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Walter Eucken`s Principles of Economic Policy Today

Author

Listed:
  • Ulrich van Suntum
  • Jens Oelgemöller
  • Cordelius Ilgmann
  • Tobias Böhm

Abstract

Walter Eucken was the head of the Freiburg school of economics, a circle of German ordoliberal scholars of the interwar period, whose thoughts were highly influential in the immediate post war period. Being disillusioned by what he called the “age of experiments”- the failure of both classical liberalism and socialism - he formulated eleven principles for what he called a market economy, in which competition would not only limit the extent of private economic power, but also lead to an efficient allocation of resources and hence to economic prosperity. Although the principles never received much international attention, in the light of recent economic research on both institutions and welfare economics the thrust of Eucken’s work appears to be very modern indeed. This paper highlights these parallels and proposes a reformulation of Eucken`s principles in the light of modern economic theory. We thus attempt to make a contribution to the current debate on the efficient design of those institutions that shape economic activity.

Suggested Citation

  • Ulrich van Suntum & Jens Oelgemöller & Cordelius Ilgmann & Tobias Böhm, "undated". "Walter Eucken`s Principles of Economic Policy Today," Working Papers 201175, Institute of Spatial and Housing Economics, Munster Universitary.
  • Handle: RePEc:muc:wpaper:201175
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    File URL: http://www.wiwi.uni-muenster.de/cawm/forschen/Download/Diskbeitraege/DP-49_Euckens-Principles-of-Economic-Policy-Today.pdf
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    References listed on IDEAS

    as
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    More about this item

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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