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This timely analysis of today's economic realities relates the headlines to the long term causes from which they spring. Why did we have a worldwide financial crisis in 2008? Is stimulus the answer, and what are its risks and potential returns? Why are our investments so unprofitable? Why are our citizens struggling to find work? Why do we repeatedly confuse effort with results? The author finds the answers to these questions in the dysfunctions of the welfare state.Economics is the science of the creation and exchange of value, but Gross Domestic Product (GDP) confuses value with the creation and exchange of "goods and services." Along the way, GDP has become a measure not of value created, but of effort expended and of costs incurred. This confusion has become the cornerstone of policy manipulation of "the economy," because it is very easy to incur costs, though not so easy to create value. Policymakers are not eager to correct this discrepancy because it is easier to manufacture costs through brute force than to produce results that have real value.This book pins down the major contributors to these distortions in a number of specific areas, including education, science and engineering, hospitals and other medical facilities, the public utility transmission grids, and in the trade deficit. It also pursues the distortions caused by short-sighted public policy in the capital markets. The book concludes with a discussion of market efficiency and inefficiency leading to the conclusion that policy intervention into the capital markets reduces their capacity to allocate capital productively. The author addresses this broad topic from the unique perspective of someone who has contributed both to the theoretical analysis and to the actual practice of markets.
This Very Short Introduction discusses the necessity of welfare states in modern capitalist societies. Situating social policy in an historical, sociological, and comparative perspective, David Garland brings a new understanding to familiar debates, policies, and institutions.
This timely analysis of today's economic realities relates the headlines to the long term causes from which they spring. Why did we have a worldwide financial crisis in 2008? Is stimulus the answer, and what are its risks and potential returns? Why are our investments so unprofitable? Why are our citizens struggling to find work? Why do we repeatedly confuse effort with results? The author finds the answers to these questions in the dysfunctions of the welfare state.Economics is the science of the creation and exchange of value, but Gross Domestic Product (GDP) confuses value with the creation and exchange of "goods and services." Along the way, GDP has become a measure not of value created, but of effort expended and of costs incurred. This confusion has become the cornerstone of policy manipulation of "the economy," because it is very easy to incur costs, though not so easy to create value. Policymakers are not eager to correct this discrepancy because it is easier to manufacture costs through brute force than to produce results that have real value.This book pins down the major contributors to these distortions in a number of specific areas, including education, science and engineering, hospitals and other medical facilities, the public utility transmission grids, and in the trade deficit. It also pursues the distortions caused by short-sighted public policy in the capital markets. The book concludes with a discussion of market efficiency and inefficiency leading to the conclusion that policy intervention into the capital markets reduces their capacity to allocate capital productively. The author addresses this broad topic from the unique perspective of someone who has contributed both to the theoretical analysis and to the actual practice of markets.
The Oxford Handbook of the Welfare State is the authoritative and definitive guide to the contemporary welfare state. In a volume consisting of nearly fifty newly-written chapters, a broad range of the world's leading scholars offer a comprehensive account of everything one needs to know about the modern welfare state. The book is divided into eight sections. It opens with three chapters that evaluate the philosophical case for (and against) the welfare state. Surveys of the welfare state 's history and of the approaches taken to its study are followed by four extended sections, running to some thirty-five chapters in all, which offer a comprehensive and in-depth survey of our current state of knowledge across the whole range of issues that the welfare state embraces. The first of these sections looks at inputs and actors (including the roles of parties, unions, and employers), the impact of gender and religion, patterns of migration and a changing public opinion, the role of international organisations and the impact of globalisation. The next two sections cover policy inputs (in areas such as pensions, health care, disability, care of the elderly, unemployment, and labour market activation) and their outcomes (in terms of inequality and poverty, macroeconomic performance, and retrenchment). The seventh section consists of seven chapters which survey welfare state experience around the globe (and not just within the OECD). Two final chapters consider questions about the global future of the welfare state. The individual chapters of the Handbook are written in an informed but accessible way by leading researchers in their respective fields giving the reader an excellent and truly up-to-date knowledge of the area under discussion. Taken together, they constitute a comprehensive compendium of all that is best in contemporary welfare state research and a unique guide to what is happening now in this most crucial and contested area of social and political development.
This book surveys the creation and existence of the welfare state in the developed economies, analyzes ways in which problems have emerged, and suggests possibilities for reform.
The Mean Season analyzes Reagan's war on the poor and the welfare state to reveal it true beneficiaries-and its true targets.
The Oxford Handbook of the Social Science of Poverty builds a common scholarly ground in the study of poverty by bringing together an international, inter-disciplinary group of scholars to provide their perspectives on the issue. Contributors engage in discussions about the leading theories and conceptual debates regarding poverty, the most salient topics in poverty research, and the far-reaching consequences of poverty on the individual and societal level.
The authors convincingly rebuff the 20-year assault on the United States welfare state, launched by the left and the right. They argue that America's "insurance-opportunity"-oriented welfare is compatible with two basic U.S. ideological principles: rugged individualism and mutual support. The authors systematically dismantle arguments, used in the assault, that U.S. welfare is economically undesirable, unaffordable, and ungovernable; and successfully defend America's welfare achievements while correcting and dispelling popular misconceptions and myths about it. The authors reject comprehensive reform but promote workable incremental reforms, compatible with America's fundamental ideological beliefs, to specific welfare programs. ISBN 0-465-05969-4: $22.95.