What Is a Welfare State?
Those risks include sickness, old age and losing your job.
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1.What is a welfare state, in plain words?
Those risks include sickness, old age and losing your job.
2.Who pays into a pay-as-you-go system?
Contributions and taxes of today's workers go out right away to today's retirees, which is why it is called pay-as-you-go.
3.In 2022, OECD countries spent about what share of output on public social support?
That is an OECD estimate, an average that hides big gaps between countries; pensions and health were the largest items.
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Sources (6)
- OECD: Social Expenditure (SOCX) Update 2023: The Rise and Fall of Public Social Spending with the COVID-19 Pandemic, January 2023
- Kaiser Wilhelm I.: Royal Proclamation on Social Policy (Kaiserliche Botschaft), 17.11.1881, German History in Documents and Images (GHDI), Dok. 1808
- U.S. Social Security Administration: Otto
- Eigene Rechnung: Umlagesystem-Beispiel (Uebungsaufgabe)
- Beveridge, W.: Social Insurance and Allied Services (Cmd. 6404), 1942, Abschnitt Principles
- Hayek, F. A.: The Road to Serfdom (1944), Kap. IX "Security and Freedom"
Education only. Not financial advice.