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Governing Dynamics and Superfragility: Liberal Political Economists as Order Guardians

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  • Kolev, Stefan

Abstract

This paper pursues two goals. First, to reflect on how historical Ordnungsökonomik (Economics of Order) illuminates the politico-economic crises in today's Western democracies via the increasing parallels to the fragilities and fractures of the 1930s. Second, based on these historical inspirations, to come closer to a modern Ordnungsökonomik targeted specifically at today's crises. The three-step approach consists of an anamnesis ("crisis burger"), a diagnosis ("anxiety from over-dynamics"), and a therapy ("fixed points towards order security"). The paper revisits the role of liberal political economists as order guardians amid what the paper calls superfragility, a context in which citizens radically lose trust and unsubscribe from the order, making the trust-enhancing role of liberal political economists existential for the order.

Suggested Citation

  • Kolev, Stefan, 2024. "Governing Dynamics and Superfragility: Liberal Political Economists as Order Guardians," LEF PAPERS on Economy and Society 1-24, Ludwig-Erhard-Forum für Wirtschaft und Gesellschaft (LEF), Berlin.
    • Handle: RePEc:zbw:lefpes:301002
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    File URL: https://www.econstor.eu/bitstream/10419/301002/1/LEF-Papers_1-24.pdf
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    References listed on IDEAS

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    1. Stefan Kolev & Erwin Dekker, 2023. "Carl Menger’s Smithian contributions to German political economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(2), pages 247-269, June.
    2. Viktor J. Vanberg, 2023. "Liberalism and democracy: legitimacy and institutional expediency," Public Choice, Springer, vol. 195(3), pages 251-268, June.
    3. Phillip W. Magness, 2021. "Coining Neoliberalism: Interwar Germany and the Neglected Origins of a Pejorative Moniker," Journal of Contextual Economics (JCE) – Schmollers Jahrbuch, Duncker & Humblot, Berlin, vol. 141(3), pages 189-213.
    4. Nils Goldschmidt & Erik Grimmer-Solem & Joachim Zweynert, 2016. "On the Purpose and Aims of the Journal of Contextual Economics," Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, Duncker & Humblot, Berlin, vol. 136(1), pages 1-14.
    5. Podemska-Mikluch, Marta, 2021. "Creative Dynamics and Entangled Political Economy," Review of Behavioral Economics, now publishers, vol. 8(1), pages 47-71, April.
    6. Nils Karlson, 2019. "The Idea Vacuum of Liberalism and the Quest for Meaning and Community," Journal of Contextual Economics (JCE) – Schmollers Jahrbuch, Duncker & Humblot, Berlin, vol. 139(2–4), pages 259-269.
    7. Antonio Magliulo, 2016. "Hayek and the Great Depression of 1929: Did he really change his mind?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 23(1), pages 31-58, February.
    8. Adam Smith & Richard Wagner & Bruce Yandle, 2011. "A theory of entangled political economy, with application to TARP and NRA," Public Choice, Springer, vol. 148(1), pages 45-66, July.
    9. Brada, Josef C & King, Arthur E, 1992. "Is There a J-Curve for the Economic Transition from Socialism to Capitalism?," Economic Change and Restructuring, Springer, vol. 25(1), pages 37-53.
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    Cited by:

    1. Kolev Stefan, 2024. "Die Schuldenbremse und die Rückkehr des Normativen," Wirtschaftsdienst, Sciendo, vol. 104(8), pages 510-511.

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    More about this item

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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