One of the most important economic

One of the most important economic conditions for the private market order is the state of the macroeconomic environment. Maintaining macroeconomic stability is understood as a prerequisite for efficient long-term economic decisions and therefore regarded as the most important responsibility of the government. In the debate on the role of the government in economic development, the World Bank (1993) has consistently argued that the most important contributing factor to the East Asian economic miracle was macroeconomic stability. One can also say that in the context of the current situation, maintaining macroeconomic stability is just like providing a better exogenous environment for the market order and therefore belongs to the domain of the government’s active policy function.