PPT-The Welfare Cost of Perceived Policy Uncertainty: Evidence from Social Security

Erzo F P Luttmer Andrew A Samwick Dartmouth College and NBER March 2017 Motivating Question Future government policy is subject to uncertainty How costly is this uncertainty When does policy uncertainty matter most. Session aims . T. o explore what social policy is and how the policy making process works. To show how social policy influences individual health in a variety of ways both positively and negatively. To identify the principles of healthy public policy . Cambridge, 28 November 2013. Helga . Nowotny. The odds for tomorrow: promises, policy and. the publics under conditions of uncertainty. The . odds. . for. . tomorrow. Between fear and confidence. What is a promise and what does it do . Through Economics. edited by. John Siegfried,. Vanderbilt University. Better Living Through Economics. Economic . research has had a profound effect on our way of life and . well-being, . affecting income and wealth, as well as mortality, health, happiness, and . Programs to cushion risk, provide citizens with security from market. Social insurance: largest part of welfare state. Age, ill health, unemployment, death of spouse. Social Security, . Medicare, . Unemployment insurance, . Gerry Stoker. Starting points . Social science and policymaking . can appear . not be natural “best” . friends. Policymakers express frustration that social science often appears to have little of relevance to . Lecture. 2. What. is a . welfare. . state. ?. “A polity so organized that every member of the community is assured of his due maintenance with most advantageous conditions possible” (Oxford Dictionary, 1955).. Marcia McNutt. Editor-in-Chief. Science . family of Journals. Challenges with scientific uncertainty ...... Public perception that if scientists express uncertainty, they “don’t know they are talking about.”. Perceived Policy Uncertainty: Evidence from Social Security. Erzo . F.P. . Luttmer. Andrew A. Samwick. Dartmouth College and NBER. April . 2017. Motivating Question. Future government policy is subject to uncertainty. How costly is this uncertainty?. Paul Smyth. University of Melbourne. Pre history. Pre welfare state: . tawney. Myrdal Keynes . etc. Welfare state : T H Marshall . New Left: O’Connor Gough . Offe. New Right : . friedman. . hayek. Discretionary spending: Congress can adjust the amount spent on different programs through changes in annual appropriations bills.. Mandatory spending: the federal government is legally required to spend the money.. . Building from the bottom: How is social innovation transforming social policy?. . Public Lecture at.  . . Institute for Advances Studies (. IAS). University of Birmingham. 9. . April . 2014. -. . East and South . Asian. . trajectories and approaches. Gabriele . Köhler. Development economist. Conference on Re. -Thinking Asia. II. “Building New Welfare States:. What Asia and Europe can learn from each other” . Tim Goedemé. tim.goedeme@kuleuven.be. tim.goedeme@uantwerpen.be. Lecture 2 – 17/02/2016. This lecture. Expectations and evaluation. Overview of course. Introduction: Social Policy in Europe. Expectations & Evaluation. Highlight of the Unit. :. Welfare economics, positive and normative aspects of welfare economics, equilibrium and efficiency under pure exchange and production, Pareto’s efficiency in exchange, production, .