As America debates the merits of government-provided health insurance,
it is important to note that the U.S. government is already the
largest insurance provider in the world. For decades, it has used
taxpayer funds to support the world's largest health care insurance
programs (Medicare and Medicaid) as well as the biggest pension and
disability insurance system (Social Security). The recent economic
crisis has prompted the government to dramatically increase its
insurance role by assuming large equity positions in private firms and
bailing out troubled mortgages buyers and sellers. Do these public
insurance programs improve social welfare? Or does government
intervention risk moral hazard and result in inefficient programs that
would be better handled by the private sector? In Public Insurance and
Private Markets, leading economists critically examine the
government's role in insuring against pension fund shortfalls, crop
losses, property damage from floods and other natural catastrophes,
bank failure, and terrorism. Jeffrey R. Brown and his coauthors argue
that government intervention must always be economically justified;
that risk adjusted premiums are essential; that the true taxpayer
burden for public insurance programs must be recognized; and that
private markets are capable of transferring risk without government
intervention. Poorly designed government insurance programs result in
misallocation of resources, excessive risk-taking, and potentially
enormous burdens on current and future taxpayers. Public Insurance and
Private Markets offers market-based guidelines for the proper scope of
government intervention and the design of public insurance
programs_guidelines that will benefit the U.S. economy and protect the
resources of future generations.
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Produktdetaljer
ISBN
9780844743417
Publisert
2015
Utgiver
Vendor
AEI Press
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter