Walter Eucken's Idea of the Ordoliberal Economic Policy
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Walter Eucken asserted that Adam Smith's invisible hand should necessarily be supported by the economic policy aiming at the creation of competitive order in the economy. This article presents the theoretical foundations of the ordoliberal concept of such a policy. The said concept stresses, at the same time, the requirement that individuals enjoy life freedoms in concordance with the principles of ethical behaviour. Eucken's approach towards the contents and tasks of economic policy addresses all its important aspects: 1) main objectives for the economy, 2) the role of the state, 3) the existence of superior societal values, 4) principles by which competitive economic order is introduced into the system's operation, 5) methods and instruments of economic policies and, 6) the functions of economic agents. The analysed concept provides for the intellectual premises which might help to neutralize the weaknesses of economic policy observed in many countries, inclusive of member countries of the EU.
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