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Economic Policy From an Evolutionary Perspective: A New Approach

Gerhard Wegner

Journal of Institutional and Theoretical Economics (JITE), 1997, vol. 153, issue 3, 485-

Abstract: The article analyses Hayek's critical assessment of purposeful interventions into evolutionary markets. To check the correctness of Hayek's neglect of successful intervention into markets, the article focuses on the long-term devaluation of private opportunities ('creative destruction') as an overall feature of evolutionary markets. A general concept of interventionism is offered which refers to the economic power of the state within a market order. A theoretical framework is developed which encompasses four ideal-typical scenarios. The Hayekian critical view on interventionism is integrated as a special case, while the possibility of successful intervention also exists.

JEL-codes: P1 (search for similar items in EconPapers)
Date: 1997
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