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The economics of social care

Who will look after us when we’re old?

As the population of the UK ages, the issues of staffing and funding social care will become increasingly pressing. In this article Steven Proud explores the economics of the labour market and insurance through the lens of social care

labour market, insurance, information asymmetry, adverse selection, moral hazard

When the NHS was established in 1948, it was created with the view that healthcare was a right for all, and provided free medical care for anyone, no matter how rich or poor they were. While certain elements of healthcare have become means tested (for example, charges on prescriptions, eye tests, dental treatment), the fundamental principle of universality of healthcare still exists.

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