Economic Policy From an Evolutionary Perspective: A New Approach

Abstract

The article analyses Hayek's critical assessment of purposeful interventions into evolutionary markets. To check the correctness of Hayek's neglect of successful intervention into markets, the article focuses on the long-term devaluation of private opportunities ('creative destruction') as an overall feature of evolutionary markets. A general concept of interventionism is offered which refers to the economic power of the state within a market order. A theoretical framework is developed which encompasses four ideal-typical scenarios. The Hayekian critical view on interventionism is integrated as a special case, while the possibility of successful intervention also exists.

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