welfare state

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Related to Welfare theory: Welfare economics

Welfare State

The concept in which a government is or views itself as responsible for providing some minimum economic security for citizens. For example, the government may guarantee housing, work and a minimum income for all citizens. Less comprehensively, a government may provide income during periods of unemployment or poverty. Most governments have a welfare state to some degree. Proponents view welfare states as a form of economic justice. Critics contend that they are detrimental to GDP growth and promote needless dependency.

welfare state

a country that provides comprehensive SOCIAL-SECURITY BENEFITS such as state health services, state retirement pensions, unemployment and sickness benefits, etc. See TRANSFER PAYMENTS, GOVERNMENT EXPENDITURE.
References in periodicals archive ?
The essence of this explanation is that the WTP/WTA divergence may have been induced by the limited information and learning opportunities in experiments and survey settings and is not necessarily inconsistent with neoclassical preferences or Hicksian welfare theory.
Roth, The Present State of Consumer Theory: The Implications for Social Welfare Theory (Lanham, Md.
Robbins criticized the material welfare aspect of Pigou's work for the interpersonal welfare judgments that it required, and argued that welfare theory must pull out policy precepts from theory without the introspection inherent in the material welfare approach.
Family background is considered a determinant of welfare receipt by the culture of welfare theory.
Workers who feel "religiously" about unions are apt to stick with the union concept through good and bad times, unlike economically motivated workers under the economic welfare theory.
While this is not the standard welfare theory concern, examining data on product quality is useful in judging the ability of markets to handle asymmetric information in emergencies.
Regulatory policies animated by consequentialist social welfare theory are encumbered by two brute facts.
Jeremy Shearmur would like to see a more powerful theory of welfare in order to do justice to Mises's and Hayek's arguments for markets, but it remains unclear what kind of welfare theory he exactly has in mind.
By the end of this treatise, almost every approach to monetary policy--including the Taylor Rule and inflation forecasting rides--has been examined and a successful integration of welfare theory and monetary policy has been achieved.
Here, the book is very helpful in identifying the logical flaws in both the economics and the ethics of the prevailing social welfare theory.