In Aristoteles' bestem Staat ist die Wirtschaft an politischen Vorgaben ausgerichtet, die ihrerseits ethisch determiniert sind. Aristoteles bemüht sich um empirische Absicherung, soweit diese mit seinen ethischen Axiomen konform geht. Bei der Zurückweisung der platonischen Weiber- und...

The art market has seen boom and bust during the last years and, despite the downturn, has received more attention from investors given the low interest environment following the financial crisis. However, participation has been reserved for a few investors and the hedging of exposures remains...

Four types of economics" relevant for institutional analysis are distinguished: Standard Neoclassical Economics; Socio-Economics or Social Economics; New Institutional Economics; and Psychological Economics (often misleadingly called Behavioural Economics). The paper argues that an extension of...

Museums have many different goals beyond efficiency such as social equity, financial revenue, attracting donors and gaining international, regional or local prestige. Various pricing schemes are being discussed with the aim of reaching these goals. The classical ones are entry prices and free...

Books are an important factor of cultural transmission, but need, in most cases, to be translated. According to some authors, this may lead to a form of cultural domination of English. The population speaking English as a first language is, with the exception of Mandarin, the largest in the...

We analyze how an artist's death influences the market prices of her works of art. Death has two opposing effects on art prices. By irrevocably restricting the artist's oeuvre, prices, ceteris paribus, increase when the artist dies. On the other hand, an untimely death may well frustrate the...

Four types of economicsʺ relevant for institutional analysis are distinguished: Standard Neoclassical Economics; Socio-Economics or Social Economics; New Institutional Economics; and Psychological Economics (often misleadingly called Behavioural Economics). The paper argues that an extension of...

Museums have many different goals beyond efficiency such as social equity, financial revenue, attracting donors and gaining international, regional or local prestige. Various pricing schemes are being discussed with the aim of reaching these goals. The classical ones are entry prices and free...

The art market has seen boom and bust during the last years and, despite the downturn, has received more attention from investors given the low interest environment following the financial crisis. However, participation has been reserved for a few investors and the hedging of exposures remains...

There are several striking peculiarities of the arts labor market that have attracted the attentions of researchers in the last several decades: first is constant long run excess supply of arts labor; second, artists are more likely to be multiple-job-holders than other professions; third,...