Prof. Dr. Thomas Pfahler studied Business Administration and Economics at the University of Bayreuth and completed his studies in 1990 as Diplom-Kaufmann and Diplom-Volkswirt. Until his doctorate in economics, he worked as a research assistant at the Department of Economics II of the University of Bayreuth, where he also obtained his habilitation in 1999.After his appointment as a private lecturer in the same year, he followed in 2004 the reputation of the University of Applied Sciences in Hamburg. There he teaches until today public finance and economics and researches in the field of institutional and educational economics and human capital theory. In addition, he is Deputy Chairman of the Audit Committee and a member of the Research Committee of the Faculty of Business and Social Affairs. Prof. Dr. Pfahler published numerous monographs as well as essays in economics journals.