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Dresden University of TechnologyFaculty of Business Management and EconomicsDresden Discussion Paper Seriesin EconomicsDecelerationRevealed Preference in Society and Win-Win-Strategy forSustainable ManagementEDELTRAUD GÜNTHERMARCO LEHMANN-WAFFENSCHMIDTDresden Discussion Paper in Economics No. 05/07ISSN 0945-4829
Address of the author(s):Edeltraud GüntherTU DresdenDepartment of Business Administration and Economics, esp. Environmental ManagementMünchner Platz 3914201062 DresdenGermanye-mail : mailto:[email protected] Lehmann-WaffenschmidtTU DresdenDepartment of Business Administration and Economics, esp. Managerial EconomicsHelmholtzstraße 1001062 DresdenGermanye-mail : [email protected]:Faculty of Business Management and Economics, Department of EconomicsInternet:An electronic version of the paper may be downloaded from the cs/index.htmEnglish papers are also available from the SSRN website:http://www.ssrn.comWorking paper coordinator:Dominik Maltritze-mail: [email protected]
Dresden Discussion Paper in Economics No. 05/07DecelerationRevealed Preference in Society and Win-Win-Strategy for SustainableManagementEdeltraud GüntherTU DresdenDepartment of Business Administration and Economics01062 Dresdenmailto:[email protected] Lehmann-WaffenschmidtTU DresdenDepartment of Business Administration and Economics01062 l recently “deceleration” has been little recognized as a technical term or as an idea, but now it seems to be gettingmore attention. Despite time is a decisive factor for the productivity and competitive advantages of companies continualacceleration may well be counter-productive and lead to an "acceleration paradox" – more of it not always is better.Three levels of the emergence and spread of the acceleration phenomenon can be distinguished: the macroeconomic,the microeconomic, and the motivational and behavioural level, all of them bearing, however, the danger of an"acceleration trap". Despite possible damages of acceleration deceleration processes usually seem only to be accepted ifthey are win-win strategies, i.e., if they have a positive impact on ecological and human targets and foster companyinterests at the same time. The study provides three case studies where win-win situations are realized. Going one stepfurther, however, one can also find a preference for deceleration of agents if deceleration and economic goals areconflicting. How can the agents’ willingness to pay for deceleration in such trade-off situations be measured? We do afirst step in his direction with three experiments which were conducted at the Technical University of Dresden. In thefirst experimental setting the subjects are confronted with a trade-off between gaining a possibly higher financialreward by solving mental exercises more quickly and decelerating by taking refreshment brakes during the exercises atthe expense of a potentially lower reward. In the second and the third settings subjects are virtually offered anaccelerated and a decelerated alternative (more stress for higher income; more stress for faster technical progress ofpersonal computers). The empirical evidence of all three experiments are fully consistent with the expectation thatdeceleration has a positive value to the subjects.JEL-Classification: D01, D12, D24, C91, C99Keywords: Acceleration, deceleration, acceleration trap, win-win strategy, individual willingness to pay
1IntroductionUntil recently ‘deceleration’ has been little recognized as a technical term,or as an idea. However, it seems to be getting more attention now. Forexample, the German magazine STERN dedicated in 2005 a cover story todeceleration, in the Anglo-American world, the “Quiet Life Hypothesis” isgaining followers, the “Heidelberger Club für Wirtschaft und Kultur” (“Heidelberg Club of Economy and Culture”) dedicated its annual meeting in 1998to deceleration,1 and the competition for the German Study Award of theKörber Foundation in 2002 had the motto “Speed – the accelerated world.”2In Italy, you can even study “Slow Food”, and along German motorways youfind signs with the slogan “be relaxed – just discover.”3Without any doubt, time is a decisive factor for the productivity andcompetitive advantages of companies. Still, more speed by continual, oreven accelerated, acceleration may well be counter-productive and lead toan “acceleration paradox” – for example by product life cycles which are tooshort and therefore increase the share of R&D costs or by “Pyrrhus” victorieswhich lead to “the winner’s curse” instead of a stable market position. Thisacceleration paradox may show up in consumption, too. Consuming requirestime and therefore competitors not only fight for their share of the consumers’cost budget, but also for their share of the consumers’ time budget. It is this1Heidelberger Club für Kultur und Wirtschaft (ed.)(1999): Im Rausch derGeschwindigkeit, Springer Verlag. To be sure this title meaning “the rapture of speed”should be understood in a critical, not an affirmative manner.2“Tempo! – die beschleunigte Welt”, forschen – Das Magazin des deutschen Studienpreises, Heft 1, 2003.3Cf. also the report in “Die Zeit”, 28.12.2006, “Dossier: Auf der Suche nach derverlorenen Zeit”, S.13-15, and the webpage www.zeit.de/2007/01/zeit. In fall andwinter 2005/2006 the authors of the present contribution organized in cooperationwith the “TU-Umweltinitiative” of the Dresden University of Technology an interdisciplinary series of lectures (“Umwelt-Ringvorlesung”) on the subject: “Tempo!Tempo?– Beschleunigung und Entschleunigung im interdisziplinären Spannungsfeld“ (“Speed!Speed?- Acceleration and Deceleration in the interdisciplinaryarea”) (see: http://tu-dresden.de/die tu dresden/fakultaeten/fakultaet e/abgeP. This series of lectures followed a students’ seminar on the same subject in summer and fall 2005.The seminar papers can be found in: Guenther, E./ Lehmann-Waffenschmidt,M. (Hrsg.):Entschleunigung von Konsum- und Unternehmensprozessen, Dresdner Beiträge zur Lehre der Betrieblichen Umweltökonomie, 157450611775-7808/1157450611775-7808.pdf2
time budget which must be split up into productive, consumptive, and allother leisure activities, such as going for a walk or playing chess, which areneither productive nor consumptive in an economic sense. The wide range ofconsumption goods and the increase in consumed goods and services togetherwith the already mentioned shorter life cycles, e.g. of computers, cell phones,or electronic equipment, are perceived by the consumers more and more asacceleration and personal burden. Speed can threaten the “happiness” ofthe consumers, and so acceleration may become an “acceleration trap” forbusiness and society4 .The term “deceleration” seems to be adequate for describing the oppositeof acceleration. However, is there truly a preference for deceleration in thesociety, and can deceleration become a paradigm in business management?These questions give the impulse for the research presented here by askingfour questions: What are the reasons for acceleration in business and society?What have been the consequences of acceleration so far? Can decelerationcontribute to sustainable management? Is there a preference for decelerationin society, and how can it be measured?2Reasons for and Development of Acceleration in Business and SocietyIn this Section we will describe three levels of the emergence and spread ofthe acceleration phenomenon: on the macroeconomic, the microeconomic,and the motivational and behavioural levels.2.1The Macroeconomic LevelFrom the macroeconomic perspective acceleration is familiar: Economicgrowth, reflected in a constant rate of growth and the resulting exponential growth curve, expresses acceleration. While modern economic systemsaim for growth, they equally aim for acceleration. The reasons for growthand acceleration, which have been discussed for years now, are multiple. Therange of reasons reaches from the institutional conditions of economics, such4Traps and treadmills jeopardising the happiness of modern mankind in developedcountries are analysed by M. Binswanger: “Die Tretmühlen des Glücks”, Herder Verlag,Freiburg 2006.3
as the compound interest and employment problems due to technologicallycaused productivity growth, to psychological aspects of an elementary needof modern human beings to be equal to God5 .Yet, do economies really grow exponentially? Analyzing the real development since World War II, for all developed countries – some exceptionsomitted – no exponential growth of the aggregated economic performancebut rather a linear trend can be shown. However, at least partially the moneysupply grew exponentially due to compound interest. The dynamics causedby this misalliance can lead to a misbalance for the developed countries whichmay even threaten their wealth. Still, beside this inherent explosive force ofour economic system based on endogenously produced credit money, thereis another threat from exponential and also linear economic growth – theoveruse of natural resources. Section 3.1 will describe these threats in moredetails.2.2The Microeconomic Level of the CompanyFrom a company’s perspective, the reasons for acceleration can be identified if the question, who determines the handling of time in companies, isdetermined. Therefore three sources can be identified: The consumers andthe environment as stakeholders in the handling of time, and the companiesthemselves through being affected by these stakes and by reacting to themone way or another.The consumers set “point-of-time requirements” by requiring delivery at aspecific target moment. This may be expressed by the characteristics timeliness (delivery at a fixed point of time, e.g. just in time), recentness (regardingexisting conditions, such as legislation), and novelty (respecting new developments, such as the use of / emergence of renewable energies). Recentness andnovelty may be in rivalry, as existing legislation may block new technologies,e.g. “genetic engineering”. Moreover, the consumers set “period-of-time” requirements by requiring delivery within a certain time frame. Reasons maybe expected time savings (e.g. maintenance within 24 hours), or flexibility(e.g. independence of office hours by internet banking).5Cf. e.g. Lehmann-Waffenschmidt’s contributions “Geld, Wirtschaftswachstum undGlück”, in: “Wege in den Postkapitalismus”, Hrsg. K. Woltron, H. Knoflacher, A. RosikKölbl, S. 144 - 184, edition selene, 2004, and “Vision und Kritik der modernen Wirtschaftin Goethes ‘Faust”’, in: “Faust-Jahrbuch”, Band I, Hrsg. B. Mahl, T. Loerke, FranckeVerlag, S. 69 - 112, 2005.4
The environment sets restrictions in three ways, which may reduce thechoice set for companies:1. the rate of reproduction (defined as 1 / time period of a completerenewal of resources in years) as a measure for the supply function ofthe environment with renewable and non-renewable resources,2. the rate of decomposition (defined as 1 / time period of a complete decomposition of emissions; half times describe the rate of decompositionfor exponential decomposition processes) as a measure of the carrierfunction of environment for conducts, i.e. non-desired output, such as“sewage”, waste, and polluted air,3. the rate of regeneration (defined as 1 / time period of a reconstitutionto the original state) as a measure for the regulation function of theenvironment which interlinks the supply and the carrier function.Embedded in these requirements of the consumers and the environment,the companies have to find the proper measure of time, that is, they haveto optimize their time target. So far, however, the answer has usually beento increase the speed of their processes, because acceleration allowed timedependent demands (timeliness, recentness, novelty, time savings, and flexibility) to be satisfied, thus creating competitive advantages ending in pricepremiums. As market cycles are restricted, the first supplier on a market (pioneer) can completely capture the market, whereas the follower, whose R&Dtime is longer, can only capture a reduced market volume, thus having tomake profit sacrifices. Moreover, time strategies open up potentials for costreduction.6 For example, throughput times can be shortened by a change inproduction and stock, thereby reducing the capital employed.2.3The Level of Human MotivationIt is part of economic thinking to ask for the deeper motivation of consumersfor acceleration, even if this question requires knowledge of other disciplines,such as psychology, or anthropology. Before consumption becomes a burdenfor people, there seems to be a long period, which our society has not yet6Baum H.-G., Coenenberg A.G. und Günther T. (1999): Strategisches Controlling. 2.Aufl., Stuttgart: 154–161.5
passed, where acceleration in consumption is perceived positively.7 Leaving aside that perception is intentionally influenced by the mass media, thequestion remains: Where does the consumers’ motivation and willingness foraccelerated consumption come from?Modern research answers this question with psychological arguments. So,G. Scherhorn sees, like E. Fromm (“Haben oder Sein” — “To Have, or to Be”)or H.E. Richter (“Der Gotteskomplex” — “The God Complex”), an elementary need of modern human beings to become like God (“Entgrenzungs- undGottgleichheitsbedürfnis” — Desire for Delimitation and Equality with God)by overcoming the essential human limits. This can be the hidden engine forthe modern Consumers’ behavior. Simply stated: The fear of loss (e.g. lossof security in religious or feudal societies or mortality) is overcompensatedby human activities which realize the similarity, or even equality with god aspromised in the Old Testament and other early Jewish and Christian texts.Consumption is a platform for realizing this “salvation”, as permanently accelerated consumption gives the illusion of infinite determination by humanswho perceive themselves as the creators of their own world8 .3The Consequences of AccelerationIn Section 2 the reasons and the development of acceleration in business andsociety were presented, and some of the consequences were already shown.These will be elaborated in more details in this Chapter.3.1The Macroeconomic Growth-Related Illusion of Acceleration: The Acceleration TrapIn the late 1990s there was much discussion between Herman Daly and othercritics of growth on the one side, and the Nobel prize winner Robert Solowand other advocates of growth on the other. Neoclassical theory shows aremarkable, substantial contradiction in the heart of its theory: Neoclassicaltheory is based on self-restriction by negative feedback and by the definitionof optima and balances — for the theory of growth, however, neither one7cf. e.g. Gross P. (1998): Die Multioptionsgesellschaft. Frankfurt: Suhrkamp Verlag.See e.g. Lehmann-Waffenschmidt ”Geld, Wirtschaftswachstum und Glück. Das Psychogramm unserer Zeit in Goethes ‘Faust”’, in: “Geld regiert die Welt”, A. Karmann, J.Klose (Hrsg.), S. 285 - 308, Metropolis Verlag, 2006.86
is true. Instead of an optimum or a balance of the analyzed variables inabsolute terms, the theory of growth defines optimal rates of growth andhence postulates an exponential, infinite growth of the considered variablesin absolute terms. However, at the same point the potential infinite growthof physical economic variables meets the limits of the physical resources.Therefore, the belief in growth must be an illusion, unless technical progressand the dematerialization of consumption and production allow an infinite,sustainable economic growth based in value, not in physical terms.This is the focus of the recent discussion of “weak” vs. “strong” sustainability between the critics and the advocates of growth. Can the speedof linear growth – or even an accelerated speed of exponential growth – bemaintained sustainably without endangering the natural resources in a waythat economic artifacts, such capital goods, consumption possibilities, andinstitutions can no longer regenerate them? Or does the belief in economicgrowth inducing a limitless wealth increase become a growth illusion andtrap?3.2The Microeconomic Company-Related Illusion ofAcceleration: The Productivity TrapEven if only economic aspects are taken into consideration, phenomena suchas the acceleration trap, show that it may be senseless to accelerate processeslimitlessly i.e. that there are limits of acceleration.9The starting point for this mechanism are the framework conditions whichcan be characterized by a dynamic development – related to competition –and by individualization – related to the customers. The consumers ask forproducts which are adopted individually to their existing, or created needs.The companies try to avoid price and cost competition by differentiatingtheir product range. This leads to a fragmentation of markets. For a firm todistinguish itself from its competitors, it is necessary to create many differentrelative competitive advantages. Therefore, extensive investments in researchand development are necessary. Hence, the budgets have to increase annually.Consequently, the development periods decrease, so that the company canenter the market with more products in a shorter period of time. This alsomeans that the existing products become obsolete faster, i.e. they have9Cf. von Braun C.-F. (1991a): Die Beschleunigungsfalle. In: Zeitschrift für Planung,2. Jg., 1991, Heft 1: 58ff.7
Necessity of generationof relative competitiveadvantagesFragmentationof marketsInvestment in R&DFramework conditions:- Dynamics- IndividualizationMore dynamic by increasingproduct R&D-budgetsGrowing R&D budgetsAmortizationdifficultShorter development periodsShorter marketcyclesMore products fasterthan competitorFaster obsolescenceof productsFigure 1: Mechanism of the acceleration trapto become outdated to create demand for the new products. Overall, themarket cycles become shorter, and amortization becomes more difficult. Ifthe reaction is to increase the R&D budget to become even faster, the circle isrepeated and a dynamic, self-enforcing process is started. If there is only oneacceleration, a bigger portion of the market volume can be captured (“flashin the pan”). If there is a continuous acceleration, the sales decrease dueto the shorter market cycles. This effect is called an “acceleration-resistantsales-slide”10 by Backhaus. Empirically, von Braun shows this accelerationtrap for American companies11 .From the ecological point of view the acceleration of processes showsconsequences if time measures are not respected, as nature sets restrictions.These consequences refer to the already mentioned functions of the environment, the supply function (“the source runs dry”), the carrier function (“thevalley is filled”), and the regeneration function (“the channel is blocked”).They can be analyzed with respect to two types of scarcity: the scarcity ofrate and the scarcity of accumulation. The scarcity of rate asks for a critical rate of extraction (e.g. for renewable resources), of carrying capacity(e.g. of air), or of regeneration (e.g. water). The environment can toleratea critical rate where self-organized natural detrementation works (e.g. a certain amount of emissions); if this rate is exceeded, long-term damages of the10Backhaus K. und Bonus H. (eds.)(1997): Die Beschleunigungsfalle oder der Triumphder Schildkröte. 2., erweiterte Aufl. Stuttgart.11cf. von Braun C.-F. (1991b): Die Beschleunigungsfalle in der Praxis. In: Zeitschriftfür Planung, 2. Jg., Heft 3: 267ff.8
ecosystem may result. The scarcity of accumulation analyzes a resource ora carrier which is exhausted after a finite number of uses (e.g. fossils, or alandfill).Social consequences, time pressure, and decreased job enrichment due tomonotonous work processes should also be evaluated. Even business knowsthe wisdom “More haste, less speed.” The time span needed to get decisiontools into use on a standardized level is much longer than assumed. It took30 years for the net present value conception to be adopted by the majorityof the companies.12 This process of incubation is necessary, especially forcomplex facts.The acceleration trap as an expression of economic consequences hasbeen partially perceived by companies. However, ecological and social consequences are not yet fully recognized.4Sustainable Management Instead of Acceleration: Deceleration as a Win-Win Strategy of CompaniesIn this Section we will show which strategies may be applied to realize deceleration in companies. Deceleration processes will only be accepted if theyare win-win strategies, that means, if they have a positive impact on ecological targets and foster company interests at the same time. This is thecrucial point, as companies often do not know all their interests, especiallyif long-term interests are taken into consideration.First of all, we want to define “deceleration in production”: Decelerationin production is the intended retardation of processes on all levels of thevalue chain which leads to slower material, energy, and information flows.Von Braun uses the image of a water tube for the relationship of process andspeed, i.e. its direction, its speed, and its volume.13 This picture helps toexplain the three determinants of the deceleration of processes:Direction: In which direction does the material flow go, i.e. are resourcesused or generated?12Weber J. (2002): Betriebswirtschaftliche Instrumente – Segen oder Fluch? In: Kostenrechnungspraxis, 46. Jg., Heft 6: 339–340.13cf. von Braun C.-F. (1991a): Die Beschleunigungsfalle. In: Zeitschrift für Planung, 2.Jg., Heft 1: 51–70.9
Speed: How often is there a material flow per unit of time, i.e. how fast arethe resources used or generated?Volume: How big is the material flow, i.e. how many resources are used orgenerated per process?Deceleration can be implemented by the consumers, or the company itself. Consumption can be changed by conservatism, leapfrogging, or timeinvestments:Conservatism is characterized by preferences for goods which can be usedfor a longer period of time. It is a consequence of experienced negative effectsof progress and acceleration. For example, the porcelain company in Meissennearby Dresden follows a strategy to preserve tried and tested forms and holdsa stock of forms dating back to the 18th century.Shorter innovation and product life cycles combined with price decreases,such as in information technology, may result in slapping one or more technology steps (leapfrogging). The consumers decide against the new technologyavailable on the market and focus on future developments (for example slapping one release of a software product). This behavior is influenced by thedegree of diffusion and maturity of the new technology and by consumer expectations about upcoming technologies. Leapfrogging is restricted by thefact that capacity and efficiency of the existing technology influence the newtechnology. Leapfrogging is an alternative if the time span for the adaptation of the system (training etc.) is greater than the time span for theintroduction of the new technology.A third strategy for deceleration by consumers is time investment. Timeinvestments mean to abstain from possible time savings. Deceleration is thedifference between the time expenses for a time saving alternative (e.g. fastfood) and a time consuming alternative (e.g. candle light dinner). Sufficiencyis a prerequisite for this strategy and turns upside down the so far acceptedlogic “The faster the better”. Other examples can be found in tourism.Companies can apply two strategies: deceleration trusts and eclecticism:Deceleration trusts aim at a common deceleration of all competitors of amarket. Longer life cycles or innovation cycles are agreed upon. This selfrestriction, e.g. in Japanese chip production, is a reaction to threateningefficiency losses and long amortization periods for newly developed products.Eclecticism – often with a negative connotation – stands for the development of new products out of old ideas. Combined with deceleration, eclecticism stands for the creation of new products and services out of existing10
Society viewConsumer viewProducer viewDevelopmentPrinciple ofmaximalinnovationProductionUsePrinciple ofuse intensityPrinciple ofoptimal supplyperformanceDisposalPrinciple ofminimal use ofenvironmentalfunctionsPrinciple of sustainable developmentDevelopment timeDelivery timeUseful lifeReproduction rateDecomposition rateRegeneration rateFigure 2: Principles of time target optimizationcomponents, that are refined, improved and adapted to individual needs.This enables the so far “not fully used” characteristics of existing productsand services to be used, and totally new developments become obsolete. Thiscan be combined with conservatism and ends up in an increase in flexibility.Differentiation is the strategy applied here.Concluding, time target optimization can be structured as follows: Theperiod of development must follow the target of a maximal innovation ability. For the production, the principle of optimal supply performance canbe applied. To meet the functions optimally for the use phase, a maximaluse intensity must be reached. Last but not least, disposal has to take intoconsideration with regard to the function of the environment.5Is there a preference for deceleration? Measuring the willingness to pay for deceleration1414The authors gratefully acknowledge financial support by the “Förderverein derFakultät Wirtschaftswissenschaften der Technischen Universität Dresden” and thankYvonne Gerschwitz for support in the realization of the experiments and the preparation of the diagrams.11
In the previous four sections of this paper different theoretical arguments andempirical material on the issue of deceleration, mainly from the producers’sphere, have been presented. The question of whether there is also a general preference for deceleration in the population, and if so, how it can bemeasured exactly, is yet to be answered. There are several approaches whichcan be used to analyze this question, for instance, demoscopic studies byquestionnaires, or econometric studies using statistical data. The procedureused in this study is to measure the preference for deceleration by the agents’willingness to pay for deceleration in laboratory experimental settings.We designed three experimental settings which we have conducted as classroom experiments with students from an advanced course on environmentalmanagement at the Technical University of Dresden during the winter term2003/2004. The first design “Mental Exercises” tests the willingness topay for deceleration in a competitive environment where participants couldwin money by successfully solving a series of mental exercises under timepressure. The individual pay-off of each participant depended on both his orher individual score rank and speed rank. After each one of the six mentalexercises every participant could individually decide to continue immediately,or take a break with free refreshments, snacks, and soft drinks offered by theexperimentator team. The second and third experiment “Life Cyclesof Personal Computers” and “More Stress for Higher Income” weredesigned as questionnaires. The participants had to imagine a virtual decisionsituation which was characterized by a trade-off between deceleration, on theone hand, and income, or technological progress and comfort, on the otherhand. Of course, we did not communicate the names of our experiments tothe participants before or during the experiments.We will proceed now in the following way. For each one of the mentioned three experimental settings the respective experimental design is firstdescribed in greater details (subsection 1), then the empirical findings of theexperimental runs are reported. We will present the data as well as quantitative evaluations of the data (subsection 2), and finally we will commenton the experimental evidence (subsection 3). In a résumé we will finallysummarize the conclusions from our experiments.12
5.15.1.1Experiment 1 “Mental Exercises”DesignThe participants got the following Instructions:“We will now give you a sequence of six mental exercises – oneafter the other – each of which yields a certain number of scoreswhich are written on the sheet. After each exercise you can chooseto continue immediately with the next one, or to take a refreshment break during which we will offer you coffee, tea, cold softdrinks, and snacks for free. After finishing your exercises we willoffer you no more refreshments.Your final pay-off will depend on both the scores you will receiveand your speed rank as follows:Score rank pay-off:1–3: ¿4; 4–6: ¿3; 7–9: ¿2; 10–12: ¿1.Speed rank pay-off:1–3: ¿2; 4–6: ¿1,50; 7–9: ¿1; 10–12: ¿0,50.Your total pay-off will be calculated as the sum of the pay-offsfrom your score rank and your speed rank. Thus, your maximumpossible individual total pay-off is ¿6, the minimal is ¿0.”5.1.2Empirical Findings and ResultsThe experiment was conducted in March 2004 with 21 students from anadvanced course on environmental management at the Technical Universityof Dresden. A pilot experiment with 23 students of an advanced courseon experimental economics at the Technical University of Dresden had beenconducted in December 2003 with a slightly different design (cartoons insteadof refreshments during breaks, higher possible maximum pay-offs, differentpay-off tables) and had shown qualitatively similar evidence (cf. Table 4 andFig. 6 below). We took care not to mention the issue of deceleration duringthe course work in the weeks before our experiments.In the following analysis we will
acceleration and personal burden. Speed can threaten the "happiness" of the consumers, and so acceleration may become an "acceleration trap" for . K olbl, S. 144 - 184, edition selene, 2004, and "Vision und Kritik der modernen Wirtschaft in Goethes 'Faust"', in: "Faust-Jahrbuch", Band I, Hrsg. B. Mahl, T. Loerke, Francke
