Market Efficiency Versus Equity (Paperback)

During recent decades the welfare state has shown a growing interest in issues relating to market efficiency. Supply side economics, Reaganism and Thatcherism all pointed to the fact that welfare state arrangements had become a burden for society that prevented individuals to take action and frustrated markets to operate efficiently. Since then different fields of public policy have been confronted with trends like deregulation, privatisation and less government action. Education, transport, social security and pension schemes are just a few examples. The results of these operations have given rise to new questions concerning solidarity, equal treatment and all citizens getting their 'fair share' of welfare. This debate has become the more important as Europe is in a period of transition in which it has to decide on shaping its future by way of the European Union. Major contributions to the discussion with respect to the relation between market efficiency and equity come from lawyers and economists. That is why this volume of the series 'Balancing the welfare state' has brought together experts in both law and economics to discuss this relation from different angles and with respect to different actual problems in the late-twentieth century welfare state.