The Concise Encyclopedia of Economics
FEATURED TOPIC

Urban Transportation

Kenneth A. Small
The defining trait of urban areas is density: of people, activities, and structures. The defining trait of urban transportation is the ability to cope with this density while moving people and goods. Density creates challenges for urban transportation because of crowding and the expense of providing infrastructure in built-up areas. It also creates certain advantages because of economies of scale: some transportation activities are cheaper when carried out in large volumes. These characteristics mean that two of the most important phenomena in urban transportation are traffic congestion and mass transit.... MORE
ALSO OF INTEREST

Charity

Russell Roberts

Ethics and Economics

Stephen R. C. Hicks

Political Behavior

Richard L. Stroup

Financial Regulation

Bert Ely

Government Debt and Deficits

John J. Seater

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FEATURED BIOGRAPHY

Robert E. Lucas

(1937-)
Robert Lucas was awarded the 1995 Nobel Prize in economics "for having developed and applied the hypothesis of Rational Expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy." More than any other person in the period from 1970 to 2000, Robert Lucas revolutionized macroeconomic theory. His work led directly to the pathbreaking work of Finn Kydland and Edward Prescott, which won them the 2004 Nobel Prize.... MORE