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After discussing the functioning of markets and competition and showing that they achieve our desired welfare optimum, let us now turn to the institutional framework of the two alternative economies within market economy and central administration. Like our social market economy, most economies in the real world are hybridized to these two alternatives.

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Theory of Economic Systems

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  • 发表日期：

    2026年

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  • Christian A. Conrad

摘要

After discussing the functioning of markets and competition and showing that they achieve our desired welfare optimum, let us now turn to the institutional framework of the two alternative economies within market economy and central administration. Like our social market economy, most economies in the real world are hybridized to these two alternatives.