Unlike produced commodities, the extraction and sale of oil or natural gas is an "asset swap": assets stored in the ground are converted into financial assets. The value of assets in the ground is reduced by the amount taken out and sold. This is important for assessing the coercive power of the...

In this paper six authors propose guidelines for German labor market policy, to overcome current discouragement and lead to a new balance of social security and individual competetiveness. Crucial aspects in this regard should be a reformed tax system based on excise instead of income taxes, and...

The provision of public goods by any government generally requires a significant amount of financial resources. Yet, the inherent characteristics of public goods imply that individuals who refuse to contribute financially cannot easily be excluded from the benefits provided by public goods. This...

The future consequences of climate change are highly uncertain. Today, the exact size of possible future damages are widely unknown. Governments try to cope with these risks by investing in mitigation and adaptation measures. Mitigation aims at a reduction of greenhouse gas emissions whereas...

Die Krise Griechenlands wächst sich zu einer Gefahr für den gesamten Euroraum aus. Wie soll die Europäische Union darauf reagieren? Sie befindet sich im Dilemma zwischen Bailout und Bestrafung des Defizitsünders. Das erste scheint für den Bestand der Währungsunion unvermeidlich, das zweite...

Im Verlauf des Jahres 2010 geriet die Stabilität der Europäischen Währungsunion in Gefahr. Die bestehenden Mechanismen zur Krisenvermeidung schienen nicht zu wirken. Diskutiert wird, ob die Problemlösung bei den Staatshaushalten oder bei den Banken ansetzen sollte und ob neue...