Welfare state

Barr, Nicholas ORCID: 0000-0002-5325-2055 (2025) Welfare state. In: Besley, Tim, Bucelli, Irene and Velasco, Andrés, (eds.) The London Consensus: Economic Principles for the 21st Century. LSE Press, London, UK, 351 - 390. ISBN 9781911712435

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Abstract

Debates about the roles of markets and government are often framed as a binary choice between two polar cases, and often in ideological terms. This chapter recognises a spectrum, ranging from markets with light regulation (weights and measures) to heavy regulation (pharmaceutical drugs). I argue that it is useful to analyse the types and extent of government interventions as a mosaic comprising multiple objectives, multiple ways in which governments can intervene, multiple reasons why markets, including insurance markets may fail, and why governments may fail.

Item Type:	Book Section
Additional Information:	© The Authors 2025
Divisions:	European Institute
Subjects:	H Social Sciences > HB Economic Theory J Political Science > JC Political theory H Social Sciences > HD Industries. Land use. Labor
Date Deposited:	22 Oct 2025 07:36
Last Modified:	01 Nov 2025 04:12
URI:	http://eprints.lse.ac.uk/id/eprint/129915

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