What Is a Social Market Economy?
Pension insurance also sits with the safety net.
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1.Which belongs to the market half: private property or unemployment insurance?
Pension insurance also sits with the safety net.
2.What does the word social mean in this model, per the video?
The model keeps ownership and competition and adds insurance and rules around them; the same word appears in socialism and in social security.
3.How did Eucken and Muller-Armack differ?
Eucken wanted a working competitive order; Muller-Armack, who coined the term, gave the state a more active role in social balance.
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