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The Welfare State as Piggy Bank
Information, Risk, Uncertainty, and the Role of the State
Nicholas Barr
316 pages
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numerous tables and figures
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234x156mm
978-0-19-924659-5
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Hardback
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10 May 2001
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This item is printed to order. Items which are printed to order are normally despatched and charged within 5-10 days.
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- Accessible to a broad readership
- Wide-ranging: covers the whole welfare state in an integrated framework rooted in modern economic theory
- Relevant and internationally applicable analysis
Of the many functions of the welfare state, two are particularly prominent: the 'Robin Hood' function - the provision of poverty relief, the redistribution of income and wealth, and the reduction of social exclusion; and the 'piggy bank' function - ensuring mechanisms for insurance and for redistribution over the life cycle. The piggy-bank function, unlike the redistributive purpose of the welfare state, has received relatively little attention, and is not widely understood. This book redresses the balance. Nicholas Barr's central contention is that—-contrary to popular opinion—-the welfare state exists for reasons additional to poverty relief. These reasons -
encapsulated by the piggy-bank function - arise out of pervasive problems of imperfect information, risk, and uncertainty. Even if all poverty and social exclusion could be eradicated, people would still need to insure themselves and to redistribute over the life cycle. As a result, Barr argues, the welfare state is here to stay, since twenty-first century developments do nothing to undermine these reasons. He also explores ways in which the welfare state can and will adapt to economic and social change, including specific, and sometimes novel, solutions.
The analysis in "The Welfare State as Piggy Bank" is international, applying to advanced industrial countries, as well as addressing post-communist countries, and touching upon middle-income developing countries.
Barr's approach is contemporary and forward-thinking. His discussion ranges over a number of topics of central relevance to life in the twenty-first century, including genetic screening and its impact on insurance; the convergence of private and social insurance; how to finance long-term care; pension reform in the light of fluid family structures and a mobile workforce; loans for financing investment in human capital; and new ways of involving private finance in tertiary education.Readership: Economists in general; those studying social policy, political economy, post-communist transition, and economic development; policy makers; officials in international organisations such as the International Monetary Fund,
World Bank, and United Nations
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Nicholas Barr, Department of Economics, London School of Economics
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"Presents a cogently argued account of the principles underlying Welfare State policies and their practical consequences ... I have not seen the economic and public policy distinction between compulsory and post-compulsory education set out so clearly and convincingly before." - Judith Marquand, Mansfield College, Oxford, Journal of Public Policy "The book is a fruitful blend of economic modelling and institutional analysis ... An impressive feature is the author's discussion in each section of "twenty first century issues" and the final part of the book on "The Welfare State in a Changing World" ... this book goes to the heart of the economic issues surrounding the welfare state, and stimulates the reader to further thought." -
Tony Atkinson, Nuffield College, Oxford "If I were asked to design a social policy course from scratch ... I would certainly include Nicholas Barr's book as a key text ... this is a stimulating and successful text, a good example of the contribution economic analysis can make to social policy teaching and study." - Rudolf Klein, London School of Economics and London School of Hygiene, Social Policy "Barr's book can be strongly recommended to anyone with an interest in the development of social policy ... Excellent and timely." - Sir Howard Davies, Times Higher Education Supplement
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1: Introduction
Part 1 Economic theory
2: Theory
Part 2 Insurance
3: The mirage of private unemployment insurance
4: Problems with medical insurance
5: Twenty-first century insurance issues
Part 3 Pensions
6: The economics of pensions
7: Misleading guides to pension design
8: Pension design: the options
9: Twenty-first century pensions issues
Part 4 Education
10: Core issues in the economics of education
11: Information problems
12: Designing student loans
13: Financing higher education: the options
14: Twenty-first century education issues
Part 5 The welfare state in a changing world
15: The welfare state in post-communist countries
16: The welfare state in a changing world
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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