Three Dimensions of Socio‑Economic Policy: Order, Market Mechanism, Ethical Values

Abstract

Purpose | The aim of the paper is to discuss the possibility of using economic theory to shape a socio-economic order that offers a chance of resolving the polycrisis that afflicts today’s global economy and, more broadly, the whole civilisation. Research method | Through a critical analysis of the available literature on the subject, the main trends in economic thought are examined in terms of the economic policy trilemma formulated in the article, which involves the stability of the economic order, the efficiency of the economic process and the prevailing ethical values. Results | The findings support the conclusion that ordoliberalism is the most suitable approach when it comes to addressing the challenges outlined in the article and re solving the trilemma in question. Originality / value / implications / recommendations | Research of this kind implies a return of thinking in terms of economic order, and thus contributes to theories that seek to overcome the crisis in both the real economy and the theory of economics.