Walter Eucken – Book chapters – HSE publications – National Research University “Higher School of Economics. Walter Eucken – Chapters in books – HSE Publications – National Research University Higher School of Economics Walter Eucken

Walter Eucken (1891 – 1950)

Eucken's father was a Nobel Prize winner in literature. Eucken graduated from the University of Bonn. He taught at the universities of Freiburg and Tübengen (Germany). He created and edited the main scientific journal of the neoliberals "ORDO" ("Order"). Eucken's neoliberal theory was called ordo-liberalism. The V. Eucken Institute was created in Freiburg, developing his ideas. Main job: "Fundamentals of National Economy"(1950).

Eucken's system had its own methodological approach and specific subject of study.

As the main research method, Eucken proposed "great antinomy". He himself considered this approach fundamentally new for economic science. However, the explanation proposed by Euken for this method shows that, in essence, this is a fairly traditional approach, representing a synthesis of concrete historical and abstract logical methods.

Similar studies have been found in economics, at least since the time of A. Smith. True, in the 19th century. There was a certain divergence in the use of these methods between different schools of economic knowledge. Neoclassicism and marginalism practically abandoned the concrete historical approach, which became almost the only one for the German historical school.

The attempt to combine the methodological achievements of the Austrian and German schools can be recognized as a certain merit of W. Eucken.

Another feature of Eucken's methodology was the use evolutionary method research. It consisted in the fact that both individual economic phenomena and categories, and the entire economic system were considered in movement and development. This approach is also far from new. However, Eucken interpreted the very idea of ​​development quite specifically, viewing it not as a spiral movement, but as a kind of cycle. Moreover, this cycle is carried out not so much under the influence of objective economic laws, but under the influence of changes in social psychology.

The implementation of the movement of society is possible only through the mechanism of free competition. Continuing the classic-neoclassical tradition, Eucken absolutizes the role of competition in the economy, considering it the only positive force of social progress.

Another feature of the methodology of V. Eucken’s theory is the idea of ​​​​the interconnectedness of all economic phenomena and therefore the need for their systematic study. The central category of the entire Eucken system is the concept economic order. “The economic order is a set of forms in which specific management of the everyday economic process was carried out and is being carried out in a certain place and at a certain time,” noted Eucken. From this definition it is easy to conclude that economic order is nothing more than a specific form of economic management.

In the real history of civilization, a huge variety of different types of economic order existed and exist. However, among them we can distinguish the main ideal types, which are the subject of Eucken’s economic theory.

Eucken identified two main ideal types of economic order - free or market economy and a centrally managed farm, or command economy. They differ from each other in the control mechanism. The first is managed in a decentralized manner through the spontaneous mechanism of market forces, and free competition and individual freedom of choice reign in it. The second is characterized by the presence of a single central governing body, which systematically, in the absence of a market, operates with all economic parameters, imposing its will on individuals. Naturally, from a neoclassical position, Eucken extols the first type in every possible way and criticizes the second.

Eucken's economic theory includes a number of concepts, both traditional for the previous political economy (theories of value, money, income and a number of others), and original in the formulation of the question. Let us dwell on those theories that contained new aspects.

First of all, this is the theory of money. Although, from the point of view of understanding the essence and functions of money, Eucken did not go beyond the traditional quantitative theory, he and his students began to interpret the role of money in economics in a new way for the neoclassical school. Based on the achievements of the opposite Keynesian doctrine, neoliberals began to emphasize the special role of monetary levers in regulating the economy. The reason for cyclical fluctuations and, accordingly, crises is the extremely high sensitivity of prices to changes in the money supply in the economy. Prices, in turn, regulate all macroeconomic proportions, affecting aggregate supply and demand and thereby the volume of real production. The problem is exacerbated by the development of credit, which has become the main means of financing investment. A simple logical idea follows from this: in order to improve the economy, it is necessary (and sufficient) to stabilize the money supply.

In the second half of the 1940s. Money problems were indeed extremely acute in West Germany. After the war, there were actually three different monetary systems. Firstly, these are Reichsmarks, which have hopelessly depreciated and were actually accepted by weight. Secondly, American dollars, which came to the black market from soldiers of the occupation army, but at the same time were in insufficient quantities to fully service trade turnover. And finally, thirdly, barter exchange was widely used. This situation, of course, was disastrous for the normal functioning of the economy.

Under these conditions, a plan for stabilizing the national currency, called Erhard's plan named after a student of Euken L. Erhard, who was the Minister of Finance. In fact, the author of this plan was Colonel of the American occupation army J. Graham (who worked as a professor of economics before the war).

The hard currency plan can be summarized as follows.

• 1. Old money and deposits are canceled (all depositors, regardless of the size of their deposits, received the same meager payments).
• 2. New money is issued, the quantity of which must strictly correspond to the mass of goods in the country.
• 3. A minimum consumer basket is determined, which includes almost only essential goods. The cost of this basket is determined in new banknotes.
• 4. A specially created central agency buys and sells certificates for goods included in the consumer basket, in such a way that the cost of the entire basket remains unchanged. However, the price ratio within the basket may change.
• 5. This situation is ensured by an extremely simple method: when the price of the basket increases, the state withdraws part of the money from circulation, and when it decreases, it issues additional money supply.

The meaning of such a policy is quite transparent - the money supply in the economy should act as a kind of stabilizer of the entire system. As a result, several positive results are achieved immediately. On the one hand, the bulk of the population receives guaranteed consumption of basic necessities. Their prices are stable, but there is no shortage that occurs when prices are simply frozen. On the other hand, the “floating” of prices within the basket allows the market to fulfill its regulatory function. Thirdly, the total money supply is at a stable level (the bulk of the population consumes only a basket) and thus prevents financial leverage from destroying the economy. In the specific post-war conditions of Germany, the plan worked, and the country, having received stable money, was able to quickly begin to restore the economy.

The concept of wages, called the theory, brought great fame to V. Eucken. wage and price spirals. The meaning of this can be boiled down to the following: when prices rise, under no circumstances should wages be raised, as this will lead to the development of inflation and disastrous destabilization of the entire economic system.

To justify this idea, the following logical scheme was proposed. Wages, as payment for labor, are an integral part of production costs. Workers, seeking to improve their standard of living, are fighting for higher wages. Since the trade union, which is a kind of monopoly in the labor market, is on their side, this struggle, as a rule, turns out to be successful. Entrepreneurs raise wages, but as a result, production costs rise. And production costs, in turn, underlie the price of a product. Thus, an increase in wages inevitably leads to an increase in prices, so real wages do not increase, but only the money supply in the economy increases. The resulting inflation forces workers to again demand higher wages. This inevitably plunges society into a new round of inflationary spiral and leads to the destruction of the economy.

Eucken by no means denied the need to raise the living standards of the poorest social strata, but proposed to achieve this not by pumping money into the economy, but through a more equitable distribution of income in society. A similar goal can be achieved through taxes and the social security system. Can also play a certain role "participation system" when employees of an enterprise receive a certain number of shares in their company and thereby participate in making profits.

In general, Eucken’s theory of wages has been confirmed in the practice of most developed countries of the world and is therefore included in many later economic theories.

Perhaps the theory of social market economy, adopted by many European politicians, brought the greatest fame to V. Eucken.

According to this theory, in post-war Europe a fundamentally new, third type of economic order is gradually emerging, qualitatively different from both the free market economy and the administrative system. Eucken called this third type of economic order economic humanism, or social market economy.

The social market economy is based on the principle of three freedoms– freedom of the market, freedom of competition and freedom from monopoly. In this formulation, the basic concepts are rather vaguely defined and it is not entirely clear how these three components differ from each other. Ensuring the principle of three freedoms is the first main function of the state. For this, an appropriate legislative framework must be created, control over the functioning of which is also an attribute of state policy.

The second function of the state is to pursue an active social policy aimed at creating a decent life for all people. Economic humanism must guarantee social protection to all members of society - develop systems to combat unemployment, public health care and education. Such problems must be solved through social partnership.

The third function of the state should be limited intervention in the economy. It seems that such a task comes into certain conflict with the principle of the three freedoms, but it more realistically reflects the reality of modern economic life than the traditional neoclassical denial of any state influence. The main goal of such intervention is to stabilize monetary circulation and, through this, the entire economy.

Eucken proposes two possible types of limited government regulation of the economy. The first one he called conformal interventions. Such an impact can occur in any macroeconomic situation.

Conformal interventions include the following measures.

• 1. Regulation of foreign exchange management by devaluation (lowering the exchange rate to other currencies) or revaluation (increasing the exchange rate) of the currency.
• 2. Establishment of customs protective duties.
• 3. Regulation of working hours.
• 4. Normalization of prices through the development of competition.
• 5. Redistribution of income through the tax system.

It is easy to see that all these measures are applied in almost all countries (albeit in different forms and scales) and do not limit market freedom.

In the event of a crisis in the economy, Eucken assumed the use non-conforming interventions, which are emergency measures and are undesirable in a normal situation. These include:

• 1) forced introduction of an exchange rate (including in the form of currency corridors);
• 2) regulation of clearing offsets, which allows reducing the money supply;
• 3) stimulation or freezing of investments;
• 4) freezing or directive regulation of prices (the rate of price growth is set by government agencies);
• 5) wage freeze;
• 6) establishing a minimum wage;
• 7) payment of subsidies to the unemployed and the poor.

Recognizing the possibility of such strong enough

methods of influencing the market, Eucken and his students emphasized their undesirability and limited application in time.

The theory of the social market economy reflected the significant changes that took place in the economic and social life of the developed capitalist countries of the world in the post-war period, and became the theoretical and ideological basis for many center-left political movements. At the same time, it quite clearly exposed the crisis of traditional neoclassics, because it was forced to adopt a number of provisions of the competitive Keynesian theory.

• Quote By: Goleva L. West German neoliberalism. M., 1971. P. 56.

The book presents the views of the most prominent representatives of German neoliberal economic thought: W. Eucken, F. Böhm, F. Lutz, L. Miksch, F. von Hayek, A. Rüstow, W. Röpke, J. Höffner, A. Müller-Armack and L. Erhard. Most of the published works of thinkers of the Freiburg School were translated into Russian specifically for this publication. The first part of the book contains introductory articles by German authors N. Goldschmidt and M. Wolgemuth, corresponding member. RAS V.S. Avtonomova, as well as an introductory article by scientific editors of Russian translations - N.K. Meden, S.I. Nevsky, E.V. Romanova, N.V. Supyan, L.I. Tsedilina. The second part of the book contains selected works by representatives of the Freiburg School, which are also accompanied by introductory articles devoted to the life and work of each classic. The publication is equipped with indexes of names and terms. The book is intended for students, teachers, the expert and scientific community, as well as all readers interested in the problems of creating an effective social market economy.

The chapter of the textbook on comparative economics compares the real with the virtual, shows the unity and differences of old and new comparative studies, and characterizes the main features of the method. Educational and methodological materials are provided.

The principles of the comparative method in the social sciences in general and the place of comparative studies in the methodology of economic science are characterized, a classification and description of the main directions of comparative economics is given.

Kovach Ya. M. Economic sociology. 2012. T. 13. No. 2. P. 17-34.

In this article, Janos Kovacs analyzes the contradictions faced by the spread of new institutional theories in Central and Eastern European countries. In the context of the collapse of Marxism and the comparative underdevelopment of neoclassical economics, the new institutional economics predicted a bright future, given the profound institutional changes taking place in society. It was this scientific direction, along with ordoliberalism, that seemed most attractive to both economists and sociologists. However, to the surprise of many, in the countries of Eastern Europe the concepts of new institutional economic theory have not received full development. Moreover, they were very skeptically received by local economists, who instead proposed rather eclectic research programs. Based on the results of a special project implemented in eight countries, Kovacs paints a concise picture of the peculiarities of the development of economic and social sciences in post-communist societies.

The first post-war decades for West Germany were marked by rapid economic growth, which, despite the devastating catastrophe of the Second World War and the subsequent state split, was quickly able to return the country to the ranks of the highly developed industrial nations of the world. The monetary and economic reforms carried out in 1948 made it possible not only to lay the foundations of monetary and financial stability, to increase incentives for the growth of entrepreneurial activity and labor productivity, but also to create conditions for the implementation of policies of the social market economy. Based on the idea of ​​​​building a free, efficient and at the same time socially fair market system, the concept of a social market economy managed to fill the institutional vacuum of the post-war period, won wide recognition of German voters and became a fundamental constitutive element of the social and economic system of the Federal Republic of Germany. Thanks to what was achieved in the 1950-1960s. Thanks to high rates of GDP growth, West Germans were able to quickly overcome post-war devastation, cope with unemployment, significantly raise the living standards of large sections of the population and ensure a high level of economic and socio-political stability in the long term. This article is devoted to the history of the formation of the ideological foundations of the social market economy - a concept whose theoretical framework was based on various currents of socio-economic and legal scientific thought. First, we will pay attention to the fundamental postulates of German ordoliberal economic scientific thought, under the direct influence of which the doctrine of a new socio-economic system was formed in post-war Germany. After this, we will highlight the most important aspects that determine the social foundation of a social market economy. Then we will transfer these reflections to the modern theory of order in order to determine the place and role of social policy in the current socio-economic system of Germany. In conclusion, some theses will be formulated regarding the importance of the politics of order in the structure of modern economic science.

Gutnik V. P. In the book: Social market economy: concepts, practical experience and prospects for application in Russia. Publishing house of the National Research University Higher School of Economics, 2007. pp. 69-97.

The liberal tradition fundamentally does not recognize the right of the state to interfere in the process of economic form-creation, to engage in “political economic engineering.” However, in reality, purely evolutionary development only in rare cases leads to the creation of effective or at least socially acceptable economic forms. Therefore, among liberalism itself, the need for ordering activities of the state gradually began to be realized. This was most clearly manifested in German neoliberalism of the 1930s-1950s, and especially in the ordoliberal concepts of the economists and lawyers of the Freiburg School, led by Walter Euken and Franz Böhm. Ordoliberalism considers it unlawful to limit the role of the state only to monitoring compliance with business rules.

A significant role in the economic thought of the 20th century. played by West German neoliberalism, which created its own doctrine of the national economy on the basis of a synthesis of the ideas of the “new” and “young” historical schools, neoclassicism and traditional liberalism. Methodologically, neoliberalism is closest to the new historical school, which is characterized by the interpretation of the process of social development as a slow, gradual evolution and the identification of various orders, stages and styles of organizing economic life. Unlike neoclassicism, marginalism does not occupy an independent, much less a central place in the methodological tools of neoliberalism. It is, of course, taken into account by neoliberals as a common theoretical device in Western concepts, but is not used by them as an important research tool.

The most prominent representatives of West German neoliberalism at different stages of its development are IN.Oyken(1891–1950) (who laid its foundations and created its methodology), as well as L.Erhard(1897–1977),A.Muller-Armak(1901–1978),IN.Repke(1899–1966),A.Rustov(1885–1963), etc. Another name for this school is Freiburg (after the name of the city where Eucken worked at the university since 1927) or ordoliberalism (from German - structure, order).

Main works: V. Eucken “Fundamentals of National Economy”, “Basic Principles of Economic Policy”(1955); L. Erhard "Prosperity for all"(1964); A. Muller-Armak “Regulation of the economy and market economy”(1947).

Neoliberalism is based on the doctrine of two types of economic systems. Being the cornerstone of the methodology of neoliberalism, it is an economic version of M. Weber’s theory of ideal types of social systems.

According to V. Eucken’s definition, the economic system (order) is a set of economic forms implemented in practice, in which everyday specific economic processes take place. He believed that the key to the analysis of all economic systems known in history can be obtained by identifying two main types of economic order. Firstly, a “centrally managed farm”, the subtypes of which are “individual”, i.e. natural economy and centrally administered economy, secondly, “communication economy” or barter (market) economy. According to Eucken, the ideal type of market economy involves complete decentralization and complete economic freedom of the individual. On the contrary, the ideal type of a centrally managed economy means the establishment of complete dictatorship of the highest authorities, when the independent will of the lower levels is reduced to zero, and economic processes are regulated by the state bureaucracy.

Let us note that the criterion for identifying ideal types is not the methods of production, not the dominant forms of ownership, but the form management, or coordination of business decisions.

In V. Eucken's concept, ideal types of economy are nothing more than a theoretical abstraction, a tool of economic analysis. This is a mental construct with the help of which one can analyze economic orders (real types). According to Eucken, neither a centrally controlled economy nor a market economy can exist in its pure form; they act only as the defining principle of real economies. This is due to the fact that any specific economy consists of the same set of elements, but they are combined each time in a new way, depending on the prevailing principle of management (centralization or decentralization), as well as historical circumstances. Thus, real economic orders are made up of a set of a limited number of pure forms, and understanding the nature of this combination allows us to assess the changes taking place in the real economy.

According to Eucken, economics should consider economic orders as real types, i.e. filled with empirical content, but systematize them using certain analytical tools (i.e. using “ideal types”). For example, the economic order of the USA, Great Britain, Japan is different, but they can be described using the ideal type of “market economy”.

Both ideal types, according to V. Eucken, are not without significant shortcomings. Eucken's critique of the centrally controlled economy echoes Hayek's critique. As for the market economy, Eucken considered its main defect to be the tendency towards monopolization. Moreover, by monopolization he understands any deviation from the model of perfect competition, where many sellers are opposed by many buyers and price acts as an external regulator of production. V. Eucken showed that market power, left to itself, can become political power as a result of the concentration of production and the formation of monopolies. The economic groupings that arise put pressure on the government, and in this case the success of economic activity will be determined not so much by the results of work in the market, but by the ability directly from the market (with the help of the state) to eliminate competition in results. Thus, the economic policy of a free economy leads to the regulation of the economy by power groups, and this is the path to the kingdom of unfreedom and impoverishment of the masses. Therefore, the state, according to Eucken, must create an order that presupposes full competition.

Within the framework of his theory, V. Eucken develops competitive order concept. By competitive order, he means a form of barter (market) economy in which the conditions of competition are actively created and maintained by the state in order to achieve the highest possible degree of intensity of competition and at the same time eliminate all factors that may have a distorting effect on competitive conditions.

Thus, the competitive order, in Euken’s understanding, is a formed economic order. He notes that competition of results can make its way only when the state and society prevent all other types of competition, just as criminal law and the culture of human relations must exclude competition on the principle of physical destruction.

V. Eucken identifies the following constitutive (defining) principles of the competitive order:

– inviolability of private property;

– stability of monetary circulation and national currency;

– open markets;

– freedom of all transactions and contracts, except those aimed at limiting competition;

– imposing financial liability on those who are not responsible for the actions of business units (i.e., preventing fictitious companies);

– constancy of economic policy.

It should be noted that representatives of the ordoliberal trend represented institutional regulation (the creation of a competitive economic order) as the best anti-cyclical remedy. Therefore, they criticized the Keynesians, who considered flexible fiscal and counter-cyclical monetary policies necessary, and insisted on the need for constancy in economic policy.

Thus, constitutive principles of the competitive order policies are aimed at preventing those factors that may lead to the emergence of market forms that are incompatible with competition (partial or complete monopoly). In addition, state policy should also focus on regulatory principles of competition order. Regulatory principles, according to ordoliberalism, should be limited to compensating for certain shortcomings of the economic system that arise even with a fully realized competitive order (for example, externalities, supply anomalies, the problem of poverty).

Eucken's economic ideal is a free market economy, the main principles of which are: personal freedom and freedom of enterprise. In other words, a developed commodity-money economy in the absence of monopolies. The role of the state in such an economy comes down to monitoring compliance with ensuring that all members of society conduct their economic activities in accordance with existing rules and laws. This situation was illustrated with a brilliant analogy by V. Repke, who compared the state to an experienced football referee who monitors compliance with the rules of the game, but does not play himself.

Social market economy model. Based on the ideas of V. Eucken, a management model was developed, which was called the social market economy model. The term “social market economy” itself was first introduced by A. Müller-Armak in his work “ Economic regulation and market economy"(1947). Conceptually, the social market economy was defined as a kind of third path, running between the centrally administered and market economy (between socialism and capitalism) and devoid of the shortcomings of both ideal types.

As we know, the theory of ordoliberalism developed during the period of the fascist regime in Germany, therefore the greatest interest in its ideas appeared in the post-war years. However, for a number of reasons, the doctrine of the system of competition as conceived by V. Eucken was not used in its original form. First, in post-war West Germany there was a need for deeper state influence on the economy than Eucken allowed. Secondly, the idea of ​​​​introducing competition among the overwhelming majority of the population involuntarily evoked associations with destructive crises, unemployment and other social troubles characteristic of pre-war capitalism.

These circumstances were taken into account by theorists of the social market economy. Thus, Müller-Armack, sharing the basic principles of the Freiburg School (inviolability of private property, open markets, stability of money circulation and national currency), abandoned the course of reviving perfect competition by “curbing monopolies.” He shifted the emphasis from antimonopoly issues, although they retained a certain role in his concept, to issues of social policy.

In ordoliberal teaching, these questions did not have independent significance. Eucken and other theorists of the Freiburg School proclaimed the market distribution of income under conditions of perfect competition to be the crown of social justice. Only in individual cases, Eucken emphasized, “if self-help and insurance prove insufficient,” will “state charitable institutions” become necessary beyond that.

Müller-Armack proclaimed an active social policy, subordinated to the principle of social compensation, as the main difference between the social market economy and capitalism. “This market economy becomes social due to the fact – and this explains the formation of the word social market economy – that the functional distribution of property arising from the production process is transformed through social policy into a socially desirable personal distribution of income.”

Müller-Armak considered the main instrument of “social compensation” to be progressive taxation of persons with high incomes and the redistribution of the received funds in favor of the poorer strata in the form of budget subsidies for the maintenance of children, payment of rent, construction of their own homes, etc. He also considered integral forms of social policy considered the creation of a developed social insurance system (unemployment, illness, etc.) and a social infrastructure worthy of a person.

The social market economy model received practical implementation in the late 1940s. in the activities of the government of K. Adenauer and L. Erhard. The results of this implementation are assessed very highly due to the serious economic successes of the post-war German economy.

Literature

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Walter Eucken(German Walter Eucken; January 17, 1891, Jena - March 20, 1950, London) - German economist, representative of the Freiburg school of neoliberalism. Publisher of the ORDO yearbook.

Biography

Son of Nobel Prize-winning philosopher Rudolf Christophe Euken. He studied economics, history and philosophy at the universities of Kiel, Jena and Bonn. In 1913 he defended his doctoral dissertation at the University of Bonn. During the First World War he served as an officer on the Western and Eastern fronts.

In 1921 he successfully completed the habilitation procedure for his doctorate at the University of Berlin, where over the next four years he was engaged in teaching, and in parallel from 1921 to 1924 he served as deputy commercial director of the Imperial Union of Textile Industry. He taught in Tübingen (from 1925) and Freiburg (1927-1950).

Since 1948, member of the scientific council of the Bisonia Economic Administration, then of the German Federal Ministry of Economics.

The Walter Eucken Institute (Freiburg) is studying the creativity and development of the ideas of Walter Eucken.

Bibliography

• Oyken V. Fundamentals of national economy. - M.: Economics, 1996. - 351 p. - ISBN 5-282-01849-7 (Die Grundlagen der Nationalkonomie, 1940);
• Oyken V. Basic principles of economic policy. - M.: Progress, 1995. - 496 p. - ISBN 5-01-004045-X (Grundstze der Wirtschaftspolitik, 1952).

• Böhm F., Euken V, Grossman-Dert G. Our task (ordo-manifesto) // Social market economy: concept, practical experience and prospects for application in Russia, ed. R. M. Nureyeva. - M.: Publishing house of the State University-Higher School of Economics, 2007.
• Eyken V. Structural changes in the state and the crisis of capitalism // Theory of economic order. Freiburg School and German neoliberalism. Ed. V. P. Gutnik. - M.: Economics, 2002.