In Deutschland und der Europäischen Währungsunion (EWU) entwickelte sich ab 2021 eine kostengetriebene Inflationswelle, die von steigenden Energiekosten und Nahrungsmittelpreisen sowie Störungen in globalen Wertschöpfungsketten vorangetrieben wird. Führt der kräftige Preisniveauschub zu...

The German Federal Constitutional Court has ordered a revision of public budgets following the correct interpretation of the German debt brake. The debt brake is an obstacle to necessary public investment needed for ecological transformation of areas such as housing construction and education....

To handle the sovereign debt crisis in general and macroeconomic imbalances in particular the leading EU institutions (the Troika) adopted two broad approaches: The short-term approach is based on enhancing the Stability and Growth Pact and to imposing fiscal austerity on crisis countries. The...

Makroökonomisch orientierte Lohnpolitik war weitgehend aus der Mode gekommen. Vorherrschend war vielmehr die Ansicht, dass die Lohnfindung ein Marktprozess wie jeder andere sei. Diese theoretischen Vorstellungen vernachlässigen jedoch wesentliche Aspekte der Lohnbildung. So wird ihre...

This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...

Market driven wage dispersion is a critical feature of income inequality. In this paper especially the Keynesian perspective on how to explain the global trends of rising wage dispersion is elaborated. Special attention is given to the policy implications derived from the analysis. Keynesian...

Today we can learn from the Communist Manifesto that unregulated markets lead to disastrous economic, social, and political developments, which can endanger the reproduction of the capital system itself. The liberal argument, based on Adam Smith's invisible hand - that markets coordinate the...

Keynes, following the tradition of Marx, argued that all values are created by labour and profits. However, functional income distribution between wages and profits is explained differently. In Marx's explanation of functional income distribution, wages are given as a basket of goods needed for...

After the breakdown of the Bretton Woods system and the beginning of the neoliberal revolution, financial markets became very unstable. The theoretical background of the neoliberal revolution stands in the tradition of Léon Walras. He was very much impressed by Isaac Newton, used his...