Roland Vaubel

Roland Vaubel
Universität Mannheim · Area Economic and Business Education

Dr. Dr. habil.

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Introduction

Publications

Publications (164)
Article
Zusammenfassung Bei der Rechtfertigung der Freiheit geht es um die Optimierung des Wissens und der Anreize. Freiheit dient der optimalen Nutzung des vorhandenen Wissens und der optimalen Produktion neuen Wissens, und sie gibt dem handelnden Individuum die bestmöglichen Anreize. Der Verfasser analysiert die Geschichte dieser Rechtfertigungen. Inform...
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Full-text available
I argue that the case for freedom is about either knowledge or incentives. Freedom optimises the production and use of knowledge, and gives people the right incentives. I trace the history of these arguments. Knowledge‐based justifications can be found in the writings of Adam Smith, Jeremy Bentham, Wilhelm von Humboldt, J. S. Mill, Friedrich von Ha...
Article
Qualified majority voting on financial market regulation was made possible by the European Court of Justice changing the meaning of the term “internal market” from “free movement of goods, services, persons and capital” to “conditions of competition which are not distorted”.
Chapter
Zur europapolitischen Ernüchterung der Bürger hat vermutlich auch beigetragen, dass die Zielvorstellungen der Regierenden und der Regierten nachweislich weit auseinanderklaffen. Mehrere Meinungsforschungsinstitute haben zu verschiedenen europapolitischen Themen gleichzeitig den Bürgern und den Europarlamentariern oder den Kommissionsbeamten exakt d...
Chapter
Zitate der Beteiligten belegen, dass der Entscheidungsprozess vom Genscher-Memorandum (1988) zum Maastricht-Vertrag (1991) nicht ökonomischen Notwendigkeiten folgte, sondern hochpolitisch und voller Überraschungen war. Viele kaum bekannte Fakten werden aus Zeitungs- und Fernsehinterviews sowie verschiedenen Memoiren zutage gefördert. Karl-Otto Pöhl...
Chapter
So kurz wie möglich und ohne in die Sprache der Juristen zu verfallen wird die Rechtmäßigkeit der ergriffenen Maßnahmen infrage gestellt. Den Beteiligten werden 17 Verstöße gegen europäisches Recht zur Last gelegt. Die Kritik bezieht die aktuelle rechtswissenschaftliche Literatur und die Urteile des Bundesverfassungsgerichts und des Europäischen Ge...
Chapter
Umfragen belegen, dass das Ende der Euromantik auch auf die Einwanderungspolitik zurückzuführen ist. Unkontrollierte Freizügigkeit ist nicht so einfach zu begründen wie die anderen Grundfreiheiten. Das Kapitel betritt Neuland, indem es vier ökonomische Rechtfertigungen der Freizügigkeit vorstellt und prüft, ob und inwieweit ihre Voraussetzungen in...
Chapter
Das Kapitel enthält 21 Reformvorschläge, wie die europäischen Institutionen, die Einwanderungspolitik und die Währungsunion reformiert werden sollten und könnten. Die institutionellen Vorschläge setzen bei dem Angebot an, das der Europäische Rat im Februar 2016 dem damaligen britischen Premierminister David Cameron gemacht hat. Denn dieses Angebot...
Chapter
Wie konnte es geschehen, dass Deutschland die Haftung für Fehler übernahm, die in anderen Mitgliedstaaten begangen worden sind? Umfangreiche Recherchen liefern neue Erkenntnisse über die politischen Hintergründe. Die Haftung bezieht sich nicht nur auf die subventionierten Kredite, die Griechenland, Irland, Portugal, Zypern und Spanien von den versc...
Chapter
Die EZB hat sich in einer Weise politisiert, wie das zu Zeiten der Bundesbank völlig undenkbar gewesen wäre. Das Kapitel präsentiert elf Beispiele. Es deckt politische Aktivitäten und Abhängigkeiten auf, die bisher kaum bekannt waren. Die Rechtmäßigkeit einiger EZB-Aktionen wird infrage gestellt. Das Kapitel endet mit Überlegungen, weshalb sich die...
Article
It is striking that there are so many theoretical justifications of redistribution by government. Is it because each single justification is weak? I review and criticise the various arguments advanced in the literature. The main distinctions are between (a) Paretian justifications asserting that all, including the net payers, benefit from redistrib...
Article
Dieses Buch liest sich über weite Strecken wie ein Enthüllungsroman. Enthüllt werden kaum bekannte Fakten zur Krise der Europäischen Union. Der Untersuchung liegen umfangreiche Recherchen zugrunde. Roland Vaubel versucht zu erklären, weshalb die "Euromantik" einer weit verbreiteten Ernüchterung gewichen ist. Er kritisiert die Politik der Europäis...
Article
The paper tries to explain the introduction of state religions. I start by analyzing the meaning of state religion and the instruments of state intervention in religion. I then discuss the rulers' religious objectives and derive ten testable hypotheses about the factors favoring the introduction of state religions and about the choice of instrument...
Article
Zusammenfassung Abschnitt I bietet einen Überblick über verschiedene Theorien und empirische Untersuchungen, die geeignet sein könnten, das „Wunder der europäischen Musik“ zu erklären. Abschnitt II unterscheidet verschiedene Transmissionsmechanismen, über die der Wettbewerb der Herrscher die Entwicklung der Musik begünstigt haben könnte. Abschnitt...
Chapter
The emergence of the Eurodollar market for deposits, loans and bonds is a major example of a monetary and financial innovation that was driven by competition between two financial centres, their regulators and their governments. The Eurodollar money market is of particular interest because the incumbent tried to engage the innovator in a regulatory...
Book
This book discusses theories of monetary and financial innovation and applies them to key monetary and financial innovations in history – starting with the use of silver bars in Mesopotamia and ending with the emergence of the Eurodollar market in London. The key monetary innovations are coinage (Asia minor, China, India), the payment of interest o...
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This paper argues the case for the right of secession in Western democracies. I suggest that the winners gain more than the losers may lose. Indeed, the external effects of secession may well be positive. However, the political economy of secession is highly problematic. Ideally, the rules for secession should be set at the international level but...
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Zusammenfassung Der Aufsatz bietet eine kritische Analyse der derzeitigen Pläne (Stand: 31.07.13) für a) eine gemeinsame Bankenaufsicht, b) eine direkte Bankenrekapitalisierung aus den Mitteln des „Europäischen Stabilitätsmechanismus“ (ESM), c) einen gemeinsamen Abwicklungsmechanismus und -fonds und d) eine gemeinsame Einlagenversicherung der Eurol...
Article
Full-text available
For a long time, the International Monetary Fund has been criticized for subsidizing its credits. According to Walter Bagehot (1873), a lender of last resort ought to “lend freely but at a penalty.” Otherwise moral hazard results (see Dreher and Vaubel 2004). Bakker and Schrijvers (2000) and the Saxton Report (2002) have presented estimates of the...
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Transcript of an interview with Roland Vaubel, who discusses the Euro as a creature of politics. He explains the particular political machinations behind its history, current state, and likely future.
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Several empirical studies have suggested that the Bundesbank has pursued inflation targets rather than monetary targets. These studies have been criticized because they do not adequately measure the deviation from target and because they use some short term interest rate as a measure of the Bundesbank’s policy actions instead of the comprehensive m...
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Our sample includes 92 former EU commissioners who left the seven Commissions serving from 1981 to 2009. We find that 36 (39%) became private interest representatives after leaving the Commission—14 with registered institutions, 22 with non-registered institutions. Our probit analysis shows that an ex-commissioner is significantly more likely to tu...
Article
Several empirical studies have suggested that the Bundesbank has pursued inflation targets rather than monetary targets. These studies have been criticized because they do not adequately measure the deviation from target and because they use some short term interest rate as a measure of the Bundesbank’s policy actions instead of the comprehensive m...
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Full-text available
KeywordsInternational Monetary Fund–Financial crisis
Article
The increasing centralisation of government at European Union level is eroding individual freedom. Greater EU regulation of financial markets, as advocated by Charlie McCreevy, represents a further threat to liberty, while the measures advocated would have been ineffective at preventing the current financial crisis.
Article
When the economic forecasts of public institutions deviate from actual outcomes, the deviations may not only be due to error but also to political intentions. A central bank, for example, may publish over-optimistic growth forecasts at the time of election to facilitate the re-election of the government, and it may publish excessively pessimistic g...
Article
Zusammenfassung Es vergeht kaum ein Tag, an dem nicht — auf nationaler, europäischer oder globaler Ebene — irgendeine neue Finanzmarktregulierung vorgeschlagen oder eingeführt wird. Ein Zusammenhang mit den Ursachen der Krise ist oft kaum mehr zu erkennen. Die Frage müsste aber doch sein: Welche Reformen wären notwendig gewesen, um den Ausbruch und...
Article
Zusammenfassung Der Aufsatz versucht das schwierige Verhältnis der Deutschen zur Freiheit mit ihren historischen Erfahrungen und den geographischen Gegebenheiten zu erklären. Wenn die Freiheit, der wissenschaftlich-technische Fortschritt und die industrielle Revolution in Europa - kurz: “das europäische Wunder” - auf die politische Fragmentierung u...
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A comment on Lars Jonung and Eoin Drea's (2010) article, "It Can't Happen, It's a Bad Idea, It Won't Last: U.S. Economists on the EMU and the Euro, 1989-2002." _Econ Journal Watch_ 7(1):4-52. Link
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This paper analyses, in a simple two-region model, the undertaking of noxious facilities when the central government has limited prerogatives. The central government decides whether to construct a noxious facility in one of the regions, and how to …nance it. We study this problem under both full and asymmetric information on the damage caused by th...
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By combining expansionary open-market operations with sales of foreign exchange, the central bank can expand the monetary base without depreciating the exchange rate. Thus, if there is a monetary political business cycle, sales of foreign exchange are especially likely before elections. Our panel data analysis for up to 149 countries in 1975–2001 s...
Article
The current financial crisis has arisen as a result of entrepreneurial and business error rather than because of inappropriate incentives within the private sector. However, government failure has exacerbated the problem. The case for responding to government failure by greater international co-ordination of banking regulation is weak. The IMF is p...
Article
An analysis of economic theory and economic history suggests that central banks, with a monopoly of money-issuing services, are not necessary. The often-levelled arguments against private banks issuing money in competition with each other and with central banks do not stand up to close scrutiny. Copyright (c) 2009 The Author. Journal compilation (c...
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The institutions of the European Union are gaining more and more power at the expense of national and local governments, as well as individuals and private businesses. There would appear to be no reverse gear in this process, while objections from the general public, as expressed in periodic referenda, tend to be brushed aside. This groundbreaking...
Article
The strategy of raising rivals' costs may be adopted by firms in a market, a cartel or interest group or by political majorities in a federal state or international organisation. We provide a first survey and formal exposition of the theory and present examples for each of these applications. In an international cross-section analysis using unpubli...
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Vito Tanzi [Tanzi, V., 2008. The future of fiscal federalism. European Journal of Political Economy 24, 705-712] makes a case for global government. This comment reconsiders the merits of global government as advocated by Tanzi.
Article
Zusammenfassung Für den Ausbruch der Finanzmarktkrise waren nicht falsche Marktanreize, sondern falsche Erwartungen und Staatsversagen ausschlaggebend. Ein Vergleich der Risikoprämien am amerikanischen Hypotheken- und Anleihemarkt zeigt, dass die Krise nicht auf geringe Risikoscheu, sondern auf eine Unterschätzung der Risiken zurückzuführen ist. Di...
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Tuition fees increased rapidly in the 1990s in most Canadian provinces raising concerns about access to post-secondary education. This paper examines the role of tuition fees in explaining participation in college and university programs from 1997 to 1999 in all provinces except Quebec and Ontario. Differentiated responses to tuition fees by family...
Article
The fundamental defects of the European Union cannot be overcome unless the Intergovernmental Conference is replaced by an Interparliamentary Conference. Eastern enlargement does not justify a transition to widespread majority voting but it calls for a reform of the Court and the Commission. The marginal members of the European Council have the lar...
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This paper analyses three problems facing the EU in the near future: (1) A move towards majority decision-making would impose costs upon the minority and restrict freedom. (2) A European Bill of Rights would give the European Court more centralising power. (3) European determination to strengthen and separate its own military forces within NATO bod...
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Zehn Jahre nach ihrer Gründung erfährt die Europäische Zentralbank viel Lob für ihre Tätigkeit. Wie ist ihr Erfolg bei der Inflationsbekämpfung zu bewerten? Wie sind die institutionellen Veränderungen seit 2003 zu erklären? Was ist vom Beitritt der osteuropäischen Länder zur Europäischen Währungsunion zu erwarten?
Article
This paper calculates indices of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indices for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political auton...
Article
Computational assistance and useful suggestions from Ralf Seisreiner and Bernhard Boockmann are gratefully acknowledged. I also wish to thank Lord Bauer Sir Alan Walters for helpful comments. The analysis has shown that the World Bank, like the IMF, suffers from bureaucratic inefficiency and an increasing lack of external control. The growth of its...
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The analysis covers 27 international organizations in the years 1950-2001. From the first to the last year, staff increased at a compound average rate of 3.2 percent per annum. Since the number of member states rose by only 2.5 percent, the elasticity of staff to member states is larger than one (e 1 = 1.28). As this may be due to an expansion of t...
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There seems to be general agreement that university education ought to be subsidized either because it generates positive external effects or because such subsidies are desirable on redistributive grounds. But how large ought the subsidies to be? Is the current level of subsidisation in Germany optimal? To my knowledge, these questions have not bee...
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Zusammenfassung In dem vorliegenden Beitrag wird der kontrakttheoretische Ansatz aus dem Utilitarismus abgeleitet und auf seine ethischen Implikationen überprüft. Auf der Ebene des Gesellschaftsvertrages wird Buchanan’s und Harsanyi’s Kritik an Rawls vertieft. Auf der privatwirtschaftlichen Ebene zeigt sich, daß der Homo oeconomicus nicht nur unabs...
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The paper provides a framework for analysing control problems in international organisations and reviews the disparate evidence from a public-choice perspective. Most examples concern the European Union, the International Monetary Fund, the World Bank and the International Labour Organisation. International organisations suffer from principal-agent...
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Excuses will be sought to postpone monetary union. Postponement and renegotiation are desirable because for the next decade Europe needs the exchange rate instrument.
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How can governments and civil servants be controlled? Professor Roland Vaubel, of the University of Mannheim, explains how competition between nations improves economic policy.
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Centralling tendencies in a European Union must be resisted by strenthening th role of the EC members' national parliaments.
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Bibliogr. na konci kapitol
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We assume that central banks can control inflation so that inflation rates reflect the preferences of the central bank council.The hypothesis to be tested is that these preferences depend on the central bankers’ educational and/or professional background. In a panel data analysis for the euro area and eleven countries since 1973,we explain inflatio...
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Section 1 introduces the hypothesis that competition among neighboring states may favor cultural innovation, and it surveys the available quantitative evidence. Section 2 starts from the assumption that European instrumental music had its breakthrough during the Baroque era and that the most famous composers came from the two countries characterize...
Chapter
One of the most striking developments of the last few years is the enormous increase of foreign exchange holdings by central banks, especially in many emerging and transition economies. Compared with the end of 1996, the last year before the South-East Asian debt crisis, the official foreign exchange holdings of developing countries have more than...
Article
"This article examines the potential impact of qualified majority voting on decision-making within the EU. It draws on the experience of US federalism, Germany under Bismarck and the UK in the European Union. In each case, it is shown that geographical majorities (nations, states or regions) have used majority decision-making as a means of increasi...
Article
We develop a public choice model of the International Monetary Fund (IMF) in which credit and conditionality are simultaneously determined by the demand for, and supply of, IMF credit. A graphical analysis illustrates the comparative statics in response to various shocks. We apply the model to explain the main changes in the rules governing conditi...
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Using panel data for 94 countries in 1975–97, we estimate OLS, 2SLS and GMM regressions to explain IMF and IBRD lending as well as monetary and fiscal policies in the recipient countries. With respect to moral hazard, we find that a country's government budget deficit and its rate of monetary expansion are higher the larger its borrowing potentia...
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We propose an alternative to the Constitutional Treaty drafted by the European Convention. Our proposal effectively limits the domain of government at the Union level. It takes the incentives of the European public actors into account. We propose a second chamber of European Parliament composed of delegates of the parliaments of the member states a...
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The dynamics of European political integration is frequently explained by the strategy of Jean Monnet: market integration in selected branches (coal, steel, manufactures, agriculture, nuclear energy etc.) and common economic policies in these areas “spill over” into more and more sectors of the economy and finally necessitate full-fledged politica...
Chapter
This volume is an attempt to confront an important hypothesis with empirical evidence from selected periods of history. The hypothesis is that competition among political and legal organisations in developing rules has been a crucial condition for innovation and growth in the history of mankind. This hypothesis, which can already be found in the wr...
Book
Do political decentralisation and inter state competition favour innovation and growth? There has long been a lively debate surrounding this question, going back to David Hume and Immanuel Kant. This book is a new attempt to test its veracity.
Chapter
The euro is issued by the European Central Bank (ECB), an independent bureaucracy. The economic theory of bureaucracy predicts that central bank independence increases bureaucratic waste (for a test, see, Vaubel, 1997). Moreover, an international bureaucracy is farther removed from the control of voters and national politicians than a national cent...
Chapter
Sweden is not well suited to be a member of the European Monetary Union (EMU) because the relative price between Swedish goods and eurozone goods requires large adjustments. No current member of the eurozone faces a larger adjustment need than Sweden. Apparently, the Swedish pattern of production differs considerably from that of the eurozone. Swed...
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Politikentflechtung ist Gewaltenteilung. Was spricht für den Grundsatz der Gewaltenteilung? Erstens: Die Gewaltenteilung verhindert eine Anballung politischer Macht in der Hand einiger weniger ? sie schützt daher die Bürger vor Übergriffen des Staates. Gewaltenteilung dient dem Freiheitsziel. Zweitens: Die Gewaltenteilung schafft klare Verantwortli...
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Der Aufsatz zeigt anhand zahlreicher Beispiele und quantitativer Analysen, dass internationale Organisationen - mehr als alle anderen staatlichen Institutionen - ein extremes Kontrolldefizit aufweisen. Umfragen belegen, dass sie andere Interessen als die Bürger haben. Sie können diese Interessen auch durchsetzen, weil die Informationskosten d...
Article
Full-text available
This paper calculates indices of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indices for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political auton...
Chapter
Full-text available
International organizations are bureaucracies. Unlike politicians, bureaucrats do not have to be reelected. Thus, public choice theory predicts that they are less responsive to the wishes of voters and more accessible to organized interest groups (Crain and McCormick, 1984). In the public choice literature, the strong influence of interest groups h...
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Using panel data for 106 countries in 1971-1997, we estimate generalized least squares regressions to explain IMF lending as well as monetary and fiscal policies in the recipient countries. With respect to moral hazard, we find that a country's rate of monetary expansion and its government budget deficit is higher the less it has exhausted its borr...
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Ein klassisches Mittel zur Begrenzung der Macht des Staates ist die Verfassung. Die Verfassungsgebung kann aber auch dazu missbraucht werden, vorhandene Macht rechtlich zu kodifizieren und zu legitimieren. Welcher Art werden die Vorschläge sein, die der so genannte „Europäische Verfassungskonvent“ der nächsten Regierungskonferenz vorlegen wird? Wir...
Article
We develop a public choice model of the International Monetary Fund (IMF) in which credit and conditionality are simultaneously determined by the demand for, and supply of, IMF credit. A graphical analysis illustrates the comparative statics in response to various shocks. We apply the model to explain the main changes in the rules governing conditi...
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Full-text available
Horizontal competition among governments has to be enforced by a higher-level institution, but this institution must not be the federal or union government, parliament or court, because these have a vested interest in intergovernmental collusion and ultimately in monopolization. The European Union institutions have been interested in removing natio...
Chapter
Any theory of history which contains a cyclical component must provide some explanation of downward deviations from trend, i.e., absolute or at least relative decline. Decline may be due to exogenous shocks like climatic deterioration or foreign occupation, or it may be caused by factors endogenous to the declining society. To the extent that these...
Book
This volume confronts an important historical hypothesis with empirical evidence from selected periods of history. The hypothesis in question states that competition among political and legal organisations in developing rules has been a crucial condition for liberty, innovation and growth in the history of mankind. It is due to Immanuel Kant, Edwar...
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Anfang Mai steht die Entscheidung über den Teilnehmerkreis der Europäischen Währungsunion an. Welche Bedeutung kommt bei der Auswahl der strikten Einhaltung der vertraglich vereinbarten Konvergenzkriterien zu? Mit welchen Mitgliedstaaten dürfte danach die EWU starten? --
Article
This paper calculates indices of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indices for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political auton...
Article
The economic research of 30 central banks in OECD and Latin America countries from 2000 to 2007 is evaluated in this study. An international comparison based on four indexes that measure central bank research output, demand, productivity and relevance is included. From this view, the European Central Bank, the United States Federal Reserve Bank-Boa...
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The European Union violates three fundamental constitutional principles: the principle of the separation of powers, the democratic principle and the principle of subsidiarity. Centralisation and the democracy deficit explain the Union's interest group bias. The only way of closing the Union's democracy deficit that is compatible with the principle...
Chapter
Today Hayek’s social philosophy is considered the centrepiece of his famous and wide-ranging work, and although he is well known for his campaign against inflation and his proposal for competing currencies, Hayek’s earlier work on monetary economics has largely gone unnoticed. In the following I want to show that Hayek’s later monetary writings are...
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The formal distinction between a treaty and a constitution is much less important than the question of who is authorized to interpret and amend it. The judges of the European Court of Justice interpret the Treaty by simple majority, while unanimity of the member-states would be required to reverse these decisions. The European Union needs a Court w...
Chapter
As economists, we know that we do not know, and cannot know, the desirable degree and pattern of redistribution. But we agree on procedures: redistribution is desirable if it is voluntary—either in the form of private charity or by way of government transfers based on a general consensus. As economists, we know that giving may be in the interest of...
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Wer den Umweltschutz verbessern will, muß nicht nur über einen effizienten Instrumenteneinsatz nachdenken, sondern auch über die politisch-ökonomischen Nebenbedingungen, von denen die Realisierbarkeit der verschiedenen Lösungen abhängt. Die politisch-ökonomischen Hindernisse für eine effiziente Umweltschutzpolitik können jedoch nicht analysiert wer...

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Lieber Herr Richter, interessiert Sie dieser Artikel? Er erscheint in Tichys Einblick. Herzlich Ihr Vaubel