Social protection and economic stability

James Midgley

Chapter 6 in Social Protection and Development, 2026, pp 126-147 from Edward Elgar Publishing

Abstract: This chapter argues that social protection should feature prominently among the fiscal and monetary policies used by governments to promote economic stability. It defines key terms and provides an overview of the literature about the causes of instability. Policies to deal with the problem are then discussed. It shows that social protection has been used effectively in the past to maintain income and demand when production and growth decline and unemployment increases. The example of how the federal government in the United States allocated unprecedented resources to prevent mass unemployment and poverty resulting from the COVID-19 pandemic is examined. Although unemployment soared, incomes were maintained and, contrary to expectation, the incidence of poverty declined.

Keywords: Stability; Steady growth; Economic crises; Inflation; Countercyclical policy; Automatic stabilizers (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035308187
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