The logic of this paper is based on a modernisation of Austrian capital theory as applied to a closed economy growing in a steady state. Here the philosophy is this: capital is time embodied in produced goods. In steady states, this philosophy works well as an aggregation device for an arbitrary...

Die deliberative Demokratie setzt die Marktwirtschaft als ein System des wirtschaftlichen Wettbewerbs voraus. Dies kann anhand des Popperschen Konzepts einer Offenen Gesellschaft mit Piecemeal Engineering nachgewiesen werden. Denn die Kohärenz einer Offenen Gesellschaft setzt bei endogen...

The paper develops a version of Pontryagin's maximum principle for optimal control problems with monotonicity constraints on control variables. Whereas the literature handles such constraints by imposing an assumption of piecewise smoothness on the control variable and treating the slope of this...

The paper discusses the respective roles of competition policy and sector-specific regulation for industries such as telecommunications, electricity, and gas, in which network infrastructures that are natural monopolies serve as essential facilities for anybody who wants to provide services in...

The paper analyses the causes of the current crisis of the global financial system, with particular emphasis on the systemic elements that turned the crisis of subprime mortgage-backed securities in the United States, a small part of the overall system, into a worldwide crisis. The first half of...