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The Need for Formal Social Safety Nets

In: Formal and Informal Social Safety Nets

Author

Listed:
  • Mohammad Ashraf

Abstract

A hypothetical situation: The economy of California is booming due to the public’s renewed interest in movies. A plumber moves from Iowa to California. His skills are better suited for the kind and quality of plumbing done in California. As a result, his skills can carry a higher price in California as compared with Iowa. He is better off because he earns higher wages and the Californians are better off because they get the kind of service they want. His car breaks down, and he takes his car to a car mechanic. The car mechanic goes to a dentist when her tooth starts hurting. Her dentist finds that the cause of pain is her wisdom tooth and it needs extraction. Before extraction, the dentist gives the mechanic a sedative produced by a pharmaceutical firm. The owner of the pharmaceutical firm takes her kids to watch a movie made in a studio in Hollywood in which actors, directors, camera operators, and so on1 from practically all over the world have participated.

Suggested Citation

  • Mohammad Ashraf, 2014. "The Need for Formal Social Safety Nets," Palgrave Macmillan Books, in: Formal and Informal Social Safety Nets, chapter 0, pages 13-30, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38874-2_2
    DOI: 10.1057/9781137388742_2
    as

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