From economic stability to social order: The debate about business cycle theory in the 1920s and its relevance for the development of theories of social order by Lowe, Hayek and Eucken

The concepts of Adolph Lowe, Friedrich A. Hayek and Walter Eucken play an important role in the discussion of an adequate theory of economic and social order. It is noteworthy that at the beginning of their academic careers, these three economists dealt primarily with questions of business cycle theory. As we will show, this is not coincidental, but can be explained by economic history and the history of theory. Furthermore, all three economists agree that establishing a comprehensive social order would provide the basis for economic stability, although each postulates a different relationship between liberty and order.