2021 AEA DISTINGUISHED LECTURE:
Public Economics and Inequality: Uncovering Our Social Nature by Emmanuel Saez
https://eml.berkeley.edu/~saez/saez-AEAlecture.pdf
“In human societies, childcare and education for the young, retirement benefits for the old, health care for the sick, and income support for those in need are to a large extent resolved at the social level rather than the individual level. This was traditionally done informally through the community and family and is now achieved through the modern social state in advanced economies. Even though an individual solution through markets is theoretically possible, it does not work well in practice without significant institutional or government help”.
Public Economics and Inequality: Uncovering Our Social Nature by Emmanuel Saez
https://eml.berkeley.edu/~saez/saez-AEAlecture.pdf
“In human societies, childcare and education for the young, retirement benefits for the old, health care for the sick, and income support for those in need are to a large extent resolved at the social level rather than the individual level. This was traditionally done informally through the community and family and is now achieved through the modern social state in advanced economies. Even though an individual solution through markets is theoretically possible, it does not work well in practice without significant institutional or government help”.