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7 RZB Niederosterreich Wien, Osterreichische Lotterien, RLB
Steiermark, Oester- reichische Nationalbank, Bundesarbeitskammer,
and Wirtschaftskammer Osterreich. We thank lise Schulz and Marianne
Uitz for editing this volume. REFERENCES Aiginger, K. , The New
European Model of the Refonned Welfare State, Stanford University,
European Forum Working Paper 2002, (2). Gordon, R. I. , Two
Centuries of Economic Growth: Europe Chasing the American Frontier,
Paper prepared for the Economic History Workshop, Northwestern
University, Chicago, 2002. JOSEPH E. STIGLITZ ECONOMIC POLICY FOR
THE 21 ST CENTURY The subject of this lecture is economic policy
issues for the 21 st century. This is obviously a very ambitious
title and I will only be able to talk on a few selected topics. I
th was very pleased with the invitation to come and address this 75
anniversary. First because of the importance that I associate to
institutions like the WIFO as part of the democratic processes by
which economic policy decisions get made - that is one of the
themes that I am going to come back to. Second, of course, because
the fact that the WIFO was founded by von Hayek and von Mises makes
it a very interesting institution for any economist. The events of
the last 75 years could hardly have been anticipated by either von
Mises or von Hayek in the 1920s when the institution was founded.
Nor I am not sure that they would have anticipated the way the
economic science has changed.
Applied Industrial Organization offers a perspective on the
richness of empirical industrial organization studies. Some papers
derive empirical implications from theoretical models, but other
papers start from empirical evidence and construct a theory. Three
major topics are explored: the role of innovation, the evolution of
market structure and firms, and the determinations of performance.
As the central force of market economies, innovation is the essence
of competition and results in changes to market structures. Other
forces driving the evolution of markets and firms are also
analyzed. Finally, the determinants of profitability are
investigated. In particular, characteristics such as price
flexibility, successful lenders and monopoly regulation are
examined. Contributors include F.M. Scherer, Paul Geroski, John
Hey, David Audretsch, Manfred Neumann, among others.
7 RZB Niederosterreich Wien, Osterreichische Lotterien, RLB
Steiermark, Oester- reichische Nationalbank, Bundesarbeitskammer,
and Wirtschaftskammer Osterreich. We thank lise Schulz and Marianne
Uitz for editing this volume. REFERENCES Aiginger, K. , The New
European Model of the Refonned Welfare State, Stanford University,
European Forum Working Paper 2002, (2). Gordon, R. I. , Two
Centuries of Economic Growth: Europe Chasing the American Frontier,
Paper prepared for the Economic History Workshop, Northwestern
University, Chicago, 2002. JOSEPH E. STIGLITZ ECONOMIC POLICY FOR
THE 21 ST CENTURY The subject of this lecture is economic policy
issues for the 21 st century. This is obviously a very ambitious
title and I will only be able to talk on a few selected topics. I
th was very pleased with the invitation to come and address this 75
anniversary. First because of the importance that I associate to
institutions like the WIFO as part of the democratic processes by
which economic policy decisions get made - that is one of the
themes that I am going to come back to. Second, of course, because
the fact that the WIFO was founded by von Hayek and von Mises makes
it a very interesting institution for any economist. The events of
the last 75 years could hardly have been anticipated by either von
Mises or von Hayek in the 1920s when the institution was founded.
Nor I am not sure that they would have anticipated the way the
economic science has changed.
Applied Industrial Organization offers a perspective on the
richness of empirical industrial organization studies. Some papers
derive empirical implications from theoretical models, but other
papers start from empirical evidence and construct a theory. Three
major topics are explored: the role of innovation, the evolution of
market structure and firms, and the determinations of performance.
As the central force of market economies, innovation is the essence
of competition and results in changes to market structures. Other
forces driving the evolution of markets and firms are also
analyzed. Finally, the determinants of profitability are
investigated. In particular, characteristics such as price
flexibility, successful lenders and monopoly regulation are
examined. Contributors include F.M. Scherer, Paul Geroski, John
Hey, David Audretsch, Manfred Neumann, among others.
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