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[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 balance, becoming one of the founders of its…

[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…

[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 g…

[German Version] I. Concept – II. Legal Aspects – III. Economics – IV. Non-Christian Antiquity – V. Bible – VI. Christianity – VII. Judaism – VIII. Islam I. Concept Interest is payment in exchange for a right of use or exploitation, typically on a temporary basis and always agreed for a fixed period of time. Money later gained increasing importance as an object of lending and now occupies a dominant position, although other items or rights remain possible as objects of lending, as for example rent. In economics (see III below), this mutual commitment between the conferral…

[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 …

[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 important role. According to one current definition, the shadow economy comprises all those activitie…

[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. Methodo…

[German Version] Income is consumed by individuals, …

[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 present without risking the chance that future generations will not be able to meet their own needs” (Brundtland, 43). The central concern is not all possible needs but rather the basic needs of all people living today and in the future. But implementation of this generally accepted definition raises substantial problems. In the context of the environment, attempts are made to achieve sustainability by following four “management rules.” (1) In the case of renewal resources, the depletion rate must not exceed the (natural) regeneration rate. (2) The use of exhaustible resources must be compensated for simultaneously by functionally equivalent substitutes – especially renewable resources. (3) Emissions into the environment must not exceed its natural capacity to assimilate them. (4) The profits (or rents) from depletion of exhaustible resources should be used to finance the development of alternative …

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[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 t…

[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 discov…

[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 …

[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, cons…

[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 f…

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