Walter Eucken Institut
Encyclopedia
The Walter Eucken Institut is a German ordo-liberal
economic think tank
based in Freiburg im Breisgau
, Baden-Württemberg, Germany.
The Institute was founded in 1954, four years after the death of economist Walter Eucken
, by a number of his friends and pupils. The Institute's creation was supported by Ludwig Erhard
, then Secretary of Economic Affairs and later Chancellor of West Germany
. Honorary Presidents have included Nobel laureates Friedrich Hayek
and James M. Buchanan
.
The Walter Eucken Institute's research interest is constitutional and institutional questions in economics and social sciences, including preserving and developing a free market
order, classical liberal
ideas and their institutional realisation, and the economic constitution of the European Union
.
Ordoliberalism
Ordoliberalism is a school of liberalism that emphasised the need for the state to ensure that the free market produces results close to its theoretical potential . The theory was developed by German economists and legal scholars such as Walter Eucken, Franz Böhm, Hans Grossmann-Doerth and Leonhard...
economic think tank
Think tank
A think tank is an organization that conducts research and engages in advocacy in areas such as social policy, political strategy, economics, military, and technology issues. Most think tanks are non-profit organizations, which some countries such as the United States and Canada provide with tax...
based in Freiburg im Breisgau
Freiburg
Freiburg im Breisgau is a city in Baden-Württemberg, Germany. In the extreme south-west of the country, it straddles the Dreisam river, at the foot of the Schlossberg. Historically, the city has acted as the hub of the Breisgau region on the western edge of the Black Forest in the Upper Rhine Plain...
, Baden-Württemberg, Germany.
The Institute was founded in 1954, four years after the death of economist Walter Eucken
Walter Eucken
Walter Eucken was a German economist and father of ordoliberalism. His name is closely linked with the development of the "social market economy".-Life:...
, by a number of his friends and pupils. The Institute's creation was supported by Ludwig Erhard
Ludwig Erhard
Ludwig Wilhelm Erhard was a German politician affiliated with the CDU and Chancellor of West Germany from 1963 until 1966. He is notable for his leading role in German postwar economic reform and economic recovery , particularly in his role as Minister of Economics under Chancellor Konrad Adenauer...
, then Secretary of Economic Affairs and later Chancellor of West Germany
West Germany
West Germany is the common English, but not official, name for the Federal Republic of Germany or FRG in the period between its creation in May 1949 to German reunification on 3 October 1990....
. Honorary Presidents have included Nobel laureates Friedrich Hayek
Friedrich Hayek
Friedrich August Hayek CH , born in Austria-Hungary as Friedrich August von Hayek, was an economist and philosopher best known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought...
and James M. Buchanan
James M. Buchanan
James McGill Buchanan, Jr. is an American economist known for his work on public choice theory, for which he received the 1986 Nobel Memorial Prize in Economic Sciences. Buchanan's work initiated research on how politicians' self-interest and non-economic forces affect government economic policy...
.
The Walter Eucken Institute's research interest is constitutional and institutional questions in economics and social sciences, including preserving and developing a free market
Free market
A free market is a competitive market where prices are determined by supply and demand. However, the term is also commonly used for markets in which economic intervention and regulation by the state is limited to tax collection, and enforcement of private ownership and contracts...
order, classical liberal
Classical liberalism
Classical liberalism is the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets....
ideas and their institutional realisation, and the economic constitution of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
.