This article searches for a causal effect of industry concentration on estimates of persistent profitability differentials. I offer solutions to identification problems that plague related analyses by applying an IV and a natural experiment. This is the first study that explains estimates of...

This article discusses the treatment of fixed capital in Classical theory of price. Sraffa uses non-linear depreciation of “physical” capital that equalizes all annual profit rates individually, but violates the proportionality of monetary machine value reduction and physical use-up on an...

The reaction of German energy policy to the 2011 Fukushima catastrophe was swift and radical. The conservative-business liberal coalition in power committed to a spectacular political u-turn as it enacted an extension of the operation periods of German nuclear power plants just one year before...

An ambitious shift in energy policy, such as that of the German government and which other countries are aiming to emulate, poses great challenges. One Herculean task is integrating those renewable sources of electricity generation which are experiencing dynamic growth but are also subject to...