Much of the literature on the commons focuses on the fact that many agents are assigned usage rights simultaneously, but less attention has been paid to the exercise of exclusion rights. The simultaneous exercise of one of the two rights by all the owners of a common causes a problem of...

The current international crisis has highlighted the need to improve productivity. This article examines labour productivity and compensation of employees in the main European economics over the past 15 years. The decomposition of labour productivity suggests that, during the most recent phase...

Financial leverage means the debt taken to make a property investment is revalued in the same proportion as the speculative asset acquired. When the expected price rises above a certain threshold, it becomes rational to take on long-term debt to finance a short-term investment. This causes...