By Rhona C. Free
Curiosity in economics is at an all-time excessive. one of the demanding situations dealing with the country is an financial system with quickly emerging unemployment, disasters of significant companies and industries, and persisted dependence on oil with its wildly fluctuating fee. 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 financial concept 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.
- Provides hugely readable summaries of idea and types in key components of micro and macroeconomics, precious for college kids attempting to get a ''big picture'' feel of the field
- Includes introductions to appropriate idea in addition to empirical facts, worthy for readers drawn to studying approximately monetary research of a subject matter besides for college kids embarking on study projects
- Features chapters keen on state-of-the-art issues with attraction for economists trying to know about extensions of study into new parts in addition to new techniques
- Presents models in graphical format and summarizes empirical facts in ways in which don't require a lot history in records or econometrics, that allows you to maximize accessibility to students
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Additional info for 21st Century Economics: A Reference Handbook
Original work published 1838) De Vroey, M. (2004). Involuntary unemployment: The elusive quest for a theory. London: Routledge. Heilbroner, R. (1999). The worldly philosophers (Rev. ). New York: Simon & Schuster. Hobbes, T. (1996). Leviathan or the matter, form, and power of a commonwealth ecclesiastical and civil (Rev. ). Cambridge, UK: Cambridge University Press. (Original work published 1651) Hutchison, T. W. (1988). Before Adam Smith: The emergence of political economy 1662–1776. Oxford, UK: Blackwell.
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.
This period saw the rise of an alternative approach, known as monetarism and primarily associated with Milton Friedman (1912–2006). Monetarism revived the pre-Keynesian belief that market economies can regulate themselves without any need for government intervention and brought to light a strong relationship between money creation and inflation, so that an economy may be destabilized if the authorities print too much money: It followed that the focus of economic policies should be solely on keeping the quantity of money under control and that active demand policies are useless, if not in fact damaging.
21st Century Economics: A Reference Handbook by Rhona C. Free