The theoretical consistency and practical applicability of traditional welfare economics has long been subject to controversy. More recently the challenge has been added from evolutionary approaches that the individual preferences on which the welfare calculus is based are themselves subject to...

The university of Freiburg is known as home of the ordo-liberal Freiburg School (Vanberg 1998), a research tradition that was founded in the 1930s by a group of economists and jurists who shared the conviction that a properly functioning market order needs to be framed by appropriate rules, that...

[Conclusion] Hayek has been rightly praised for his most important role in the modern revival of classical liberalism. I want to submit, though, that a truly 'modern' liberalism must fill a void in the classical liberal tradition that Hayek only started to address, namely to complement the...