Profit ― getting more out of something than you put into it ― is the original genius of homo sapiens, who learned how to unleash the energy stored in wood, exploit the land, and refashion ecosystems. As civilization developed, we found more and more ways of extracting surplus value from the...

This thesis was written by Christian Beermann while he was a research assistant at the Center for Economic Studies (CES) at the University of Munich. It was completed in December 2014 and accepted as a doctoral thesis by the Department of Economics at the University of Munich in May 2015. The...

This thesis was written by Christian Beermann while he was a research assistant at the Center for Economic Studies (CES) at the University of Munich. It was completed in December 2014 and accepted as a doctoral thesis by the Department of Economics at the University of Munich in May 2015. The...