"First, the welfare state is not a subject apart, but fits naturally into the framework of economic analysis. Secondly,the theoretical arguments support the existence of the welfare state not only for well known equity reasons but also - and powerfully - in efficiency terms."

Nicholas Barr Economics See all quotes by Nicholas Barr →

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“Markets can be efficient or inefficient; so can governments. thus market failure is a counterpoint to government failure.”

“Money income is a flawed measure of individual welfare.”

“Thus social insurance, in sharp contrast with actuarial insurance, can cover not only risk but also uncertainty.”

“Perfect competition must hold in product and factor markets, and also in capital markets. The assumption has two essential features: economic agents must be price takers; and they must have equal power.”

“It is argued that regulators are frequently captured by those whom they are supposed to regulate.”

“The European Commission uses an explicit relative poverty line of 60 per cent of national average income.”

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