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Abstract. The Federal Reserve chair Paul Volker led the US through its tumultuous 1970s and 1980s. His biography, Keeping at It, chronicles his thinking and actions throughout his time in public service.Keywords. Monetary policy, Government, Good Government.JEL. B21, D00, D20, D40.

Anne Case and Angus Deaton in Deaths of Despair and the Future of Capitalism attribute much of the increase in white mortality in opioid overdose deaths to the US pharmaceutical industry and a failed US health care system. They extend human capital to health and economic progress outcomes unique to white US populations since the 1960s. Case and Deaton and Deaths of Despair add to this literature that links education, human capital, and white deaths of despair.Keywords. Monetary policy, Government, Good Government.JEL. B21, D00, D20, D40.

Der Preisauftrieb auf den internationalen Märkten für Getreide, Milch und Milcherzeugnisse hat bei Landwirten eine Aufbruchstimmung aufkommen lassen, bei Verbrauchern und bei den Unternehmen der betroffenen Wirtschaftszweige aber Verunsicherung bewirkt. Unsicherheit besteht vor allem in der Einschätzung, ob es sich gegenwärtig um eine eher zufällige und vorübergehende Konstellation auf den Märkten handelt, oder ob eine Wende auf den Weltagrarmärkte eingetreten ist. Der Beitrag zeigt die verschiedenen Wirkungszusammenhänge auf, die die bisherige Markt- und Preisentwicklung bestimmt haben und die zukünftige Entwicklung beeinflussen.

Der aktuelle Preissprung bei Molkereiprodukten fordert geradezu dazu heraus, einen Blick auf die Mechanik und die Psychologie der Preisbildung zu werfen. Experten beobachten schon seit Jahren eine weltweit steigende Nachfrage nach Milch und Milchprodukten und eine Erzeugung, die mit dem Nachfragewachstum nicht Schritt hält. Einen so plötzlichen und heftigen Preisanstieg hatten sie jedoch nicht vorhergesehen. Und vieles deutet darauf hin, dass landwirtschaftliche Rohstoffe zur Herstellung von Getränken und Nahrungsmitteln auf Dauer teurer werden. Inwieweit die Preisanhebungen gerechtfertigt sind, ist allerdings bei einzelnen Nahrungsmitteln unterschiedlich, das wird in dem Beitrag am Beispiel verschiedener Milchprodukte, aber auch von Brot vorgeführt. Die intensive Berichterstattung hat den Handel geradezu motiviert, die Situation für eine allgemeine Erhöhung der Lebensmittelpreise zu nützen – unabhängig davon, wie stark die verteuerten Rohstoffe tatsächlich in die Endprodukte eingehen. Die Verbraucherorganisationen sollten hier aufklärend wirken und dem Handel unbequeme Fragen stellen. Medienberichte, die darauf hinauslaufen, nur Empörung zu schüren, sind wenig hilfreich, angebracht wäre kritisches Hinterfragen.

This article shows legal order in which German sports (football) enterprises exist. Due to the fact that German is the homeland of ordoliberalism and Walter Eucken was its leading representative we compare the principles of this legal order with the current situation in the sector of sports organization. Legal solutions that are applied, encourage the development of both professional football leagues where licensing procedure corresponds to the assumed objectives set out by the League Association. The following research methods were applied: a descriptive, historical and comparison analysis. Literature studies on the law relating to the operation of professional football leagues in Germany and the history of economic thought (in particular ordoliberalism) were performed on German sources and legislation.

El objetivo de la presente nota es presentar un breve análisis sobre la literatura reciente relacionada con el problema de la formación de precios. Se distinguen tres líneas de investigación; por un lado, aquella que reagrupa los juegos estratégicos de mercado, por otro lado, un conjunto de textos que tienen que ver con los juegos de encuentro y negociación y, finalmente, los trabajos que se refieren a la creatividad del mercado. Se muestra que estas líneas de investigación presentan resultados satisfactorios y otros resultados un tanto desalentadores. El conjunto de esta literatura tiene el mérito de subrayar el interés que tiene el problema de la formación de los precios en el avance de la teoría económica. Palabras clave: formación de precios, teoría de juegos estratégicos, juegos de encuentro, negociación, creatividad. Clasificación JEL: C70, D40, D83. Abstract: The goal of this paper is to provide a short analysis on the most recent literature about the pricing problem. We distinguish three different branch of research. The first one has to do with market strategic games; the second one has to do with finding and negotiation and finally, those research projects related to the creativity of the market. We show that those branches of research provide us, as the same time satisfactory and discouraging results. This literature has the merit of emphasizes the interest about pricing in the current advances of the economic theory. Keywords: pricing, strategic games theory, encounter game, negotiation, creativity. Classification JEL: C70, D40, D83. Résumé: L'objectif de la présente note est de présenter une courte analyse sur la littérature récente sur le problème de la formation des prix. Nous avons distingué trois lignes de recherche. Tout d'abord, celle qui regroupe les jeux stratégiques de marché, ensuite un ensemble des textes sur les jeux de rencontre et de négociation et, finalement, les travaux qui font référence à la créativité sur le marché. On montre que ces lignes de recherche présentent des résultats satisfaisants et d'autres moins encourageants. L'ensemble de cette littérature souligne l'intérêt du problème de la formation des prix dans le développement futur de la théorie économique. Mots clef: formation des prix, théorie de jeux stratégiques, jeux de rencontre, négociation, créativité. Classification JEL: C70, D40, D83.

The development of a country depends on the legal system of that country. Romanian aconomy haw knoweded, as many states, different ideologies and govemental methods, the segnificant difference< beetween then being the degree of state interventionism in the economy. To obtain a free market, we need a proper legal system, a special guvernmental attitude and a good implementation of the state of law principles and democracy. As we feel the need of change, the state tries to come with new programs and perspectives. The result is a legislative inflation, that scares any antreprenorial initiative. But there is another way of forming new institutions or changing them, more appropriate to the market. This is the way based on practical experience, tradition and responsability.

Current European integration very much focusses on harmonisation and convergence. This streamlining goes far beyond what is demanded by economic reasoning and turns out - as the euro crisis has demonstrated - to foster tensions among EU member states instead of promoting a flourishing common market. The authors outline an alternative approach which fosters a sense of political responsibility and is anchored in democratic rather than bureaucratic decision-making. ; Der aktuell wirkmächtige Ansatz der europäischen Integration ist durch die Gleichsetzung von Integration mit Vereinheitlichung geprägt. Die Autoren vertreten die Auffassung, dass diese zentralistische Wirtschaftssteuerung mittlerweile weit über das ökonomisch Erforderliche hinausgeht und zunehmend marktwirtschaftliche Ordnungsvorstellungen verdrängt. Sie erweist sich obendrein als Spaltpilz zwischen den Mitgliedsländern, was insbesondere im Rahmen der Griechenland- bzw. Eurokrise eklatant zutage trat. Die Autoren plädieren für einen alternativen Integrationsansatz, der das Initiativrecht zu weiteren Einigungsschritten auf die nationale Ebene zurückverlagert, um eine demokratische Verankerung sicherzustellen und in Verbindung mit Opt-out-Regeln das Prinzip der Eigenverantwortlichkeit wieder ins Recht zu setzen.

This article uses 1985–2000 DEA data on marijuana and cocaine prices in various metropolitan areas to empirically test two contrasting theories of the relationship between illegal drug prices at the retail seller and user levels. Regression results overwhelmingly reject a multiplicative model in which the ratio of prices at the two levels is constant, but strongly support an additive model in which the difference between these prices is constant. This finding reduces the attractiveness of policies aimed at raising wholesale prices, because retail price responses, and thus potential drug demand deterrence, would be substantially smaller than commonly assumed. (JEL D40, I18, K42)

We consider a market with "red" and "green" workers, where labels are payoff irrelevant. Workers may acquire skills. Skilled workers search for vacancies, while firms search for workers. A unique symmetric equilibrium exists in which color is irrelevant. There are also asymmetric equilibria in which firms search only for green workers, more green than red workers acquire skills, skilled green workers receive higher wages, and the unemployment rate is higher among skilled red workers. Discrimination between ex ante identical individuals arises in equilibrium, and yet firms have perfect information about their workers, and strictly prefer to hire minority workers. (JEL C70, D40, J30)

The purpose of this article is to briefly present the actions taken in Romania's economic transition from a centralized to a market economy and to explain why and where it went wrong. Wrong decisions taken in the transition process will be highlighted, while noting that measures to implement conditions conducive to the functioning of the free market, from macroeconomic stabilization, private sector development, restructuring of the national production system or the formulation and implementation of appropriate social reforms, found a marginal place in the execution of the governing program. Despite the fact that this process has already begun more than 30 years ago, there are voices claiming that this process has not yet been completed. This is because, although a transition to last a short time was expected, domestic and international social, economic and political events extended the period of uncertainty, with institutional reform being difficult to achieve. All these aspects determined us to look for the answer to the question: Where was wrong that this transition is not yet complete and when will the transition of Romania to a truly functional and wealth-generating market economy be completed?

Price gouging in the US pharmaceutical drug industry goes back more than three decades. In 1985 US Representative Henry Waxman, chair of the House Subcommittee on Health and the Environment, accused the pharmaceutical industry of "gouging the American public" with "outrageous" price increases, driven by "greed on a massive scale." Despite many Congressional inquiries since the 1980s, including the case of Gilead Sciences' extortionate pricing of the Hepatitis-C drug Sovaldi since 2014, the US government does not regulate drug prices. UK Prescription Price Regulation Scheme data for 1996 through 2008 show that, while drug prices in other advanced nations were close to the UK's regulated prices, those in the United States were between 74% and 152% higher. Médecins Sans Frontières (MSF) has produced abundant evidence that US drug prices are by far the highest in the world. The US pharmaceutical industry's invariable response to demands for price regulation has been that it will kill innovation. US drug companies claim that they need higher prices than those that prevail elsewhere so that the extra profits can be used to augment R&D spending. The result, they contend, is more drug innovation that benefits the United States and indeed the whole world. It is a compelling argument, until one looks at how major US pharmaceutical companies actually use the profits that high drug prices generate. In the name of "maximizing shareholder value" (MSV), pharmaceutical companies allocate profits from high drug prices to massive repurchases, or buybacks, of their own corporate stock for the sole purpose of giving manipulative boosts to their stock prices. Incentivizing these buybacks is stock-based compensation that rewards senior executives for stock-price performance. Like no other sector, the pharmaceutical industry puts a spotlight on how the political economy of science is a matter of life and death. In this paper, we invoke "the theory of innovative enterprise" to explain how and why high drug prices restrict access to ...

Recent research shows prices are insensitive to local demand conditions because national chains charge geographically uniform prices. We examine the price response to local cost shocks, including 68 excise tax changes, 76 sales tax changes, and other geographically based cost differences, using data on 35,151 retail stores in 96 multi-state chains. We find local cost shocks are passed through to local prices, with no spillovers to unaffected stores in otherwise affected chains, and at similar rates for national and local chains. Firms adjust local prices according to local cost changes, suggesting retailers respond asymmetrically to local cost and demand shocks. (JEL D22, D40, H22, H25, H71, L10, L81)