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Pareto, Vilfredo Federico Damaso

(291 words)

Author(s): Bayer, Stefan
[German Version] ( Jul 15, 1848, Paris – Aug 19, 1923, Céligny near Geneva), economist and sociologist, son of a French mother and an Italian father. Pareto had a brilliant understanding of how to bring sociological insights into economics, and ideas from economics into sociology, and how to apply notions from each within the other discipline. In addition, following L. Walras, he further developed economics as a general theory of…

Game Theory

(592 words)

Author(s): Bayer, Stefan
[German Version] The subject of game theory is the formally exact analysis of situations of interactive strategic decisions. Characteristic properties of modes of strategic behavior are typically conflicts of interest and/or problems of coordination between the players. For the economy, game theory is an indispensable tool because …

Climate Change

(765 words)

Author(s): Bayer, Stefan
[German Version] In comparison with the pre-industrial world in the middle of the 18th century, the con¶ centration of greenhouse gases in the earth's atmosphere has increased greatly. As a result, some of the earth's heat radiation can no longer escape into space; instead – as in a greenhouse – it is reflected back to earth, leading to an increase in the mean temperature of the earth's surface. The most important greenhouse gas is carbon dioxide (CO2), which is produced primarily by the burning of fossil fuels such as coal, oil, and gas. Other major greenhouse gases include methane, nitrous oxide, fluorocarbons, and tropospheric ozone. All greenhouse gases function as “global pollutants,” i.e. they produce their specific greenhouse effect (greenhouse potential) independently of where they are emitted. The sources of greenhouse gases are distributed worldwide: the USA is the largest single source,…

Consumer

(349 words)

Author(s): Bayer, Stefan
[German Version] Consumers demand goods and services (Service sector) in order to satisfy their needs. They express their preferences through their demand for different goods. If consumer selection takes place in a free economic system – as is the case in a market economy – then producers are stimulated by consumer demand to produce the desired goods: the consumer is sovereign. This should also be true for goods and services not produced by the market but …

Shadow Economy

(330 words)

Author(s): Bayer, Stefan
[German Version] In principle goods and services are provided, paid for, and cleared in markets (Market/Markets) according to prevailing rules. In recent years, however, goods and services provided in the shadow of the legal markets have played an increasingly import…

Schmoller, Gustav (von)

(281 words)

Author(s): Bayer, Stefan
[German Version] (Jun 14, 1838, Heilbronn – Jun 27, 1917, Harzburg), economist. Schmoller taught at Halle (1864–1872), Straßburg (Strasbourg; 1872–1882), and Berlin (1882–1913). He engaged in basic interdisciplinary research, analyzing relationships between economics (Economy) and the related social sciences and integrating them into economics. Methodologically he derived many of his assertions inductively from observations of the past. He emphasized that abstractly axiomatic formalizations of hum…

Consumption

(352 words)

Author(s): Bayer, Stefan

Sustainability

(258 words)

Author(s): Bayer, Stefan
[German Version] in general means permanence or durability. In an environmental context (Environment/Ecology), the terms sustainability and sustainable development are generally used synonymously, although different meanings lie below the surface: sustainability characterizes a present state (static population size), whereas sustainable development refers to a process (dynamic flow). The most generally accepted definition of sustainable development appears in the Brundtland report: it is “ . . . development that meets the needs of the…

Income

(341 words)

Author(s): Bayer, Stefan

Retirement

(362 words)

Author(s): Bayer, Stefan
[German Version] is the period of time that individuals can spend as pensioners after their active participation in gainful work. Economically, retirement can be viewed from two perspectives. On the one hand, it represents a major achievement of modern industrial societies that today the elderly (Old age: II) can enjoy a longer retirement than retirees could 40 years ago. The average remaining lifetime of 65-year-olds is some ten years longer than it was in 1970. Poverty in old age has been reduce…

Walras, Marie-Esprit-Léon

(377 words)

Author(s): Bayer, Stefan
[German Version] (Dec 16, 1834, Evreux, Normandy – Jan 5, 1910, Clarens, Canton of Vaud), French economist. Walras was born the son of Antoine August Walras, a teacher and amateur economist, and Louise Aline de Sainte Beuve, the daughter of a notary. After unsuccessful attendance at a mining school in Paris, he worked there as a writer and art critic until he discovered his love for the social sciences, especially economics. At an international congress on taxation in 1860, he became acq…

Credit

(391 words)

Author(s): Bayer, Stefan
[German Version] A credit establishes an in personam relationship between a credit-giver (creditor) and a credit-receiver (debtor). The creditor lends the debtor an amount of money fixed by contract. In return, the debtor takes on the obligation to repay the entire amount to the creditor at the end of the term of the credit. As a fee for the credit, a specified interest rate (Interest) is agreed upon which the debtor must pay the creditor within a defined period for t…

Social Reform

(347 words)

Author(s): Bayer, Stefan
[German Version] By social reform, we mean the reform of the existing social security system in general. The need for such a reform in the Federal Republic of Germany is clear for several reasons. Expenditures related to social policy, more than half of all government spending, consumes the lion’s share of all public spending. In the year 2000, the statutory social security system alone cost 416 billion euros. At present the total “social budget,” which includes government spending ¶ occasioned by distributional policy (such as social welfare and unemployment assistance), …

Profit, Corporate

(269 words)

Author(s): Bayer, Stefan
[German Version] is determined in business economics by the excess of returns over a period of time, after deduction of costs incurred during the same period by the business in pursuit of profit (Corporation, Economy). Profit is the driving force of business commitment; it raises the income of the entrepreneur above the secure level of income achievable in the market. The prerequisite for profit is that the business idea succeeds in the market. In terms of national economy, profit can be defined as the net size of the overall economic production account: on the output side, sales of products and/or services (Service sector) must be entered, as must changes in stock levels, and own-account investment. In order to realize output, there must be input into the production process: in addition to raw materials, consumables, and fuels, there are write-downs (wear and tear), indirect taxes, and subventions. The actual creation of value is achieved through the application of production procedures: alongside the classical economic production factors of labor (IV), capital, and land, there is profit, which rewards entrepreneurial risk. The profit is calculated as “residual amount” when the input amounts (except profit) are subtracted from the output amou…

Multinational Corporations

(351 words)

Author(s): Bayer, Stefan
[German Version] are autonomous decision-making and trading entities in the economy that bring together several legally independent and dependent corporations and businesses at home and abroad. Such concerns are founded, for example, on the basis of a large share of capital, on voting rights, on personal union in the administration or the board of directors. In a merger, by contrast, the uniting corporations and businesses lose their economic independence. The following reasons for the creation of multinational corporations may be listed: economic (such as benefi…

Interest

(3,846 words)

Author(s): Grundmann, Stefan | Bayer, Stefan | Schneider, Helmuth | Kessler, Rainer | Strohm, Christoph | Et al.
[German Version] I. Concept – II. Legal Aspects – III. Economics – IV. Non-Christian A…