Welfare state. It was during the Greta Depression in the 1930s that the concept of welfare state was introduced in the United States.

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Running Head: EFFECTS OF WELFARE ON ECONOMY

EFFECTS OF WELFARE ON ECONOMY

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EFFECTS OF WELFARE ON ECONOMY

Introduction

Welfare State, or more precisely, welfare are usually measures taken on the macroeconomic level by the government of a country for promoting the well being of its public through various ways and means. Welfare generally encompasses all the citizens of a state, and so is also called social welfare. A state is transformed into a welfare state when its governments and institutions join hand and devise policies for overall social welfare of its citizens such as trough pension plans, unemployment insurance, social security plans or measures to improve health, education, housing and social protection. Throughout history, economists are especially interested in evaluating a government's expenditures on its social welfare system and based on that, the current as well as future well being and health of the public living can be observed. Obtaining welfare or social benefits is considered a "right" of every citizen living in a welfare state. (Hulten, 1989) The government takes measures of not only implementing such programs for the betterment of