By replicating Articles 85 and 86 of the EC Treaty the Danish Competition Act (put in force January 1998) constituted a shift from the control principle to the prohibition principle. This is an important improvement from the point of view that regulatory legislation should be designed to give...

As a main principle, income is taxed when earned. This principle is broken in case of unrealized capital gains (recovered depreciations, unrecorded intangible assets etc.). Such incomes are taxed when realized or the ‘latent tax’ is passed on to the new owner (tax succession). In Denmark,...

On the possibility of reducing public expenditures on medicine through deregulation. The market for medicine is special in three essential respects: (a) The role of the buyer is divided by three agents: the (informed) doctor, who prescribes the medicine, the public health insurance, which pays...

Diamond’s two-period OLG growth model is based on the assumption that the stock of capital in any period is equal to the wealth accumulated in the previous period by the generation of pensioners. This stock equlibrium condition may appear an innocuous paraphrase of the ordinary macro-economic...

Samuelson (1958) analyses a three-period model, whereas Diamod (1965) considers a two-period model. This difference poses the question whether the insights derived by analysing the simple two-period model carry over in the more complicated three-period case. They do. The Samuelson model (no...