According to the traditional ordo-liberal view of the Freiburg School, the central role of the state in economic affairs is to set up rules that create a competitive order within which private actors have sufficient incentives to coordinate their economic affairs efficiently. Underlying this...

Problems of justice, such as high managerial salaries or the introduction of minimum wages, today arouse a lot of public attention and debate. This hints at the general fact that “justice” cannot be reduced to mere efficiency questions as economists very often tend to assume. Therefore, this...

The currency reform on 20 June 1948, together with a comprehensive liberalisation of prices and the implementation of monopoly control, formed the basis for the West German economic miracle. From then on, the market principles formulated by Walter Eucken und implemented by Ludwig Erhard became...