Austrian insights on the limits of central planning, the pervasiveness of knowledge problems, and the importance of the entrepreneur in coordinating social change have yielded substantive contributions to the literature on how individuals and communities respond to both natural and unnatural, or...

We use a stylized model to show that, if transfers to the poor are founded on a security argument, there is a negative trade-off between law enforcement expenditures and criminality. In contrast, if transfers are based on altruism, the correlation between the same variables may appear positive....

The paper investigates how the income distribution affects the subjective well-being of society. Starting from the concept of a social welfare function defined on income distributions it assesses the preference for equality in European countries. It examines how mean income and the distribution...

This paper estimates the effects of family-background characteristics on student performance in the US and 17 Western European school systems. Family background has strong effects both in Europe and the United States, remarkably similar in size. France and Flemish Belgium achieve the most...

Based on the current European discussion about immigration policy, this paper gives an overview of central economic consequences of immigration for a host country?s labor market. The most important theoretical arguments are presented and evaluated against the available empirical evidence. The...