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Books > Social sciences > Politics & government > Central government > Central government policies
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Public Insurance and Private Markets (Hardcover)
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Public Insurance and Private Markets (Hardcover)
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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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