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Economic Policy From an Evolutionary Perspective: A New Approach

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  • Gerhard Wegner

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.

Suggested Citation

  • Gerhard Wegner, 1997. "Economic Policy From an Evolutionary Perspective: A New Approach," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(3), pages 485-485, September.
  • 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. Gerhard Wegner, 1998. "Environmental (De-) Regulation, Competition, and Policy Rules," Constitutional Political Economy, Springer, vol. 9(3), pages 213-234, September.
    2. Ron Boschma, 2014. "Constructing Regional Advantage and Smart Specialisation: Comparison of Two European Policy Concepts," SCIENZE REGIONALI, FrancoAngeli Editore, vol. 2014(1), pages 51-68.
    3. Oliver Budzinski, 2003. "Cognitive Rules, Institutions, and Competition," Constitutional Political Economy, Springer, vol. 14(3), pages 213-233, September.
    4. Peter Schmidt, 2015. "Market failure vs. system failure as a rationale for economic policy? A critique from an evolutionary perspective," Papers on Economics and Evolution 2015-04, Philipps University Marburg, Department of Geography.
    5. 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.
    6. Fehl Ulrich, 2004. "Theorie und Empirie aus evolutionsökonomischer Sicht / Theory and Empirical Facts in the Perspective of Evolutionary," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 224(1-2), pages 1-16, February.
    7. Peter Schmidt, 2015. "Market vs. system failure as a rationale for EU regional policy? A critique from an evolutionary economic perspective," ERSA conference papers ersa15p842, European Regional Science Association.
    8. Budzinski, Oliver, 2002. "Ecological Tax Reform and Unemployment," Hannover Economic Papers (HEP) dp-251, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    9. Christoph Engel, 2007. "Institutions for Intuitive Man," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2007_12, Max Planck Institute for Research on Collective Goods.
    10. 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.
    11. 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.
    12. 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.
    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.
    14. Bleischwitz, Raimund, 2003. "Cognitive and institutional perspectives of eco-efficiency," Ecological Economics, Elsevier, vol. 46(3), pages 453-467, October.

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    JEL classification:

    • P1 - Economic Systems - - Capitalist Systems

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