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If productivity increases more slowly for services than for manufactured goods, then services suffer from Baumol's cost disease and tend to become relatively more costly over time. Since the welfare state in all countries is an important supplier of tax financed services, this translates into a financial pressure that seems to leave policymakers with a trilemma: increase tax distortions, cut spending...
Unemployment insurance tends to distort incentives in the labour market, affecting job search and wage formation adversely. We show in a search‐matching model that this moral hazard problem can be reduced by attaching a workfare requirement to the eligibility conditions for claiming unemployment benefits. Even when workfare has no effects on human capital or productivity, it is possible to improve...
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