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
References: Add references at CitEc
Citations: View citations in EconPapers (22)

Downloads: (external link)
http://www.ingentaconnect.com/content/mohr/jite/1997/00000153/00000003/art00003 (text/html)
Fulltext access is included for subscribers to the printed version.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mhr:jinste:urn:sici:0932-4569(199709)153:3_485:epfaep_2.0.tx_2-a

Ordering information: This journal article can be ordered from
Mohr Siebeck GmbH & Co. KG, P.O.Box 2040, 72010 Tübingen, Germany

Access Statistics for this article

Journal of Institutional and Theoretical Economics (JITE) is currently edited by Gerd Mühlheußer and Bayer, Ralph-C

More articles in Journal of Institutional and Theoretical Economics (JITE) from Mohr Siebeck, Tübingen
Bibliographic data for series maintained by Thomas Wolpert ().