The economy of obligation: incomplete contracts and the cost of the welfare state
Western governments typically pay out some 30 percent of GDP for social purposes. This is financed by taxation on a pay-as-you-go (PAYGO) basis. How efficient are these transfers, and can market or other mechanisms do it better? The problem arises since no individual stands alone. During the life cy...
| Päätekijä: | |
|---|---|
| Aineistotyyppi: | Working paper |
| Kieli: | English |
| Julkaistu: |
University of Oxford
2012
|