In a novel experimental design, we study how social immobility affects the choice among distributional schemes in an experimental democracy. We design a two-period experiment in which subjects first choose a distributional scheme by majority voting (“social contract”). Then subjects engage...

[Ausblick] 'Allgemeingültige, dynamisch-theoretische Aussagen über die Einwirkung des Wirtschaftsherganges auf die Daten sind unmöglich.' (Eucken 1940/1989: 185) Euckens wiederholte Kritik an Theorien wirtschaftlicher Entwicklung lassen es geradezu sinnwidrig erscheinen, sich über eine...

[Introduction] Walter Eucken (17 January 1891 - 20 March 1950) was the leading and most prominent figure of German liberal economics from the 1920s until well after his death. He represented the convergence between the liberalism of the Austrian school of economics' 'third generation' and the...