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This paper shows how such a many-particle approach can be used to compute the laser gain, absorption, photoluminescence as well as the radiative and Auger recombination processes. The predictive power of this modelling is demonstrated by detailed comparisons to quantitative experiments. In particular, so-called VECSEL (vertical external cavity surface emitting laser) systems are analyzed. It is shown that systematic design studies allow for device optimization for a wide variety of different application conditions, such as high output power, emission at a particular wavelength, or low threshold. Based on the microscopic quantum design, VECSEL structures have been grown and tested experimentally. Examples of these results are shown and it is discussed how such structure can be used as emitters in the THz regime of the electromagnetic spectrum.