The forces of the market and systems competition bring about economic and social convergence in Europe, and there is no need for social policies at the EU level. Social harmonization would distort migration flows and slow down the speed of economic convergence. National welfare states will be...

Globalisation means gains from trade, but not for everyone. As gains from trade come along with factor price convergence, substantial fractions of the working classes in the high-wage countries of the West are likely to belong to the group of losers. In this situation it is tempting for the...

Marshall's notion of the representative firm can be read as a macro notion with some resemblance to Keynes' aggregative concepts. Keynes' notions of aggregate demand and aggregate supply are fashioned after Marshall's definitions of demand and supply. Keynes starts with the Marshallian...

The aim of this paper is to develop a model-based seasonal adjustment method which will yield the same decomposition formulas as the descriptive seasonal adjustment procedures proposed in Schlicht/Pauly (1984) and Schlicht (1981). Hence the duality between the descriptive and the model-based...

Labour managed firms face some serious problems with regard to the provision of capital, especially of risk-bearing capital. These difficulties are discussed in the first part of the paper. Subsequently it is argued that these problems are rooted in the fact that the workers are insufficiently...

This paper discusses how an industrialized country could defend the wages and social benefits of its unskilled workers against wage competition from immigrants. It shows that fixing social standards harms the workers and that fixing social replacement incomes implies migration into unemployment....