Market Problems In The Welfare State Video
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Description "This excellent book should be read by students and academics alike. It provides a clear account of the nature of the contemporary welfare state and the 'How, what and why' of welfare state change in Britain Highly recommended. Castles, Department of Social Policy, University of Edinburgh "The changing nature of the 'welfare state' in Britain over the last twenty-five years or so has been one of the key issues underpinning much of the debate about social policy development in the country. In this book Powell and Hewitt have provided an invaluable guide to the ideas and arguments which have been advanced to explain this process of change, and in so doing have helped to advance our appreciation and understanding of the broader context of policy practice. This book will provide a valuable guide for students, attempting as it does to explain and assess the 'production of welfare' in Britain in the context of the wide-ranging, interdisciplinary literature on welfare restructuring. A valuable feature of the book is its focus on explanations.Market Problems In The Welfare State - simply matchless
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Market Problems In The Welfare State.
The problem is that there is a significant separation between reported and market inflation. The uncoupling is not new and is a statistical issue. But it has become a thorny policy problem as easy money creates more market than reported inflation.
Statistical Separation—Reported Versus Market Inflation In practice, there should be no difference between reported and market inflation. But in the statistical business of measuring and reporting consumer price inflation CPIthere is. Market prices reflect current economic conditions and measure what the consumer would pay, and businesses receive. That is how prices for goods and services are measured and reported in the consumer price index, except for one.
Price estimates for owner-occupied housing which accounts for roughly one-quarter of the CPI do not reflect market prices, nor are they based on data for owner-occupied homes. In the CPI, owner-occupied home costs are estimated based on what people could have earned had they rented their house. Two decades of rents and house price data show the scale of separation between reported and market inflation when statisticians use the data from one market to measure prices in another one see chart. That was most obvious during the housing bubble of the s, but it is also apparent today.
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But the CPI owner-rent series was only up 2. A similar separation between house prices and owner rents is occurring today. However, during robust housing markets and a dwindling supply of homes available for rent, the CPI shows a deceleration in owner-occupied housing rent inflation.
Because government statisticians use data from the rental market that reflect different supply and demand factors. The statistical separation between reported and market inflation has become a policy problem.
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The burst of market house prices and not estimated rent prices triggered the housing market collapse in the s. Market prices reflect the allocative decisions of the consumer. Those prices are the signals through which monetary policy needs to gauge its policy stance.]
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