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

By Rhona C. Free

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

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

Key Features

  • Provides hugely readable summaries of thought and versions in key components of micro and macroeconomics, worthwhile for college students attempting to get a ''big picture'' feel of the field
  • Includes introductions to suitable thought in addition to empirical facts, necessary for readers attracted to studying approximately monetary research of a subject matter in addition for college kids embarking on examine projects
  • Features chapters excited about state of the art subject matters with charm for economists trying to find out 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 history in records or econometrics, with the intention to maximize accessibility to students

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Additional info for 21st Century Economics: A Reference Handbook

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Among scholars who work along these lines, a large group has developed a close association with, and adopted methods of, science studies, in some cases with a critical perspective toward economics. 3 4 • SCOPE AND METHODOLOGY OF ECONOMICS While the two above-outlined approaches are the object of recurrent and sometimes lively controversies within the HET community, many scholars are in fact aware that each has both strengths and weaknesses and try to combine the two in their research. 1 What follows is a brief overview of the main areas of research in HET that also correspond to a classic division of phases of development of the economics discipline from its origins to its present state.

Human Capital and the Stock of Knowledge Gary Becker (1975) stressed the role of human capital in causing economic growth. Human capital is what economists call the result of investing in education and training, just as investing in productive equipment is called capital formation. Solow’s (1970) growth model shows that this investing in education improves the quality of the labor input and thus adds to the productive capacity of the economy. Mokyr (1990, 2002) provides a history of the development of the stock of knowledge in the West that enabled the elites of societies to advance the mastery of nature for the benefits of the masses of the population.

The discipline of economic history is the study of this series of arrangements and processes, although much of the discipline is devoted to the study of the development of modern economic growth. The reason for this is that modern economic growth brought with it sustained and accumulating increases in the per capita wealth of human societies. Before modern economic growth, any improvement in productivity led to an increase in the population, not an increase in the standard of living. In this chapter, human economic history will be examined through the lens of the discipline of economic history.

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