August 20, 2014
Reading through the German economist Walter Eucken’s work The Foundation of Economics
(1951), I came across one of the most helpful charts for economic analysis I have yet to find. In it, Eucken gives every possible form of market in a single table:
Eucken adds four qualifications that are important to keep in mind:
“These forms of market are actual forms which have been or are to be found in actual economic life (often blended with one another, and existing alongside the forms of a centrally directed economy). Continue Reading...