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Economic Policy From an Evolutionary Perspective: A New Approach

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  • Gerhard Wegner
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    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.

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    Bibliographic Info

    Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

    Volume (Year): 153 (1997)
    Issue (Month): 3 (September)
    Pages: 485-

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    Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199709)153:3_485:epfaep_2.0.tx_2-a

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    Cited by:
    1. Ron Boschma, 2013. "Constructing Regional Advantage and Smart Specialization: Comparison of Two European Policy Concepts," Papers in Evolutionary Economic Geography (PEEG) 1322, Utrecht University, Section of Economic Geography, revised Nov 2013.
    2. Christoph Engel, 2007. "Institutions for Intuitive Man," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2007_12, Max Planck Institute for Research on Collective Goods.
    3. Christian Schubert, 2012. "Is novelty always a good thing? Towards an evolutionary welfare economics," Journal of Evolutionary Economics, Springer, vol. 22(3), pages 585-619, July.
    4. Christian Schubert, 2009. "Is Novelty always a good thing? Towards an Evolutionary Welfare Economics," Papers on Economics and Evolution 2009-03, Philipps University Marburg, Department of Geography.
    5. Ulrich Fehl, 2004. "Theorie und Empirie aus evolutionsökonomischer Sicht Theory and Empirical Facts in the Perspective of Evolutionary Economics," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 224(1-2), pages 1-16, February.
    6. Bleischwitz, Raimund, 2003. "Governance of sustainable development: Towards synergies between corporate and political governance strategies," Wuppertal Papers 132, Wuppertal Institute for Climate, Environment and Energy.
    7. Bleischwitz, Raimund, 2003. "Cognitive and institutional perspectives of eco-efficiency," Ecological Economics, Elsevier, vol. 46(3), pages 453-467, October.
    8. Nill, Jan & Kemp, Ren, 2009. "Evolutionary approaches for sustainable innovation policies: From niche to paradigm?," Research Policy, Elsevier, vol. 38(4), pages 668-680, May.
    9. Gerhard Wegner, 1998. "Environmental (De-) Regulation, Competition, and Policy Rules," Constitutional Political Economy, Springer, vol. 9(3), pages 213-234, September.
    10. Budzinski, Oliver, 2002. "Ecological Tax Reform and Unemployment," Hannover Economic Papers (HEP) dp-251, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    11. Bleischwitz, Raimund, 2002. "Cognitive and institutional perspectives of eco effiency: A new research landscape towards factor four (or more)," Wuppertal Papers 123, Wuppertal Institute for Climate, Environment and Energy.
    12. Oliver Budzinski, 2003. "Cognitive Rules, Institutions, and Competition," Constitutional Political Economy, Springer, vol. 14(3), pages 213-233, September.
    13. Franziska Weber, 2013. "European integration assessed in the light of the ‘rules vs. standards debate’," European Journal of Law and Economics, Springer, vol. 35(2), pages 187-210, April.

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