The social market

I mean by that that the market economy as such is social, not that it needs to be made social.

attributed to Dr. Ludwig Erhard – German politician (CDU), 1963-66 Bundeskanzler, father of the social market economy and the “German Wirtschaftswunder” (1897-1977), quoted by Friedrich August von Hayek (Austrian economist and social philosopher, Nobel Memorial Prize in economic sciences 1974, 1899-1992) in an interview with the “Encounter” (May 1983), Quotations book 2020