A critical introduction to New European Political Economics and Legal Institutionalism

A novel economic approach built on Law, Accounting and Mechanics of Balances.

The unanticipated yet not unprecedented global financial crisis has revealed a weakness in the current dominant economic paradigm, centered on the conceptualization and understanding of money, credit and property rights.

The seminar explores how the reintegration of legal, accounting and political principles in economic discourse could lead to a renewed paradigm, better able to confront the challenges of our fragile present. Multidisciplinary presentations alternate with public discussions on current debates, providing all participants with the opportunity to critically engage with the ideas presented. The seminar is open to anyone willing to enter the discussion, or simply curious about what lies beyond the arbitrary borders of its own disciplinary field.

Location November 1st -  November 2nd:

  • 09:00 - 12:30 BI - campus Oslo. Room: C2-080
  • 14:00 - 16:45 BI - campus Oslo. Room: B2-080

Location November 3rd:

  • 09:00 - 12:30 BI - campus Oslo. Room: C2-080

Please find related reading list here.

Practical information

  • Time:Wednesday, 01 November 2017 09:00 - Friday, 03 November 2017 12:15
  • Enrolment deadline:No deadline
  • Contact:Beniamino Callegari (


  • Time
  • Title
  • Speakers
  • Program Wednesday 1. november

  • Introduction and stimulus address


  • Presentation - Wolfgang Theil: Systematic Legal & Accounting Foundations of modern Western Civilization


  • Coffee break

  • Presentation - Accounting, Money and Banking in Terms of Law

    Presentation: Accounting, Money and Banking in Terms of Law

  • Lunch break

  • Group discussions - Law vs non-Law: corruption, human rights, neopatrimonialism

  • Continuation - A future with more and less hierarchy: bitcoin and cashless financial society

  • Program 2. November

  • Presentation - Real causes of Recurrent Financial Crises

  • Presentation - Stützel's Mechanics of Balances

    Stützel's Mechanics of Balances: Paradoxes of thrift and spending, from ex post accounting to an ex ante macro model of business cycles

  • Coffee break

  • Presentation - Stützel's Mechanics of Balances

    Stützel's Mechanics of Balances, his Theory of Business Cycles and Current Macroeconomics

  • Lunch break

  • Group discussions - Fiscal policy and fiscal institutions: the future of a non-Optimal Currency Area

  • Coffee break

  • Continuation - A European Bretton Woods: European Monetary Fund vs European Clearing Union

  • Program Friday 3. November

  • Presentation - How Social Science Underconceptualizes Law; Legal Institutionalism and WINIR

  • Presentation - State ownership of private corporations: the Norwegian case

  • Coffee break

  • Discussion results: consensus, disagreements, future directions


Wolfgang Theil

Studied Psychology, Economics and Political Science at Free University of Berlin with Klaus Holzkamp, Elmar Altvater and Hajo Riese.

After being involved in the discussions between the Berlin School of Monetary Keynesianism and the Bremen School of Ownership Economics regarding a new paradigm for monetary macroeconomics and publishing two papers on that debate, he soberly decided to leave academia to build his own business. In 2016, he co-founded ANEP economics to further develop and discuss this integrated view of "New European Political Economics".

Thomas Weiss

Studied mathematics and physics at the Technical University Munich and finished his PhD thesis on interacting stochastic processes in 2016. His research took place within the 'Netzwerk Plurale Ökonomik' and  INET Young Scholar's Initiative. He co-founded ANEP economics in 2016. Since fall 2016 he has been working as a financial industry consultant in Frankfurt am Main. 

Nicolas Hofer

Studied business information systems engineering  with a major in banking and finance at the University of Mannheim, Germany. His thesis on cryptocurrencies was published by the University of Mannheim in 2014.

He has worked as a business analyst in the private sector and as a researcher in academia (Johannes Kepler University of Linz, Austria) since then. As an independent business and economic analyst he has traded stocks and derivatives from 2005 – 2012. Since 2016 his efforts have been focused on the development of ANEP economics.

Geoffrey Hodgson

Geoffrey Hodgson is a professor of economics at Hertfordshire Business School, University of Hertfordshire. He is the founder of WINIR (World Interdisciplinary Network on Institutional Research), one of the editors of the Journal of Institutional Economics (JOIE) and one of the key developers of Legal Institutionalism, which he laid out in detail in his 2015 book "Conceptualizing Capitalism".

He supports the ANEP approach and will clearly delineate the differences between Legal Institutionalism and the institutionalist mainstream, and demonstrate that the social sciences have severely neglected and underconceptualized the legal foundations of capitalism.

Johannes Schmidt

Johannes Schmidt is a professor of economics at the Hochschule - Technik und Wirtschaft in Karlsruhe, Germany. His special expertise is in monetary macroeconomics, with a special emphasis on the accounting-based mechanics of balances framework developed by Wolfgang Stützel (1925-1987) that offers a coherent micro-macro-integration.

Prof. Schmidt is one of the pioneers of introducing Stützel's work to the English speaking community and will present Stützel's explanation for business cycles and financial crises, based on mechanics of fixed balances and economic actors valuing/pricing property based on their plans and expectations, especially on expected future price developments.

Sverre Knutsen

Sverre Knutsen is professor in economic - and business history, currently affiliated with the Department of Law. Professor Knutsen has published extensively in the field of financial history, financial stability and crises, financial innovations and financing of innovations and entrepreneurial ventures. His research interests also include institutional theory and the methodology of economic history.