Social Insurance as an Efficiency Device
- 1 January 1989
- journal article
- research article
- Published by Cambridge University Press (CUP) in Journal of Public Policy
- Vol. 9 (1) , 59-82
- https://doi.org/10.1017/s0143814x00007972
Abstract
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.Keywords
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