and political implications. By accounting for the circumstances in which a variety of responses have emerged in the past, HET can contribute to today’s reflection on these issues. As Keynes (1936) once wrote, The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood.

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21st Century Economics: A Reference Handbook by Rhona C. Free


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