One of the principal achievements of the GATT Uruguay Round of Multilateral Trade Negotiations (1986-1994), which resulted in the establishment of the World Trade Organization ("WTO"), was the creation of a ground-breaking system for the resolution of trade disputes between WTO Members. This...

Die Autoren Clemens Fuest, Udo die Fabio und Gabriel Felbermayr haben die Effizienz staatlicher Eingriffe anhand verschiedener Beispiele untersucht und analysiert, ob man dieselben Ziele nicht mit anderen Mitteln besser und zu geringeren Kosten erreichen könnte. Ihr Fazit: Nicht alles, was gut...

Die Schuldenbremse verbietet den Bundesländern in wirtschaftlichen Normalzeiten die Aufnahme von Schulden selbst zur Finanzierung langfristiger Zukunftsprojekte. Dies wird ökonomischen Überlegungen zur Rechtfertigung einer Schuldenaufnahme nicht gerecht. Wie in der betrieblichen...

Die Feststellung einer außergewöhnlichen Notsituation für das Saarland für das Haushaltsjahr 2022 ist nachvollziehbar, gerechtfertigt und vernünftig. Der Plan, die staatlichen Kosten eines infolge des Ukraine-Krieges beschleunigten Transformationstempos über ein Sondervermögen zu...

The nature of citizen participation in public life in Thailand has changed over the past three decades. In order to understand and explain how and why Thai citizens get (or do not get) involved in politics, this paper argues that traditional conceptual and analytical frameworks derived from the...

Frederick 2013 (the critique) offers criticisms of the Escape from Leviathan (EfL) theory of libertarian liberty and of its compatibility with preference-utilitarian welfare and private-property anarchy. This reply to the critique first explains the underlying philosophical problem with...

Economic analysts have used trends in total factor productivity (TFP) to evaluate the effectiveness with which economies are utilizing advances in technology. However, this measure is problematic on several different dimensions. First, the idea that it is possible to separate out the relative...

Gegen den Landeshaushalt 2022 des Freistaats Thüringen bestehen nach Einschätzung von Helmut Siekmann erhebliche verfassungsrechtliche Bedenken. In einem Gutachten kommt Siekmann zu dem Schluss, dass sich die festgestellten globalen Minderausgaben im Vergleich zum gesamten Haushaltsvolumen...

Die Welt steht vor tiefgreifenden wirtschaftlichen, ökologischen und sozialen Herausforderungen; das sind im Besonderen: die Klimakrise, der schnelle technologische Wandel, die Globalisierung und die Ungleichheit zwischen Generationen und Ländern. Zwar haben viele der in den letzten 40 Jahren...

Die vielfältigen Äußerungsformen der jüngsten Wirtschaftskrisen und die derzeitigen Herausforderungen in Europa machen die Notwendigkeit deutlich, die nach wie vor als rational geltende Ökonomie auf ihre parallel ausgebildete »stark spezialisierte emotionale Kultur« (Eva Illouz) hin zu...

In the last few years, the so-called Modern Monetary Theory (MMT) has been gaining prominence in the media and the public. This article presents the MMT approach to money and monetary policy, and discusses its recommendations regarding fiscal policy and aggregate demand management, the...

Changes in both the macroeconomy and in macroeconomics suggest that the IS-LM-AS model is no longer the best baseline model of short-run fluctuations for teaching and policy analysis. This paper presents an alternative model that replaces the assumption that the central bank targets the money...

The welfare economic method for analyzing the case for government intervention is often criticized for ignoring the political determination of policies. While many economists accept the thrust of this critique, exactly when and how political determination interferes with a welfare economic...

Using archival material and underutilized printed sources this article provides an intellectual history of Milton Friedman’s critique of corporate social responsibility. This evidence demonstrates how his arguments developed within the context of ‘neoliberal’ discussion in Europe and the...

A recent experimental study by Falk and Szech (Science, 2013) concludes that "markets erode moral values". If this were true, economists, who have emphasized the efficiency enhancing effects of markets for centuries, would have to reconsider their judgments fundamentally. This would be no less...

Academic economists today are caught in a "Publication Impossibility Theorem System" or PITS. To further their careers, they are required to publish in A-journals, but this is impossible for the vast majority because there are few slots open in such journals. Such academic competition is held to...

Publication and citation rankings have become major indicators of the scientific worth of universities and countries, and determine to a large extent the career of individual scholars. We argue that such rankings do not effectively measure research quality, which should be the essence of...

In January 2007 the International Monetary Fund (IMF) published, on an ad hoc basis, a series of financial soundness indicators (FSIs) based on a common methodology (the IMF compilation Guide) for 62 countries, including all 27 European Union countries. The European Central Bank (ECB), jointly...

Economic policy makers, international organisations and private-sector forecasters commonly use short-term forecasts of real GDP growth based on monthly indicators, such as industrial production, retail sales and confidence surveys. An assessment of the reliability of such tools and of the...

Monetary policy in the euro area is conducted within a multi-country, multicultural, and multi-lingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand and to anticipate monetary policy by the ECB? Using a...

Numerical simulation exercises to analyze the impacts of potential changes in non-tariff policies commonly use ad valorem equivalent tariff treatment even though estimated impacts using explicit model representation and ad valorem equivalent treatments will differ. The difficulty for modellers...

This paper studies the social desirability of agglomeration and the efficiency arguments for policy intervention in a simple, analytically solvable "new economic geography" model with two trade integrating regions. The location pattern emerging as market equilibrium is "bubble-shaped", i.e. it...

It is now a commonplace that the unfunded public pension systems of many OECD countries will run into severe financing problems in the coming decades due to a dramatically increasing pensioner/worker ratio. While this diagnosis is completely undisputed, there is still a vigorous debate on the...

The Fiscal Theory of the Price Level (FTPL) rejects the fundamental 'Ricardian' proposition, that the government budget constraint must hold identically, that is for all admissible values of the variables entering the budget constraint. Accordingly, if the government is to meet its contractual...

Critical political economists on the Left regard the 2008 Global Financial Crisis as a symptom of long-term structural issues threatening global capitalist reproduction. Building on that view, a number of studies have argued that global capitalism will collapse in the coming decades. The three...

With minimal sleight of hand, it is possible to transform the recent growth experience of the People's Republic of China from the extraordinary into the mundane. Systematic understatement of inflation by enterprises accounts for 2.5% growth per annum in the non-agricultural economy during the...

The amount that has been uttered/written about massive electoral fraud in the 2020 presidential election is immense, made even larger by the vast number of times the same gets repeated. Virtually all of the claims have been extensively fact checked by election officials, journalists, and...

Capitalism, characterized by private ownership, coordination through markets, and decentralization, is blamed for a variety of economic, environmental, and social ills. These critiques often confuse capitalism with cronyism, a system of government favoritism toward particular firms. We show how...

Online Peer-to-Peer lending (P2P lending or online lending), as an important component of financial technologies (fintechFinTech), was once very popular in China, but by the end of 2020, it had been completely wiped out from the Chinese financial landscape. This is not really due to business...

It is not common for an entire scholarly literature to be based on a fallacy, that is, 'on faulty reasoning; misleading or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and others, is an example of a fatally flawed research...

Part I -- Chapter 1: Introduction -- Chapter 2: Distinguishing Marxian Economic Theory from Bourgeois Political Economy -- Chapter 3: The Scientificity of Marxian Economic Theory and the Spuriousness of Bourgeois Natural Science of Society -- Chapter 4: The Necessity of Levels of Analysis in...