Children are nowadays seen as self-reliant subjects able to articulate their wishes and to participate in family decisions. International studies have shown that children in Austria participate in family affairs only to a moderate extent. National studies just as well indicate that there is much...

The development of the European Monetary Union is related to Milton Friedman’s critique of the Bretton Woods System that started a vigorous debate about “fixed versus flexible exchange rates.” This paper briefly contrasts the arguments pro and con flexible exchange rates at this time....

Review of: Handbook of New Institutional Economics. Ed. by C. Ménard, M. M. Shirley. 2005. Springer: Dordrecht, Berlin, Heidelberg, New York

Review of: Alternative Theories of the Firm. Ed. by Richard N. Langlois, Tony Fu-Lai Yu, Paul Robertson. 2003. Edward Elgar Publishing: Cheltenham

Who was listening before the Financial Crisis of 2008 to Arrow’s warnings and the teachings of Coase? Due to transaction costs, incomplete foresight and bounded rationality not all risks that would be desirable to shift can be shifted through the market. Financial firms and other institutions...

German “Ordnungstheorie” (~ system theory, ordo theory) relates essentially to Walter Eucken (Freiburg) who attempted to strike a balance between the economics of the German Historic School, still relevant in Germany of the 1930s, and its opposing neoclassical analysis. The paper starts,...