SIR ALAN PEACOCK is Executive Director of the David Hume Institute, Edinburgh, and Research Professor in Public Finance at the Esmée Fairbairn Research Centre, Heriot-Watt University. He has held senior academic appointments at the London School of Economics and at the Universities of Edinburgh, York and Buckingham. He was the first Vice-Chancellor of the privately-funded University of Buckingham. He has written extensively in academic journals, periodicals and volumes of essays on the economics of public policy. In addition to his academic career, Sir Alan has been Chief Economic Adviser to the Department of Trade and Industry and has acted as consultant to several international bodies. He served in the United Kingdom on the Royal Commission on the Constitution and, more recently, was Chairman of the Committee on Financing the British Broadcasting Corporation. In 1979 he was elected a Fellow of the British Academy. He was knighted in 1987.HANS WILLGERODT is Professor of Economics and co-Director of the Institute for Economic Policy at the University of Cologne, where he taught since 1963. He studied economics at the University of Bonn and became a Reader in Economics there in 1961. He is co-editor (and formerly managing director) of the Ordo yearbook, as well as being co-editor of the Journal of Economic Policy and other publications of the Institute for Economic Policy. Professor Willgerodt has written on problems of the labour market, wealth andits distribution, trade policy, European monetary integration and many other topics. He was a member, until 1969, of the commission of experts appointed by the Federal Government in the Federal Republic of Germany to investigate the country's experience with co-determination. He is a member of the Mont Pelerin Society and also of the Kronenberger Kreis, a group of economists and lawyers who publish suggestions for reform of the West German economy.

SIR ALAN PEACOCK is Executive Director of the David Hume Institute, Edinburgh, and Research Professor in Public Finance at the Esmée Fairbairn Research Centre, Heriot-Watt University. He has held senior academic appointments at the London School of Economics and at the Universities of Edinburgh, York and Buckingham. He was the first Vice-Chancellor of the privately-funded University of Buckingham. He has written extensively in academic journals, periodicals and volumes of essays on the economics of public policy. In addition to his academic career, Sir Alan has been Chief Economic Adviser to the Department of Trade and Industry and has acted as consultant to several international bodies. He served in the United Kingdom on the Royal Commission on the Constitution and, more recently, was Chairman of the Committee on Financing the British Broadcasting Corporation. In 1979 he was elected a Fellow of the British Academy. He was knighted in 1987.HANS WILLGERODT is Professor of Economics and co-Director of the Institute for Economic Policy at the University of Cologne, where he taught since 1963. He studied economics at the University of Bonn and became a Reader in Economics there in 1961. He is co-editor (and formerly managing director) of the Ordo yearbook, as well as being co-editor of the Journal of Economic Policy and other publications of the Institute for Economic Policy. Professor Willgerodt has written on problems of the labour market, wealth andits distribution, trade policy, European monetary integration and many other topics. He was a member, until 1969, of the commission of experts appointed by the Federal Government in the Federal Republic of Germany to investigate the country's experience with co-determination. He is a member of the Mont Pelerin Society and also of the Kronenberger Kreis, a group of economists and lawyers who publish suggestions for reform of the West German economy.

SIR ALAN PEACOCK is Executive Director of the David Hume Institute, Edinburgh, and Research Professor in Public Finance at the Esmée Fairbairn Research Centre, Heriot-Watt University. He has held senior academic appointments at the London School of Economics and at the Universities of Edinburgh, York and Buckingham. He was the first Vice-Chancellor of the privately-funded University of Buckingham. He has written extensively in academic journals, periodicals and volumes of essays on the economics of public policy. In addition to his academic career, Sir Alan has been Chief Economic Adviser to the Department of Trade and Industry and has acted as consultant to several international bodies. He served in the United Kingdom on the Royal Commission on the Constitution and, more recently, was Chairman of the Committee on Financing the British Broadcasting Corporation. In 1979 he was elected a Fellow of the British Academy. He was knighted in 1987.HANS WILLGERODT is Professor of Economics and co-Director of the Institute for Economic Policy at the University of Cologne, where he taught since 1963. He studied economics at the University of Bonn and became a Reader in Economics there in 1961. He is co-editor (and formerly managing director) of the Ordo yearbook, as well as being co-editor of the Journal of Economic Policy and other publications of the Institute for Economic Policy. Professor Willgerodt has written on problems of the labour market, wealth andits distribution, trade policy, European monetary integration and many other topics. He was a member, until 1969, of the commission of experts appointed by the Federal Government in the Federal Republic of Germany to investigate the country's experience with co-determination. He is a member of the Mont Pelerin Society and also of the Kronenberger Kreis, a group of economists and lawyers who publish suggestions for reform of the West German economy.