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The social market economy (SOME; German: soziale Marktwirtschaft), also called Rhine capitalism, Rhine-Alpine capitalism, the Rhenish model, and social capitalism, [1] is a socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state.
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Bruno Hildebrand (6 March 1812 – 29 January 1878) was a German economist representing the "older" historical school of economics.His economic thinking was highly critical of classical economists, especially of David Ricardo.
Social choice theory is a branch of welfare economics that extends the theory of rational choice to collective decision-making. [1] Social choice studies the behavior of different mathematical procedures (social welfare functions) used to combine individual preferences into a coherent whole.
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Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior.Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other.
Pancasila economics (Indonesian: Ekonomi Pancasila), also known as "Indonesian populist economics" (Indonesian: Ekonomi kerakyatan Indonesia), is an economic system which aims to reflect the five principles of Pancasila. [1] The term "Pancasila economy" first appeared in an article by Emil Salim in 1967. [2]
The First World War period saw a change of emphasis in economic theory away from industry-level analysis which mainly included analyzing markets to analysis at the level of the firm, as it became increasingly clear that perfect competition was no longer an adequate model of how firms behaved.