<abstract xmlns="http://www.w3.org/1999/xhtml"><p>The scientific aim of the paper is to juxtapose the views on economic order developed by the leading representatives of two schools of liberal thinking – German ordoliberal Walter Eucken and the Austrian economist Friedrich August von Hayek. The first scholar opted for deliberately constructed competitive economic order, the second one advocates for allowing the social institutions to emerge and evolve spontaneously. The analysis proves the similarity of both theories in regard to the significance of principles of an economic order and the importance of competition for maintaining individual freedom. On the other hand some differences in the areas of sources of rules, institutional change, and the role of the state, induce their complementarity. Developing an intellectual basis for economic policy requires an eclectic approach combining two analysed perspectives.</p></abstract>

The scientific aim of the paper is to juxtapose the views on economic order developed by the leading representatives of two schools of liberal thinking – German ordoliberal Walter Eucken and the Austrian economist Friedrich August von Hayek. The first scholar opted for deliberately constructed competitive economic order, the second one advocates for allowing the social institutions to emerge and evolve spontaneously. The analysis proves the similarity of both theories in regard to the significance of principles of an economic order and the importance of competition for maintaining individual freedom. On the other hand some differences in the areas of sources of rules, institutional change, and the role of the state, induce their complementarity. Developing an intellectual basis for economic policy requires an eclectic approach combining two analysed perspectives.

The Austrian School of Economics and Ordoliberalism – Socio-Economic Order

https://orcid.org/0000–0002–6467–4747

https://orcid.org/0000–0003–1197–8744

https://orcid.org/0000–0003–4390–9882

The University of Finance and Management (WSFiZ) in Bialystok

Studies in Logic, Grammar and Rhetoric

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

{"article-title":"The Austrian School of Economics and Ordoliberalism \u2013 Socio-Economic Order"}

The scientific aim of the paper is to juxtapose the views on economic order developed by the leading representatives of two schools of liberal thinking –...

The Austrian School of Economics and Ordoliberalism – Socio-Economic Order

Published Online: Jul 20, 2019

Page range: 105 - 121

DOI: https://doi.org/10.2478/slgr-2019-0007

Keywords
Ordoliberalism, Austrian school of economics, economic order, spontaneous order, constructed order

© 2019 Anna Jurczuk et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

The Austrian School of Economics and Ordoliberalism – Socio-Economic Order

Published Online: Jul 20, 2019

Page range: 105 - 121

DOI: https://doi.org/10.2478/slgr-2019-0007

KeywordsOrdoliberalism, Austrian school of economics, economic order, spontaneous order, constructed order

© 2019 Anna Jurczuk et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
Ordoliberalism, Austrian school of economics, economic order, spontaneous order, constructed order