This paper explores the origin and development of the "consumer choice" paradigm as the core concept of German ordoliberal thought which has had a strong impact on EU competition policy and law. Outside Germany, ordoliberal thought is often identified exclusively with the learning of the...

It is often stated that globalization makes a "smaller" world by institutional conver-gence. Economic orders become alike across the world. This article addresses institutional change triggered by the global financial crisis of 2008/2009 and challenges this general conviction of worldwide...

Economics has a key role to play for understanding vulnerability and adaptation to climate change. However, economic approaches to climate adaptation are rarely articulated and discussed at a framework level. This article first reviews and critically assesses welfare economics approaches to...

Since around 2000 the education premium and the level of employment in high-skill occupations has stagnated, if not actually begun to shrink. This brings into question the generally held view that in advanced countries, while potentially harmful for those who work with their hands, globalization...

The paper analyses the reasons for poor performance of private research institutes in Bulgaria. In this regard the Institutional Economics methods are used. A connection between smart growth policy goals and Bulgarian membership in EU is made. The gaps in the institutional environment are...

This paper contributes to recent research on work organization as a key success factor. On the theoretical side, two alternative analytical explanations are combined to an inte-grated approach, which predicts the existence of a clear cut ranking of organizational systems. In addition, this...

Before economists and sociologists came up with their own definitions of the term "capital", it was commonly understood as money invested in businesses by their owners or shareholders, and it continues to be understood this way in everyday business practice. In a recent article, Geoffrey Hodgson...

The ubiquitous process of digitization changes economic competition on markets in several ways and leads to the emergence of new business models. The increasing roles of digital platforms as well as data-driven markets represent two relevant examples. These developments challenge competition...

Divergent trends, as observed, between growth in the financial and real sectors of the global economy entail the need for further research, especially on the motivations behind investment decisions. Investments in market economies are generally guided by call-put option pricing models - which...

The article is devoted to measuring the effectiveness of institutional systems of EU countries in terms of their relevance to the requirements of global knowledge-based economy. The main aim of the article is to evaluate the progress obtained by New Member States in the years 2000-2010. The...