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Social insurance as an efficiency device

Barr, Nicholas ORCID: 0000-0002-5325-2055 (1989) Social insurance as an efficiency device. Journal of Public Policy, 9 (1). pp. 59-82. ISSN 0143-814X

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Identification Number: 10.1017/S0143814X00007972


Irrespective of views about equity, social insurance has a major efficiency role. Because of technical problems in private markets, neither unemployment nor inflation are risks against which private markets can supply actuarial insurance, and medical insurance cannot cover all risks for all types of individual. The existence of social insurance is therefore supported on the grounds that it does things which private, actuarial insurance would either not do at all or would do inefficiently.

Item Type: Article
Divisions: LSE
Date Deposited: 27 Apr 2007
Last Modified: 15 May 2024 23:30

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