This study investigates the impact of Left political institutions on a nation's amount of poverty. Specifically, the analysis tests three possible causal relationships: whether Left political institutions affect poverty separately from the welfare state, channeled through the welfare state, or...

In Capitalism, Socialism and Democracy Joseph A. Schumpeter concluded that socialism would eventually displace capitalism in Western democracies. This would come about as a result of the superior performance of capitalism. We extract six 'stylized' propositions that are essential elements of...

Auf Inflation mit politischen Maßnahmen zur Stimulierung der Nachfrage zu reagieren, wirft Fragen auf, insbesondere wenn einflussreiche zeitgenössische Ökonomen wie Hans Werner Sinn dies unterstützen, indem sie den Konsum als wachstumsschädlich und unnötig für die Wirtschaft bezeichnen....

Democratic capitalism has become the popular paradigm in the modern world, and it is spreading further through globalization. It is a model based on growth, expansion and constant innovation. However, it is accompanied by social problems which may worsen despite overall gains in wealth. In this...