 Walter Eucken`s principles of economic policy todayUlrich van Suntum, Tobias Böhm, Jens Oelgemöller and Cordelius Ilgmann No 49, CAWM Discussion Papers from University of Münster, Münster Center for Economic Policy (MEP) Abstract: Walter Eucken was the head of the Freiburg school of economics, a circle of German ordoliberal scholars of the interwar period, whose thoughts were highly influential in the immediate post war period. Being disillusioned by what he called the age of experiments- the failure of both classical liberalism and socialism - he formulated eleven principles for what he called a market economy, in which competition would not only limit the extent of private economic power, but also lead to an efficient allocation of resources and hence to economic prosperity. Although the principles never received much international attention, in light of recent economic research on both institutions and welfare economics, the essence of Eucken's work appears to be very modern indeed. This paper highlights these parallels and proposes a reformulation of Eucken's principles against the background of modern economic theory. We thus attempt to make a contribution to the current debate on the efficient design of those institutions that shape economic activity. Date: 2011 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:zbw:cawmdp:49 Access Statistics for this paper More papers in CAWM Discussion Papers from University of Münster, Münster Center for Economic Policy (MEP) Contact information at EDIRC. |
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