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Die normative Ko-Evolution von Marktwirtschaft und Demokratie / Normative Co-Evolution of the Market System and of Democracy

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  • Weizsäcker Carl Christian von

Abstract

The central concept of Karl Popper´s idea of an Open Society is the one of “piecemeal engineering”. Using the model of homo oeconomicus economics has provided a coherent justification of piecemeal engineering by means of cost-benefit analysis in a partial equilibrium setting (Kaldor-Hicks-Scitovsky criterion). But preferences are not fixed. Can we then still find a coherent justification of Karl Popper´s piecemeal engineering? The answer is yes, if preferences are “adaptive”. But adaptivity of preferences implies a strong adherence to the status quo. For the generation of progress (for example, by legislation, by expanding infrastructure or by introducing a new product) society has to decentralize decision making, i.e. it has to rely on a market system and on freedom of speech and of research.

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  • Weizsäcker Carl Christian von, 2014. "Die normative Ko-Evolution von Marktwirtschaft und Demokratie / Normative Co-Evolution of the Market System and of Democracy," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 65(1), pages 13-44, January.
    • Handle: RePEc:bpj:ordojb:v:65:y:2014:i:1:p:13-44:n:4
    DOI: 10.1515/ordo-2014-0104
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