Peter Flaschel is Professor Emeritus at Bielefeld University, Germany. He holds a PhD degree in Mathematics and a Habilitation degree in Economics. He has extensively published on classical economics and heterodox macrodynamical model building. He was on numerous occasions Visiting Professor at...

According to Friedrich A. von Hayek, trade unions are the primary problem of our times. They coerce employers into raising the wages, and they seek privileges in the political sphere. This harsh judgement is, however, not fully justified by Hayek's own theory of action and order. In addition to...