We provide an overview of the results devoted to the analysis of the dynamics and economics of shallow lakes, spanning the period from 1999 until now. A shallow lake serves as a typical representative of an ecological system subject to (possibly irreversible) regime shifts. The dynamics of a shallow lake are described by a non-linear model with multiple steady states and multiple domains of attraction and is thus suitable to model the evolution of an ecosystem featuring both resilience within a domain of stability and an abrupt regime shift outside of it. Beyond this, the shallow lake model can also be viewed as a metaphor for many other ecological problems. Due to the broad applicability of this model, there is substantial interest in the management of shallow lakes and both their optimal regulation and competitive usage.