By B. Vivekanandan, N. Kurian
This quantity provides a suggestion upsetting research of key welfare kingdom matters enticing coverage makers around the globe. It offers a different and accomplished evaluate of the kingdom of welfare states- constructed and constructing. It maps the range of welfare regimes internationally and brings to fore the particularities and nuances that characterise them. The publication additionally makes a speciality of the on-going reforms and makes a robust case for the elevated relevance of the welfare country in a globalizing period.
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Extra info for Welfare States and the Future
Example text
5 Objectives of the study The purpose of this chapter is to examine the relationship between economic growth and income distribution in the context of income transfers that take place in welfare state systems. I shall examine the theoretical relationship between growth and distribution, retaining the growth mechanism of the traditional growth models in which the market absorbs the savings of the accumulators to raise the capital stock, but introducing a concept of ‘uniform income transfers’ by which income is transferred from an aboveaverage earner to a below-average earner.
Then the decomposition works out as follows: n Ây i=1 i log ( y i p i ) = G Ây G g g =1 g =1 ng where E g = Ây k =1 log ( y g p g ) + Â y g E g , kg (2) log ( y kg p kg ) The term on the left-hand side is the Theil entropy index of inequality among all countries. This is decomposed as a summation of several entropy measures appearing on the right-hand side. The first term on the right-hand side is the measure of inequality between groups with yg and pg denoting the income and population shares of the gth group in the world totals.
In this case an increase in the rate of growth requires a fall in l, that is regressive income transfers. At higher levels of development the accumulation effect is likely to dominate the redistribution effect and an increased intensity of the transfers may lead to a higher growth rate of income. This result may be replicated at various levels of disaggregation, that is interstate and intrastate income distribution. If the below-average earners are also savers, though their savings propensity may be less than that of the above-average earners, the inverted-U relationship between per capita income and the rate of economic growth is strengthened.