ECONOMIC-POLICY FROM AN EVOLUTIONARY PERSPECTIVE - A NEW APPROACH

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