Otto-von-Guericke-Universität Magdeburg FWW der Otto-von-Guericke-Universität Magdeburg
www.fww.ovgu.de
www.ovgu.de
Fakultät fßr Wirtschaftswissenschaft
  
Masterstudiengang
Volkswirtschaftslehre  


VWL-Master


Policy

In the end, economic science is an empirical discipline with the purpose to find explanations for real phenomena. Nonetheless, its intention is more than this. It is also supposed to deliver constructive contributions in terms of shaping the reality. At this point economic policy has to be observed as a scientific discipline. Taking advantage of theoretical foundations explicitly, i.e. which are provided by allocation and game theory, contributes to its particularity.

Indeed, the work at this chair handles it in an “enlightened” way. Theory is not understood as a directly applicable tool and the reference to the efficiency question is not dogmatised.


In first place, economic theory needs to develop profound intuition. It trains us to identify basic structures and to systemise varied interdependencies. However, it is inevitable for economic advisory activities to be aware of the limits of economic theory. One of the most important is that allocation theory largely ignores distribution questions. Though, distribution questions are the key to the comprehension of real political incidents.