Why has the Public Sector Grown so Large in Market Societies? The Political Economy of Prudence in the UK, c. 1870-2000.
The public sector allocates 40 percent of expenditure in Britain. Why do affluent consumers acquire so much welfare outside the market? If choice is affected by myopic bias, optimisation is costly, consumer choice is fallible, and collective consumption provides a ‘commitment device’. For a century...
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| Format: | Working paper |
| Language: | English |
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Nuffield College (University of Oxford)
2002
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