The Macroeconomics of the Welfare state

Torben M Andersen and Torben Schmidt

Chapter 9 in Macroeconomic Perspectives on the Danish Economy, 1999, pp 264-293 from Palgrave Macmillan

Abstract: Abstract The structure and size of the public sector is hotly debated, and it is often questioned whether the public sector has become too large or whether its structure has become inappropriate. The overall performance of the economy is also often related to the size and structure of the public sector. Accordingly the role and future of the welfare state is high on the political agenda. The aim of this chapter is to use recent theoretical results as a guide for an attempt to make an empirical assessment of some central macroeconomic implications of the public sector. Is it at all possible to say something on the importance of the size and structure of the public sector for overall macroeconomic performance? If so, this may yield insights on the cost and benefits of public sector activities which are needed for a political prioritization of resource allocation.

Keywords: Public Sector; Business Cycle; Welfare State; Public Debt; Automatic Stabilizer (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50103-4_9

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DOI: 10.1057/9780230501034_9

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