Walter Eucken: Social Economist
Abstract
Eucken′s paradigm of a “social market economy” provides a framework for a functional free‐market mechanism, which not only accommodates development and change, but which also assures human dignity and freedom. Eucken places special emphasis on the integration of economics with “order” and “justice”. He holds that an unconstrained laissez‐faire economy does not assure a competitive economy but that it will degenerate into monopolistic practices. Eucken formulates his “structural” and “regulating” principles to facilitate a functionally competitive economy with a compatible social policy, to assure greater efficiency and to reduce poverty.
Keywords
Citation
Karsten, S.G. (1992), "Walter Eucken: Social Economist", International Journal of Social Economics, Vol. 19 No. 10/11/12, pp. 111-125. https://doi.org/10.1108/EUM0000000000507
Publisher
:MCB UP Ltd
Copyright © 1992, MCB UP Limited