This book explains how advanced democracies and welfare states can achieve welfare-enhancing, liberal institutional reform. It develops a general theory based on an extended comparative case study of Sweden and Australia over the last 25 years, and offers an in-depth contribution to the field of institutional change, explaining how to govern a country well and… Read more »
NOUS invites young scholars interested in the history of political economy and philosophy to submit essays on one of the two following topics: “The continuing relevance of Adam Smith” or “Adam Smith, ordoliberalism, and ‘Ordnungspolitik’”. Submitters are expected to contribute original thoughts on the legacy and the importance of the Scottish Enlightenment in the fields of philosophy, politics, and economics.
The question how mergers affect innovation has gained prominence in a number of recent merger cases. Accounting for the likely effects of mergers on innovation is difficult for a number of reasons though. First of all, the relationship between market concentration and innovation is far from clear and not unambiguous. While it is an empirical… Read more »
Relocation of production to countries with low labour costs has induced increased labour market flexibility, which has been praised as a silver bullet for economic growth and low unemployment. Within a unionised oligopoly framework, in which a multinational firm has the option to relocate its production to a foreign country, we analyse the welfare implications… Read more »
The chapter deals with the development of the welfare state in the first three decades after World War II, in which the West German economy ran through a remarkable catching-up process. Economic policy in the new Federal Republic of Germany in that period was decisively shaped and influenced by the ordoliberal ideas of Walter Eucken… Read more »
Joseph A. Schumpeter’s theory of economic development analyzes how growth and cycle dynamics intertwine. The process of creative destruction plays an essential role in those dynamics: embodying a cleansing effect, it has a clear, beneficial impact on long-run development. For that reason, and also for some of his famous (and provocative) non-interventionist statements, Schumpeter is… Read more »
Schumpeter has often been interpreted, especially, but not only, by modern economists (such as De Long 1990; Caballero 2008) as a ”liquidationist.” The term does not have a precise definition, but liquidationists are usually considered in the literature as convinced that economic crises are necessary and unavoidable and thus that government noninterventionism in such crises… Read more »
Franc assesses Wilhelm Röpke’s impact on Swiss domestic policy. Röpke spent the greater part of his academic life (1937–1966) in Switzerland and used the example of Switzerland as a blueprint for his social philosophy. He conveyed a utopian image of Switzerland and used Switzerland as a stylized model for the ideal neoliberal nation. In foreign… Read more »