Especially in periods of crises, economists try to explain why some economies suffer negative consequences more strongly than others. In order to explain these differential effects, two economic categories known as economic vulnerability and economic resilience can be used. Hence, the aim of the paper is to undertake a critical reflection on the interrelated categories of economic vulnerability and resilience to shocks. The paper analyses these categories from a theoretical perspective and identifies the factors that shape each of them. It (...) then attempts to measure the economic vulnerability and resilience of selected European countries using two synthetic variables. Based on these, a classification of countries in terms of economic vulnerability and resilience was made. The results achieved provide a good starting point for a more detailed study of the paths of crises and their consequences in individual countries. (shrink)

Research background: To a limited extent, modern researchers are interested in ordoliberalism, as a theory of the socio-economic system, which is confirmed by the results of the bibliometric analysis. In conducted studies, the assumptions of ordoliberalism are used partially, for example, for research on: the role of the state in the economy, the antitrust law, the theoretical assumptions of the SME, the determinants of German economic policy after World War II. Purpose of the article: The aim of this article is (...) to present the possibilities offered by the ordoliberal theory that predispose it to determine a socio-economic order which makes it possible to tackle the dysfunctions and crises that afflict today’s economy. Methods: The research methodology involves a critical analysis of the works of the most essential representatives of ordoliberal thought, particularly Walter Eucken and others, from the perspective of the above-mentioned purpose of the study. This requires examining German-, Polish- and English-language publications by authors recognised as representatives of mainstream ordoliberalism. Findings & Value added: As a result of the conducted analysis, the hypothesis about the existence of the elements of ordoliberal theory that allow it to respond to the challenges of the modern world, including economic, social, environmental and climate crises and pandemic threats has been confirmed. Research of this kind implies a return of thinking in terms of economic order, and thus contributes to the theories that seek to overcome the crisis in both the real economy and the theory of economics. (shrink)

The scientific aim of the paper is to juxtapose the views on economic order developed by the leading representatives of two schools of liberal thinking – German ordoliberal Walter Eucken and the Austrian economist Friedrich August von Hayek. The first scholar opted for deliberately constructed competitive economic order, the second one advocates for allowing the social institutions to emerge and evolve spontaneously. The analysis proves the similarity of both theories in regard to the significance of principles of an economic order (...) and the importance of competition for maintaining individual freedom. On the other hand some differences in the areas of sources of rules, institutional change, and the role of the state, induce their complementarity. Developing an intellectual basis for economic policy requires an eclectic approach combining two analysed perspectives. (shrink)