"In a world of certainty, the welfare state has only a small role."

"It is argued that regulators are frequently captured by those whom they are supposed to regulate."

"Markets can be efficient or inefficient; so can governments. thus market failure is a counterpoint to government fail…"

"First, the welfare state is not a subject apart, but fits naturally into the framework of economic analysis. Secondly…"

"A 'socialist' country like Sweden has a highly articulated welfare state; Denmark and New Zealand (which are not high…"

"A society is a cooperative venture for the mutual advantage of its members."

"A reduction in the liberty of the least well off cannot be justified even if it is to their economic advantage."

"there is an efficiency case for an institutional welfare state."

"Thus social insurance, in sharp contrast with actuarial insurance, can cover not only risk but also uncertainty."

"Perfect competition must hold in product and factor markets, and also (and importantly) in capital markets. The assum…"