Unfettered market forces tend to violate basic universal concepts like justice, dignity or fairness. Therefore we suggest moving to a new concept of markets, which we label 'civilized markets'. A civilized market tries to ensure that free entrepreneurship and open markets are eventually...

Der vorliegende Beitrag skizziert ueberblicksartig nationale und internationale Verteilungstendenzen im Kapitalismus und wirft einen kursorischen Blick auf die diesen Trends zugrunde liegenden Mechanismen. Sowohl auf der Ebene der Nationalstaaten als auch auf internationaler Ebene hat die...

This paper analyzes the determinants of the European Commission's NAIRU estimates for 14 European OECD countries during 1985-2012. The NAIRU is a poor proxy for 'structural unemployment': Labor market institutions - employment protection legislation, union density, tax wedge, minimum wages -...

Dieser Beitrag interessiert sich fuer die Entwicklung der Verteilung und das Potential der Besteuerung von Vermoegen und diskutiert diese Fragen mit Rueckgriff auf neuere Forschungsergebnisse. Dabei wird das gesellschaftspolitische Potential einer direkten Vermoegensbesteuerung vor dem...

This paper analyses economic developments in the Eurozone over the period 1999-2016 by developing a theoretical framework that traces divergent path developments across Eurozone countries to the times before the financial crisis. We argue that macroeconomic divergence between core and periphery...

Dieser Bericht beschäftigt sich mit der Schätzung der Vermögensbestände privater Haushalte in Österreich. Basis und Anlass dieser Arbeit ist die Veröffentlichung der zweiten Welle des Household Finance Consumption Surveys (HFCS) des Europäischen Zentralbankensystems. Der HFCS bietet die...

This paper analyses the emergence of internal debtor-creditor relationships within a monetary union. Developing a stock-flow consistent model consisting of three regions - North, South, and the Rest of the World (RoW), where North and South form a monetary union - it shows how the simultaneous...

This paper analyzes the dynamics of structural polarization and macroeconomic convergence vs. divergence in the context of European integration, where the latter is understood primarily as an increase in economic and financial openness. In the process of estimating the dynamic effects of...

When discussing the employment effects of minimum wages, mainstream economic discussion as well as mainstream economics textbooks mainly center around two variations of the neoclassical model: the model of the competitive and the monopsonistic labor market. The current paper offers a different...

We use an agent-based stock-flow consistent model of a closed economy without technological change that considers different classes of households, status consumption and a Minskyan banking sector to analyze the relationship between rising saving rates, the accumulation and distribution of...