What is a social market economy? I have provided the definition below....But I still don't get it.?

[Anjaree]

It means the invisible hand will provide competition which will lead to efficiency. But competition should mean that all player are capable to response to the change in demand. It should be the same as the competition of the soccer teams which have referee and linemen to ensure fairness.So it has to deal with imperfect market in which players have factors and technology to be in the competition, or the market should be oligopoly, not perfect competition.Competition however, will yield winner and looser. Looser has still to feed the family. That is why the state has to overtake the social dimension of competition. Based on Hayek, it is called safety-net.
The social market economy was developed by the Freiburg school, and put in use by Ludwig Ehrhard. It has contributed to the economic miracle in Germany significantly.