"The market has both a coordination function and an incentive function. The first theorem of welfare economics is all about coordination; the principal-agent model is all about incentives. What is the relative importance of the market in carrying out these two functions? While there has been a...

"The market has both a coordination function and an incentive function. The first theorem of welfare economics is all about coordination; the principal-agent model is all about incentives. What is the relative importance of the market in carrying out these two functions? While there has been a...

Die Weltwirtschaft befindet sich seit dem vergangenen Sommer in einer Phase kräftiger Expansion. Von der deutlichen Erholung in den Schwellenländern gingen erhebliche Anregungen auf die Nachfrage in den Industrieländern aus. Bei expansiver Geldpolitik nahm das reale Bruttoinlandsprodukt in...