The legal order is the legitimate foundation of liberal democracy. Its incomplete enforcement of the law can therefore appear dysfunctional, reflecting weak institutions, state capture, and corrupt practices. This paper casts doubt on such categorical assessments by systematically examining the...

HM Treasury's estimation of the economic consequences of Brexit - using standard macroeconomic models - during the EU referendum campaign represents a remarkable intervention in a highly politicized public debate. It raises a series of questions about the use of economic expertise. Through a...

The upswing in finance over the past several decades has led to rising inequality, but do downswings in finance lead to a symmetric decline in inequality? In this paper, we analyze the asymmetry of the effect of ups and downs in financial markets, as well as the effect of increased capital...

The upswing in finance over the past several decades has led to rising inequality, but do downswings in finance lead to a symmetric decline in inequality? In this paper, we analyze the asymmetry of the effect of ups and downs in financial markets, as well as the effect of increased capital...

The legal order is the legitimate foundation of liberal democracy. Its incomplete enforcement of the law can therefore appear dysfunctional, reflecting weak institutions, state capture, and corrupt practices. This paper casts doubt on such categorical assessments by systematically examining the...

HM Treasury's estimation of the economic consequences of Brexit - using standard macroeconomic models - during the EU referendum campaign represents a remarkable intervention in a highly politicized public debate. It raises a series of questions about the use of economic expertise. Through a...

States require money to function and therefore every government has to continuously raise new funds. On the financial markets, governments cannot be sure that auctions of their debt will be sufficiently attractive to financial investors, which is why governments usually enter into cooperative...

The definition of various growth models is the latest innovation of comparative capitalism (CC) research. Yet, the literature has its weaknesses in explaining the dynamics within and the interdependencies between different growth models. I argue that this weakness stems inter alia from an...

Analyzing linked employer-employee panel administrative databases, we study the evolving isolation of higher earners from other employees in eleven countries: Canada, Czechia, Denmark, France, Germany, Hungary, Japan, Norway, Spain, South Korea, and Sweden. We find in almost all countries a...

In recent years, all eurozone member states have introduced national fiscal rules, which put limits on public deficits and debt. Fiscal rules reduce the fiscal policy discretion of politicians and affect their capacity to use public budgets for macroeconomic steering and redistribution. While...