What is regulatory policy?
The term "regulatory policy" refers to all government measures aimed at the framework conditions for economic activity, i.e., the maintenance, adaptation, and improvement of the economic order. In a market economy, regulatory policy consists of the creation and maintenance of a functioning price system through competitive performance, the definition of property rights and liability rules, and a consistent competition policy. Regulatory policy is opposed to all interventionist interventions in economic activity that hinder the market process.
Business journalist Dr. Karen Horn talks about the relevance of regulatory policy in an interview:
Why do we need regulatory policy?
Consistent regulatory policy has repeatedly proven superior to other economic policy strategies. For example, Ludwig Erhard's consistent regulatory policy paved the way for the "economic miracle" in West Germany after World War II. With the reunification of the two German states in 1990, new challenges arose for German economic policy, necessitating a more focused approach to regulatory policy. This necessity has only increased due to the need for reform of the German welfare state at the beginning of the new millennium. Regulatory policy represents an economic policy model that could help solve Germany's current economic problems.
History of the theory
Learn more about the history of regulatory policy -
from antiquity to the early modern period, the ideas of the physiocrats and Scottish moral philosophers as well as the developments of the “Austrians” and Ordoliberalism.
Fathers of regulatory policy
Get to know the pioneers of regulatory policy! Discover the biographies of their pioneers: Representatives of the Freiburg School and the Austrian Market Process Theory developed Ordoliberalism and protected competition and freedom.
Basic literature
Expand your understanding of regulatory policy! Discover a selection of recommended literature with the fundamental works of the fathers of regulatory policy, which will introduce you to the essential concepts of this field.