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This open access book examines the chronic underperformance of economies with respect to inclusion, sustainability and resilience. It finds that the standard liberal economic growth and development model has evolved over the past century in a fundamentally unbalanced manner that underemphasizes the crucial role of institutions – legal norms, policy incentives and public administrative capacities – in translating market-based growth in the production of goods and services into broad and sustainable gains in social welfare at the household level. Correcting this imbalance of emphasis in economic theory and policy between markets and institutions, production and distribution, and national income and household living standards is the single most important step required to transcend 20th century trickle-down “neoliberalism” and replace it with a more human-centred model of economic progress in the 21st century. The book breaks new ground by integrating the principal institutional dimensions of the social contract into the heart of macroeconomic theory and presenting extensive corresponding reforms of domestic and international economic policy to refocus them on the median living standards, rather than primarily aggregate wealth or GDP, of nations. This is the bottom-line measure of national economic performance, and it depends on the strength of both markets of exchange and institutions in such areas as labour and social protection, financial and corporate governance, competition and rents, anti-corruption, infrastructure and basic necessities, environmental protection, education and skilling, etc. Extensive comparative data are presented demonstrating that countries at every level of economic development have ample policy space to narrow their “welfare gaps” – their underperformance on these and other key aspects of household living standards relative to the frontier of leading policy practice in peer countries.

As anti-globalization and geopolitical tensions continue to rise, the use of local content requirements (LCRs) around the world has become more noticeable than ever before. The reasons for adopting LCRs range from ensuring domestic supply availability, job creation, and increasing value added to safeguarding national security. Ing and Grossman examine country-specific as well as firm-product level exercises to explain how LCRs reduce fair competition, resulting in lower trade and productivity, which ultimately lowers world economic output and overall human welfare. Countries around the world are investigated with specific attention to the US, China, Indonesia, and resource-intensive countries, including mining-intensive ones. The book also presents product- and firm-level analyses, answering the question of why countries adopted LCRs and how LCRs actually affect the world economy. This book is a useful resource that will interest policymakers, researchers, and advanced undergraduates interested in international trade, industrial policy, political economy, labour economics, and development economics.

This chapter is to demonstrate the challenges related to free time of seniors (especially EU residents) in the 21st century. The starting point for the considerations was to explain the concept of free time and to specify its characteristics, functions, and ways of using it. The structure of the seniors' time budget and leisure activities undertaken by this group were analyzed (based on Eurostat data). Subsequently, one of the important forms of free time management, that is, tourism, was studied. First, the essence of tourist activity was discussed and the reasons for undertaking it in the autumn of life. Second, the functions of senior tourism were distinguished and data on the participation of seniors from EU countries in it were presented. Third, taking into account that the concept of active aging is increasingly the participation in various types of courses, trainings, workshops, etc., the chapter defines the place of seniors in the process of lifelong learning. The tasks of the University of the Third Age (U3A) were systematized and the available data on the participation of European seniors in educational programs were analyzed. The conclusion emphasizes the heterogeneity of the silver head segment.

Preferable Futures delves into the question of possible, probable, and desirable futures amidst the pressures of climate change and digitalization. Through a diverse range of perspectives, the book explores ways to negotiate and create desirable futures using the concept of transformation design in theory and practice, economic business simulations, and recent humanistic theories. This thought-provoking read challenges us to imagine and (re)shape a future we cannot predict and find ways to make a difference right now.

What do we expect when we say something to someone, and what do they expect when they hear it? When is a conversation successful? The book considers a wide set of two-person conversations, and a bit of game theory, to show how conversational statements and their interpretations are governed by beliefs. Thinking about beliefs is suitable for communication analysis because beliefs are well-defined and measurable, allowing to differentiate between successful understandings and their less successful counterparts: misunderstandings. The book describes the theoretical framework and empirical measurements of misunderstandings – written by an economist, but in simple words and using interdisciplinary concepts. The material will benefit students and researchers of behavioural economics and its neighbouring fields, and anyone interested in human language.

Krisen erschüttern das gesellschaftliche Denken über Leben und Tod. In der Covid-19-Pandemie wurde die Individualität des Menschen selbst im Sterben durch das Tabu des kollektiven Sterbens geschützt. Das Virus zwang die Politik in der Abwägung zwischen Gesundheits- und Freiheitsschutz zur Parteinahme für die Alten zulasten der Jungen. Ernst Mohr liefert eine kulturökonomische Autopsie der Covid-19-Politik mit Lehren für die Zukunft. Dabei fokussiert er auf den zum Selbstschutz fähigen Wirtsorganismus Mensch und entwickelt eine Krisenrationalität, die existenzbedrohenden Krisen gerecht wird. So entsteht ein konziser Blick auf ein Ereignis, das nicht das letzte seiner Art gewesen sein wird - und ein Plädoyer für eine künftige Pandemiepolitik ohne Tabus.

Having Too Much is the first academic volume devoted to limitarianism: the idea that the use of economic or ecosystem resources should not exceed certain limits. This concept has deep roots in economic and political thought. One can find similar statements of such limits in thinkers such as Plato, Aquinas, and Spinoza. But Having Too Much is the first time in contemporary political philosophy that limitarianism is explored at length and in detail. Bringing together in one place the best writing from key theorists of limitarianism, this book is an essential contribution to political philosophy in general, and theories of distributive justice in particular. Including some of the key published articles as well as new chapters, Having Too Much is necessary reading for scholars and students of political theory and philosophy, as well as anyone interested in questions of distributive justice.

Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium, beginning, unconventionally, with the models of the jungle and an economy with indivisible goods, and continuing with models of an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III (Chapters 15-16) provides an introduction to game theory, covering strategic and extensive games and the concepts of Nash equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching, the axiomatic analysis of economic systems, and social choice. The book focuses on the concepts of model and equilibrium. It states models and results precisely, and provides proofs for all results. It uses only elementary mathematics (with almost no calculus), although many of the proofs involve sustained logical arguments. It includes about 150 exercises. With its formal but accessible style, this textbook is designed for undergraduate students of microeconomics at intermediate and advanced levels.

Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium, beginning, unconventionally, with the models of the jungle and an economy with indivisible goods, and continuing with models of an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III (Chapters 15-16) provides an introduction to game theory, covering strategic and extensive games and the concepts of Nash equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching, the axiomatic analysis of economic systems, and social choice. The book focuses on the concepts of model and equilibrium. It states models and results precisely, and provides proofs for all results. It uses only elementary mathematics (with almost no calculus), although many of the proofs involve sustained logical arguments. It includes about 150 exercises. With its formal but accessible style, this textbook is designed for undergraduate students of microeconomics at intermediate and advanced levels.

The definition of “old” has evolved intensively over the years due to demographic changes, and the aging population is one of the most frequently discussed issues in recent decades. The profile of the 21st century senior is completely different from the senior in the second half of the 20th century, not to mention earlier periods in history. As an increasing group of benefactors of human activity, they create demand for products and experiences. The system of goods and services that aims to leverage their purchasing potential and satisfy their consumption needs, including living, health, tourism, cultural, information, and communication needs, has been referred to as the so-called Silver Economy. The book reviews the phenomenon of aging of the EU's population over 50. It also presents a multidimensional view of the potential for the development of this group's economic, social, medical, family, personal and technological demand in the early 21st century. The book analyzes the market behavior of seniors and argues that the Silver Economy will grow in importance and profitability every year in various areas, both public and private. This includes health, finance, employment, leisure and well-being, education, and the use of digital tools. This publication is recommended for policymakers and business players who are considering how to achieve economic development through the growing and changing demand of the aging population. For the world is now facing a challenge that no community has ever faced before - the coexistence of a long-lived population on the one hand and the growing popularity of digital technologies on the other.

This is an open access book discusses readers to various methods of modeling plans and policies that address public sector issues and problems. Written for public policy and social sciences students at the upper undergraduate and graduate level, as well as public sector decision-makers, it demonstrates and compares the development and use of various deterministic and probabilistic optimization and simulation modeling methods for analyzing planning and management issues. These modeling tools offer a means of identifying and evaluating alternative plans and policies based on their physical, economic, environmental, and social impacts. Learning how to develop and use the mathematical modeling tools introduced in this book will give students useful skills when in positions of having to make informed public policy recommendations or decisions.

Statistical studies over the last forty-five years show that, although there are success stories, very many mergers and acquisitions do not result in the increased operating profits that economics textbooks would lead one to expect. As consultancy McKinsey have put it, ‘Anyone who has researched merger success rates knows that roughly 70% fail’. Yet—mysteriously—M&A activity has boomed across the globe, with a forty-fold increase in deals done each year now compared with four decades ago, in spite of the adverse general evidence. How can it be that talented, energetic, highly skilled, law-abiding, income-maximising participants in the M&A market will often promote mergers that lead to no operating gains, frequently with adverse effects on the wider economy too? Drawing on findings from a wealth of statistical analyses and case evidence from many businesses, the book presents answers to this merger mystery. In a synthesis of ideas from several disciplines, solutions are detected in misaligned incentives, distorted financial engineering and information asymmetry. By revealing how weaknesses at multiple points can interact and cumulate to produce inefficient outcomes, the discussion serves as a corrective to the overwhelmingly positive tone of most commentary on M&A, whilst also advocating changes in participants’ contracts, in taxation, and in regulation which could significantly reduce the number of mergers that fail. Designed to be accessible to a wide readership, the book will be of interest to investors, to M&A practitioners and commentators, to researchers and students of economics, political economy, finance, management and accounting, and—importantly—to policy makers working in these areas.

Business ethics continues to gain importance in the curricula of business studies courses. This book provides a comprehensive overview of both the essential concepts of business ethics related to the economy as a whole, and the more narrowly understood corporate ethics related to the individual company. In contrast to other works on the same topic, special emphasis is placed on a coherent theoretical foundation that puts tools of economic analysis, including behavioral economics, at the center. In particular, the importance of both empirical research and dilemma structures for business ethics receives special attention. The largest chapter of the book is devoted to corporate ethics and provides students and academics with guidance in the theoretical classification of the variety of concepts that often coexist in the debate. Abstract concepts are illustrated with the help of practice boxes.

This open access book traces the development of sociology in Germany from the late 19th century to the present day, providing a concise overview of the main actors, institutional processes, theories, methods, topics and controversies. Throughout the book, the author relates the discipline’s history to its historical, economic, political and cultural contexts. The book begins with sociology in the German Reich, the Weimar Republic, National Socialism and exile, before exploring sociology after 1945 as a ‘key discipline’ of the young Federal Republic of Germany, and reconstructing the periods from 1945 to 1968 and from 1968 to 1990. The final chapters are devoted to sociology in the German Democratic Republic and the period from 1990 to the present day. This work will appeal to students and scholars of sociology, and to a general readership interested in the history of Germany.

"Inventory Analytics provides a comprehensive and accessible introduction to the theory and practice of inventory control – a significant research area central to supply chain planning. The book outlines the foundations of inventory systems and surveys prescriptive analytics models for deterministic inventory control. It further discusses predictive analytics techniques for demand forecasting in inventory control and also examines prescriptive analytics models for stochastic inventory control. Inventory Analytics is the first book of its kind to adopt a practicable, Python-driven approach to illustrating theories and concepts via computational examples, with each model covered in the book accompanied by its Python code. Originating as a collection of self-contained lectures, Inventory Analytics will be an indispensable resource for practitioners, researchers, teachers, and students alike."

Rising inequality and widespread poverty, social unrest and polarization, gender and ethnic disparities, declining social mobility, economic fragility, unbalanced growth due to technology and globalization, and existential danger from climate change are urgent global concerns of our day. These issues are intertwined. They therefore require a holistic framework to examine their interplay and bring the various strands together. This book brings together leading academic economists and experts from several international institutions to explain the sources and scale of these challenges. The book summarizes a wide array of empirical evidence and country experiences, lays out practical policy solutions, and devises a comprehensive and unified plan of action for combatting these economic and social disparities. This authoritative book is accessible to policy makers, students, and the general public interested in how to craft a brighter future by building a sustainable, green, and inclusive society in the years ahead.

How can we overcome the existing political, economic, and ecological crises that humanity faces? With the notion of the commons, Lukas Peter argues that this form of social organization can provide answers to the shortcomings of centralized states and open and competitive markets. By building on and going beyond the work of Elinor and Vincent Ostrom, he develops an ecological understanding of the commons and human freedom, more generally, thereby reinterpreting classical thinkers such as John Locke and John Rawls. Importantly, he does not suggest an end to property, states or markets, but rather a radical democratization thereof, ultimately providing a real alternative for the 21st century.

Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners. This book, born out of the Masters course the authors taught for many years at the Harvard Kennedy School, fills this gap. It introduces the tools of dynamic optimization in the context of economic growth, and then applies them to a wide range of policy questions – ranging from pensions, consumption, investment and finance, to the most recent developments in fiscal and monetary policy. It does so with the requisite rigor, but also with a light touch, and an unyielding focus on their application to policy-making, as befits the authors’ own practical experience. Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike.

The ongoing process of digitalization seems to be changing our world dramatically. While many of these changes might lead to improvements for human well-being, others might entail profoundly disastrous consequences both for individuals and for societies as a whole. One research program that might be particularly suitable for studying environmental changes is the fast-and-frugal heuristics framework. This theoretical framework adopts an ecological perspective on human behavior, cognition, and performance. In an uncertain world, humans, so the argument goes, can adaptively respond to environmental demands by relying on a repertoire of simple decision strategies, called heuristics. Selecting heuristics that fit the environment results in adaptive behavior. This chapter focuses on the possible negative aspects of digitalization to discuss how the science of heuristic decision making under uncertainty might aid reflection on how individuals navigate their way through sudden, disruptive, and thorough environmental changes. Specifically, it sketches out what aversive future digital environments might look like, and which heuristics individuals and societies might rely upon in order to manage those aversive environments. The chapter concludes by (1) pointing to a series of research questions about how digital environments might differ from other environments that we humans have encountered both in our more recent history and over the course of our evolution, as well as (2) turning to questions about children and education.

The volume collects nine essays on Italian politics, economics, and law during Fascism. Some are dedicated to the ideal objectives of corporatism, aiming at the renewal of politics, institutions and culture, and the objectively dismal results of the implemented policies. Economic researches analyze the debated abolishment of the inheritance tax in the 1923, and the various policies proposed by some Italian economists to counter the disastrous effects of the Great Depression. Specific attention is also given to the problem of the development of Italy’s southern regions. An essay is further dedicated to the influence of corporatism and idealism on the mathematical economist Bruno de Finetti. In the field of law, authors investigate the long lasting features impressed by Fascism on Italian administrative law and, in general, the permanence of a typically Fascist magniloquent style in the Italian jurisdictional language. Lastly, as suggested by title of this volume, a chapter analyses the social and political thinking of Carlo Rosselli, leading anti-fascist intellectual who paid dearly for his dissent.

This open access book offers up-to-date advice and practical guidance on how to undertake a discrete choice experiment as a tool for environmental valuation. It discusses crucial issues in designing, implementing and analysing choice experiments. Compiled by leading experts in the field, the book promotes discrete choice analysis in environmental valuation through a more solid scientific basis for research practice. Instead of providing strict guidelines, the book helps readers avoid common mistakes often found in applied work. It is based on the collective reflections of the scientific network of researchers using discrete choice modelling in the field of environmental valuation (www.envecho.com).

This open access handbook, Ten Crises systematically traces the economic history of China from 1949 to 2020, unravelling the complex domestic and global factors leading to the cyclical crises identified by WEN and his research team, and examining the corresponding counteracting policies and measures by the government to resolve or defer the crises. The book offers profound insights into China’s endeavours and predicaments on the path of modernization, and contemplates opportunities and lessons for the forging of alternative trajectories not only for China but also for the global south: to reconstruct rural communities for integrated cooperation and governance, and to revitalize ecological civilization.

Saving and investing; digital finance; finance; financial inclusion

Very often, we’re uncertain about what we ought, morally, to do. We don’t know how to weigh the interests of animals against humans, or how strong our duties are to improve the lives of distant strangers, or how to think about the ethics of bringing new people into existence. But we still need to act. So how should we make decisions in the face of such uncertainty? Though economists and philosophers have extensively studied the issue of decision-making in the face of uncertainty about matters of fact, the question of decision-making given fundamental moral uncertainty has been neglected. In this book, philosophers William MacAskill, Krister Bykvist and Toby Ord try to fill this gap. They argue that there are distinctive norms that govern how one ought to make decisions given moral uncertainty. They then defend an information-sensitive account of how to make such decisions according to which the correct way to act in the face of moral uncertainty depends on whether the moral theories in which one has credence are merely ordinal, cardinal, or both cardinal and intertheoretically comparable. They tackle the problem of how to make intertheoretic comparisons, discussing several novel potential solutions. Finally, they discuss implications of their view for metaethics and practical ethics, and show how their account can shed light on the value of moral enquiry.

We cannot have the goat and the cabbages together. We cannot jointly achieve the preservation of the planet, economic growth and the improvement of individual and collective well-being. Climate and energy issues are not a crisis, and even an emergency, but a historic passage that we must face by committing ourselves to grasping the exact terms of the difficulties and dangers. We must give up part of our lifestyle, reducing population and economy as quickly, but also the less traumatically possible. We must abandon the criterion of efficiency for that of sufficiency. We need to stop thinking about what we could do more and start thinking about what we can do less.

The volume collects eight essays on Italian politics, economics, law and culture during Fascism. Several of the writings highlight the role played by important personalities, some attached to the regime, such as Guido Jung or Alberto Beneduce, some at the opposition, as Luigi Sturzo and Alcide De Gasperi. Other essays focus on the relationship between fascism and scholars of law as Costantino Mortati and Vezio Crisafulli, or economists such as Vilfredo Pareto and Maffeo Pantaleoni. Lastly, three writings deal, respectively, with the dissolution of the Masonic lodges in 1925, the extension of the legal institute of self defense to the protection of property, and, finally, the problems incurred by Italy between the 1920s and 1930s in repaying the debts contracted during the First World War.

‘With clarity and sophistication, Antonios Broumas presents a bold new theory of intellectual commons and powerful arguments for a new body of supportive law. This book not only reveals the misleading logic of intellectual property law in our time; it reveals the rich possibilities for constructive change that legally protected commoning can bring. Highly recommended!’ — David Bollier, Director, Reinventing the Commons Program, Schumacher Center for a New Economics. ‘Liberating the Intellectual Commons from the fetters of capital accumulation and appropriation, would give us a renaissance of creative energies and empowered communities: exactly what the world needs to move away from the social and ecological devastations of our times. This book is a thoughtful and compelling argument for making this possible through the works of the law and the redesign of public domain as a common space.’ — Massimo De Angelis, Professor of Political Economy and Social Change, Co-director of the Centre for Social Justice and Change, University of East London. ‘In this pioneering book, Antonios Broumas argues that philosophically, morally, politically and economically we are in urgent need of a new legal regime that recognizes the intellectual commons, peer production and sharing as the primary practices of intellectual production, distribution and consumption. I cannot imagine a more urgent task today. A legally protected intellectual commons will lead to greater scientific and cultural innovation and creativity and will lead to an urgently needed second Enlightenment. This book should be read by lawyers, critical theorists, economists and the many professionals of science, culture and the academy.’ — Costas Douzinas, Professor of Law, Birkbeck, University of London. ‘Antonios Broumas’ book is an excellent critical analysis of the cultural commons and a must-read for everyone interested in understanding what the commons, the cultural commons, and the digital commons are all about. This work brilliantly outlines the foundations of an empirically grounded critical theory of the commons and the cultural commons in the context of the interactions of law and society.’ — Christian Fuchs, Professor of Media and Communication Studies, author of Communication and Capitalism: A Critical Theory (2020). ‘Broumas takes us on a spellbinding tour of how and why the law could and should change to accommodate the creative multitude, which engages into an emerging mode of production. He tells a vibrant story that makes us shout: “Lawmakers of the world, unite!”’ — Vasilis Kostakis, Professor of P2P Governance, Tallinn University of Technology, Faculty Associate at Harvard Law School. At the cutting edge of contemporary wealth creation people form self-governed communities of collaborative innovation in conditions of relative equipotency and produce resources with free access to all. The emergent intellectual commons have the potential to commonify intellectual production and distribution, unleash human creativity through collaboration and democratise innovation with wider positive effects for our societies. Contemporary intellectual property laws fail to address this potential. We are, therefore, in pressing need of an institutional alternative beyond the inherent limitations of intellectual property law. This book offers an overall analysis of the moral significance of the intellectual commons and outlines appropriate modes for their regulation. Its principal thesis is that our legal systems are in need of an independent body of law for the protection and promotion of the intellectual commons, in parallel to intellectual property law. In this context, the author of the book proposes the reconstruction of the doctrine of the public domain and the exceptions and limitations of exclusive intellectual property rights into an intellectual commons law, which will underpin a vibrant non-commercial zone of creativity and innovation in intellectual production, distribution and consumption alongside commodity markets enabled by intellectual property law.

"This book explores the potential creation of a broader collaborative economy through commons-based peer production (P2P) and the emergent role of information and communication technologies (ICTs). The book seeks to critically engage in the political discussion of commons-based peer production, which can be classified into three basic arguments: the liberal, the reformist and the anti-capitalist. This book categorises the liberal argument as being in favour of the coexistence of the commons with the market and the state. Reformists, on the other hand, advocate for the gradual adjustment of the state and of capitalism to the commons, while anti-capitalists situate the commons against capitalism and the state. By discussing these three viewpoints, the book contributes to contemporary debates concerning the future of commons-based peer production. Further, the author argues that for the commons to become a fully operational mode of peer production, it needs to reach critical mass arguing that the liberal argument underestimates the reformist insight that technology has the potential to decentralise production, thereby forcing capitalism to transition to post-capitalism. Surveying the three main strands of commons-based peer production, this book makes the case for a post-capitalist commons-orientated transition that moves beyond neoliberalism."

This open access volume makes an important contribution to the ongoing research on hope theory by combining insights from both its long history and its increasing multi-disciplinarity. In the first part, it recognizes the importance of the centuries-old reflection on hope by offering historical perspectives and tracing it back to ancient Greek philosophy. At the same time, it provides novel perspectives on often-overlooked historical theories and developments and challenges established views. The second part of the volume documents the state of the art of current research in hope across eight disciplines, which are philosophy, theology, psychology, economy, sociology, health studies, ecology, and development studies. Taken together, this volume provides an integrated view on hope as a multi-faced phenomenon. It contributes to the further understanding of hope as an essential human capacity, with the possibility of transforming our human societies.

This open access book contributes to the creation of a cyber ecosystem supported by blockchain technology in which technology and people can coexist in harmony. Blockchains have shown that trusted records, or ledgers, of permanent data can be stored on the Internet in a decentralized manner. The decentralization of the recording process is expected to significantly economize the cost of transactions. Creating a ledger on data, a blockchain makes it possible to designate the owner of each piece of data, to trade data pieces, and to market them. This book examines the formation of markets for various types of data from the theory of market quality proposed and developed by M. Yano. Blockchains are expected to give data itself the status of a new production factor. Bringing ownership of data to the hands of data producers, blockchains can reduce the possibility of information leakage, enhance the sharing and use of IoT data, and prevent data monopoly and misuse. The industry will have a bright future as soon as better technology is developed and when a healthy infrastructure is created to support the blockchain market.

Available Open Access under CC-BY-NC-ND licence. Using Adam Smith’s notion of an 'invisible hand', this extraordinary contribution identifies dogmatic versus pragmatic views of free markets. Published posthumously, with new contributions by Rod O’Donnell, Daniel B. Klein and Christopher Torr, this book outlines Mittermaier’s main thesis and its relevance for ongoing debates within economics, politics, sociology and philosophy.

Il nazional-fascismo economico del giovane Franco Modigliani. This volume is the first to reconstruct the intellectual profile of the young Franco Modigliani, who adheres to the economic and political theories of fascism by proposing avant-garde reflections on central issues of the theoretical debate: Keynesian thought, causes and remedies for the Great Crisis of 1929 , theoretical and historical reasons behind economic nationalism and fascist autarchy. After adhering to the theories of spiritual racism, Modigliani was surprised by the promulgation of the anti-Jewish laws of 1938. After arriving in the USA, Modigliani put aside the fascist and nationalist ideology, but he cultivated the study of Keynesian structures and thoughts, of which he then offered an interpretation which is still successful worldwide to the present day.

Intellettuali e uomini di regime nell’Italia fascista. This volume collects nine essays on political, economic and legal culture in Italy during fascism. The reconstruction of prominent personalities of the regime, such as Giuseppe Volpi di Misurata and Alberto Beneduce, are accompanied by studies analysing the at times critical, at times organic relationship between the regime and a series of reputed intellectuals, such as Vilfredo Pareto, Giuseppe Maranini, Jacopo Mazzei and Francesco A. Répaci. A chapter is dedicated to Edoardo Moroni, Minister of Agriculture during the Italian Social Republic, who after the war emigrated to Argentina, where he made a significant contribution to the agrarian reform of the country. This volume also includes two essays outside of the biographical trend: the first focuses on the theme of unemployment during Fascism, while the second presents the main aspects of the Urban Planning Act of 1942.

This book should give you courage. It unites meaningful thinking with a new way of acting. The goal: a free, fair and lively society. But the familiar has become deeply engraved in our minds, in our everyday lives, in the market and the state. Silke Helfrich and David Bollier reveal traditional ways of thinking and design a program for successful coexistence, a different understanding of politics and caring business. The focus is on commons practices. They show how we pursue common goals in diversity. Practically, houses and vehicles can be created in a similar way to Wikipedia. The book also suggests how to think like a "commoner". It offers a language for the world of tomorrow. It's not just changing the economy and politics - it's changing us., Dieses Buch soll Mut machen. Es vereint ein beziehungsreiches Denken mit einer neuen Art zu handeln. Das Ziel: eine freie, faire und lebendige Gesellschaft. Doch das Gewohnte hat sich tief eingegraben in unseren Köpfen, in unserem Alltag, in Markt und Staat. Silke Helfrich und David Bollier legen überkommene Denkmuster frei und entwerfen ein Programm für ein gelingendes Miteinander, ein anderes Politikverständnis und ein sorgendes Wirtschaften. Im Mittelpunkt stehen dabei Commons-Praktiken. Sie zeigen, wie wir in Verschiedenheit gemeinsame Ziele verfolgen. Ganz praktisch können so Häuser und Fahrzeuge in ähnlicher Weise wie die Wikipedia entstehen. Das Buch stiftet zudem an, wie ein »Commoner« zu denken. Es bietet eine Sprache für die Welt von morgen. Es verändert nicht nur die Wirtschaft und die Politik – es verändert uns.

The essays of this book are contributions to the empirical Literature in International Trade and Public Economics. They deal with the relationship between the structure and quality of the public sector and the process of economic integration. Two of the essays add to the empirical determinants of trade and foreign direct investment (FDI) and to the numerous applications of the theory of government decentralization. Decentralization tends to discourage inward FDI and domestic trade and to increase imports and exports. A third essay focuses on the effect of governments’ intangible assets – such as consumer perceptions about countries and products from these countries – on FDI. A country’s nation brand is shown to have a significant and large positive effect on investment flows.

Verzichten Regierungen auf Umweltschutzmaßnahmen, um die internationale Wettbewerbsfähigkeit ihrer Industrie nicht zu gefährden oder eine Abwanderung von Unternehmen zu verhindern? Oder forciert genau umgekehrt eine rigide Umweltschutzpolitik die Innovationsfähigkeit der Unternehmen und sichert ihnen so langfristig eine Vormachtstellung auf dem Weltmarkt? Diese Fragen werden für einen internationalen Oligopolmarkt analysiert. Mit Hilfe spieltheoretischer Methoden werden die umweltpolitischen Entscheidungen hinsichtlich ihrer Effizienz beurteilt. Es zeigt sich, daß sie nur in seltenen Fällen optimal sind. Sowohl zuviel wie auch zuwenig Umweltschutz sind möglich. Selbst bei national begrenzten Umweltproblemen verspricht daher eine internationale Zusammenarbeit Vorteile.

Die Einengung haushaltsmäßiger Spielräume durch die Finanzverfassung ist eine Möglichkeit zur Begrenzung staatlichen Verhaltens. Mit den Methoden der konstitutionellen Wirtschaftstheorie, der Informationsökonomik und des Principal-Agent-Ansatzes wird ein allgemeiner theoretischer Rahmen entwickelt, der es ermöglicht, Verfassungsregeln ökonomisch zu analysieren und dabei Anreizstrukturen und Anreizmechanismen staatlicher Bereitstellung zu berücksichtigen. Die Leistungsfähigkeit einer Finanzverfassung im allgemeinen sowie einzelner fiskalischer Restriktionen werden damit untersucht. Frühere Beurteilungen verfassungsmäßiger Einnahmen- und Ausgabenbegrenzungen werden eingeordnet und verglichen.

Der Bund als Schuldner war lange Zeit Derivaten als Gestaltungsinstrumenten der Schuldenstruktur wenig aufgeschlossen. Mit der Globalisierung der Kapitalmärkte ist jedoch ein Paradigmenwechsel beobachtbar. Wie der Autor zeigt, löst sich der Staat immer stärker von tradierten Denkmustern. Zinsänderungsrisiken geraten mehr und mehr in den Fokus der Betrachtung – und damit auch die Nutzung von Derivaten, die auf die Steuerung dieser Zinsänderungsrisiken ausgelegt sind. Der Autor hinterfragt vor diesem Hintergrund, ob die Nutzung von Derivaten mit dem besonderen Zielsystem einer staatlichen, wohlfahrtsorientierten Institution in Einklang zu bringen ist. Zu diesem Zweck wird der Einsatz von Derivaten an einem Normengerüst, das aus den Haushaltsgrundsätzen des Bundes abgeleitet ist, überprüft.

Die Arbeit untersucht die Bedeutung von Kindern für eine umlagefinanzierte Rentenversicherung. Nach einer Thematisierung grundsätzlicher Fragestellungen wird für verschiedene «Idealtypen» von Umlageverfahren der jeweilige «materielle» Wert von Kindern verdeutlicht. Anschließend erfolgt eine Simulation der distributiven Wirkungen einer Berücksichtigung «generativer Leistungen». Die gewonnenen Erkenntnisse werden dann zu einer Beurteilung der Berücksichtigung der Kindererziehung im gegenwärtigen deutschen Rentenrecht herangezogen.

The 1990s saw a revival of the currency board system, and proponents have advocated it as an easy-to-set-up exchange rate arrangement providing effective stabilization of the economy. However, the experience of Argentina has highlighted the risks of having a currency board. This study presents both the potential benefits, as well as the risks, of having a currency board by examining the stability of the currency board arrangement and identifying factors affecting the stability. The analysis is based on second-generation currency crisis models, extended to incorporate currency-board specific features and to account for particular aspects often found in currency-board economies.

Das Ziel der Arbeit ist die Überprüfung der aufgestellten These: Der Grad der Unabhängigkeit einer Notenbank hat keinen wesentlichen Einfluß auf die Entwicklung des Geldwertes. Dies erfordert zunächst die Operationalisierung des Begriffs Unabhängigkeit. Hierzu wird aus den vier Dimensionen institutionelle, vermögensrechtliche, personelle und funktionelle Unabhängigkeit ein umfassender Kriterienkatalog erarbeitet. Damit werden dann die Zentralbanken der Länder Deutschland, Schweiz, USA, Italien, Großbritannien, Frankreich, Japan und Niederlande untersucht und die Interdependenzen zwischen dem Unabhängigkeitsgrad der Notenbanken und der Inflationsentwicklung in diesen Ländern analysiert. Das Fazit dieser Untersuchung lautet, daß der Grad der Unabhängigkeit einer Notenbank offensichtlich keinen signifikanten Einfluß auf die Inflationsentwicklung eines Landes hat.

Zentraler Gegenstand der Wohlfahrtsökonomie ist die Untersuchung geeigneter Kriterien für die Bewertung ökonomischer Zustände nach dem Maßstab von «besser» oder «schlechter». Die Wohlfahrtsökonomie steht damit im Spannungsfeld der in jüngerer Zeit wieder verstärkt diskutierten Beziehung von Ethik und Ökonomie. Ohne etwa eine Synthese beider Disziplinen zu fordern, wird in dieser Arbeit aufgezeigt, inwieweit eine stärkere Einbeziehung ethischer Überlegungen die ökonomische Analyse bereichern kann. Anhand einer Untersuchung des von Bergson in den 30er Jahren eingeführten und von Samuelson und Arrow aufgegriffenen Konzepts einer gesellschaftlichen Wohlfahrtsfunktion werden nicht nur die Grundlagen bisheriger wohlfahrtsökonomischer Standardkonzeptionen dargelegt, sondern diese auch mit der jüngsten Diskussion verknüpft.

Quantitative partielle- oder allgemeine Gleichgewichtsmodelle stellen in der angewandten Ökonomie ein wichtiges Instrument zur Politikfolgenabschätzung dar. Aus wissenschaftlicher Sicht wird an diesen Modellen ihre mangelnde Transparenz sowie ihre Abhängigkeit von empirisch wenig gesicherten Parametern und Annahmen kritisiert. Mittels einer Meta-Analyse werden daher Studien untersucht, welche Politikfolgen der laufenden WTO-Verhandlungen (Doha-Runde) simuliert haben. Als zentrales Ergebnis zeigt sich, dass die erhebliche Varianz innerhalb simulierter regionaler Einkommensveränderungen durch vergleichsweise wenige, ermittelbare Variablen zu einem hohen Anteil erklärt werden kann. Die Ergebnisse der Meta-Regression können daher als Orientierungshilfe bei Vergleich und Bewertung existierender sowie zukünftiger Simulationsstudien dienen.

Wie wirken sich politisch-institutionelle Rahmenbedingungen auf die ökonomische Leistungsfähigkeit einer Gesellschaft aus? Dieser Frage wird hier aus dem Blickwinkel der Theorie der politischen Ökonomie nachgegangen. Zunächst werden hierfür die theoretischen Grundlagen skizziert. Auf dieser Basis wird der Schwerpunkt der sich anschließenden Analyse auf die durch politische Systeme definierten kollektiven Entscheidungsverfahren und deren Auswirkungen u. a. auf die Besteuerung, die Bereitstellung öffentlicher Güter und Rent-Seeking gelegt. Hierzu werden etablierte Modelle dargestellt und deren Gemeinsamkeiten aufgezeigt. Abschließend erfolgt eine Überprüfung der theoretischen Schlussfolgerungen anhand des empirischen Forschungsstandes.

Over the next couple of years, the European Union will face a difficult stage, being confronted with the eventual transition to a monetary union. In the beginning of 1997, it is less clear than ever, if and when the European Monetary Union will eventually be realized, which countries will join in this process, and which countries will benefit from monetary union or are likely to loose out. Using econometric methods, the work attempts to assess the real economic effects of the European Monetary Union. In a first step, differences in labor and goods market adjustment processes between the fifteen member states of the European Union, the United States and Canada are studied in order to evaluate the short-term prospects of monetary union. Turning to the long-run effects, within a second step, convergence of living standards is assessed.

Mit der Formulierung der Allgemeinen Gleichgewichtstheorie liegt ein systematischer Ansatz in der ökonomischen Theoriegeschichte vor, die ökonomische Wissenschaft als eine den Naturwissenschaften analoge, exakte Wissenschaftsdisziplin auszuweisen und von der Moralsphäre abzugrenzen. Dieses utopische Ansinnen der Abgrenzung von ethischen Überlegungen führte mittels methodologischer Ummodellierungen jedoch nur zu einer kontinuierlichen Beschneidung der Aussagenreichweite der ökonomischen Wissenschaft und der Verschleierung der zugrundeliegenden Werturteile. Die Arbeit geht diesem Anspruch idealtypisch am Beispiel von L. Walras, F. Knight, L. Robbins und M. Friedman nach. Sie zeigt auf, dass die theoriegeschichtliche Entwicklung nicht eine kontinuierliche im Sinne des wissenschaftlichen Fortschritts darstellte und sucht die Wechselwirkungen zwischen Wissenschaft und Ethik aufzudecken.

Auf den Märkten für medizinische Leistungen und in der Beziehung zwischen Arzt und Patient existieren Informationsasymmetrien in einer Vielzahl, wie sie in kaum einem anderen Bereich einer Ökonomie anzutreffen sind. In der Arbeit wird die beidseitige Informationsasymmetrie zwischen Arzt und Patient untersucht. Zum einen geschieht dies hinsichtlich des Einflusses von Änderungen der Vertragsparameter auf die medizinische Leistung und das Verhalten des Patienten. Zum anderen betrifft dies die Wahl der Versicherungs- und Vergütungsparameter. Ergänzend wird die Arzt-Patient-Beziehung mittels einer empirischen Analyse untersucht. In deren Mittelpunkt stehen die Determinanten der Gesundheitszufriedenheit des Patienten und dabei insbesondere die Inanspruchnahme medizinischer Leistungen.

Mit Methoden zur Umweltbewertung, die – wie die interviewgestützte Contingent Valuation Methode – auf der Messung individueller Präferenzen basieren, lässt sich der Wert einer Umweltveränderung umfassend bestimmen, aber sie erweisen sich in der Praxis oft als zu teuer. Durch die Verwendung von Bayes’schen Ansätzen können die Kosten der Kosten-Nutzen-Analyse für explizite Bewertungsstudien sowie für die implizite Bewertung durch den Nutzentransfer deutlich gesenkt werden. Darüber hinaus wird durch diesen Ansatz der Nutzentransfer erheblich zuverlässiger, so dass dieses Sparmodell der Umweltbewertung mit weitaus geringeren Einschränkungen als bislang empfohlen werden kann. Die Arbeit illustriert diese Aussagen mit einer Vielzahl simulierter und empirischer Beispiele.

Ce livre a pour objectif la redécouverte de la théorie de la valeur du philosophe autrichien Christian von Ehrenfels; et l’analyse de la possible utilisation de sa théorie dans les sciences économiques actuelles. Après avoir fait connaissance avec Christian von Ehrenfels, l’accent est mis sur l’analyse des principaux traits de sa théorie. Sa complexité fascinante n’a d’égale que la volonté d’exhaustivité du philosophe autrichien. Le débat induit par la discussion sur son utilisation dans les sciences économiques actuelles conduit à la conclusion que le philosophe autrichien a ouvert la voie à une nouvelle perspective sur le processus de valorisation et qu’il mérite à ce titre de sortir de l’oubli.

In der vorliegenden Arbeit wird ein neuartiges, an den methodologischen Normen des Kritischen Rationalismus orientiertes Konzept zur Analyse empirischer Zusammenhänge zwischen (makro)ökonomischen Grössen vorgestellt. Im Gegensatz zum traditionell verwendeten Regressionsansatz beruht der hier entwickelte Ansatz auf der Annahme, dass die Koeffizienten einer ökonometrischen Strukturgleichung innerhalb bestimmter Intervallgrenzen schwanken. Diese Annahme gestattet einen vollständigen Verzicht auf die Spezifikation einer separaten stochastischen Komponente. Dadurch werden die logischen Falsifikationsbedingungen ökonometrischer Aussagensysteme bei beschränkter empirischer Basis entscheidend verbessert.