|Mause I 377
Regulatory Economics/coordination/Economic Theories: competitive markets as a decentralised coordination mechanism have a number of social advantages: they increase welfare (equipping the economy with scarce goods) through efficient allocation (distribution of production factors among suppliers), the creation of incentives for innovation (dynamic efficiency), the promotion of consumer sovereignty (adaptation of goods production to the preferences of consumers) and adaptive efficiency (adaptability of the economy to exogenous shocks and crises).
Moreover, economic freedom and competitive markets are interdependent (Röpke 1949; Eucken 1952).
See also Regulatory Economics/Hayek, See Regulatory Economics/Political Theory.
1. Röpke, Wilhelm. 1949. Civitas humana – Grundfragen der Gesellschafts- und Wirtschaftsreform, 3. ed. Erlenbach/ Zürich: Rentsch.
2. Eucken, Walter, Grundsätze der Wirtschaftspolitik. Tübingen 1952._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018