Precautionary Saving, Insurance, and the Origins of Workers' Compensation PDF Download
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Author: Shawn Kantor
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In this article we test whether the introduction of social insurance has led to a reduction in private insurance purchases and precautionary saving by examining the introduction of workers' compensation. Our empirical analysis is based on the financial decisions of over 7,000 households surveyed for the 1917 19 Bureau of Labor Statistics Cost-of- Living that the presence of workers' compensation at least partially crowded out private accident insurance and led to a substantial reduction in precautionary saving. The introduction of workers' compensation caused private saving to fall by approximately 25 percent, with other factors held constant.
Author: Shawn Kantor
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In this article we test whether the introduction of social insurance has led to a reduction in private insurance purchases and precautionary saving by examining the introduction of workers' compensation. Our empirical analysis is based on the financial decisions of over 7,000 households surveyed for the 1917 19 Bureau of Labor Statistics Cost-of- Living that the presence of workers' compensation at least partially crowded out private accident insurance and led to a substantial reduction in precautionary saving. The introduction of workers' compensation caused private saving to fall by approximately 25 percent, with other factors held constant.
Author: Price V. Fishback
Publisher: University of Chicago Press
ISBN: 0226251640
Category : Political Science
Languages : en
Pages : 331
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Book Description
Workers' compensation was arguably the first widespread social insurance program in the United States and the most successful form of labor legislation to emerge from the early Progressive Movement. Adopted in most states between 1910 and 1920, workers' compensation laws have been paving seen as the way for social security, Medicare, unemployment insurance, and eventually the broad network of social welfare programs we have today. In this highly original and persuasive work, Price V. Fishback and Shawn Everett Kantor challenge widespread historical perceptions, arguing that, rather than being an early progressive victory, workers' compensation succeeded because all relevant parties—labor and management, insurance companies, lawyers, and legislators—benefited from the legislation. Thorough, rigorous, and convincing, A Prelude to the Welfare State: The Origins of Workers' Compensation is a major reappraisal of the causes and consequences of a movement that ultimately transformed the nature of social insurance and the American workplace.
Author: Price V. Fishback
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
A central question concerning the economic motivation for the adoption of workers' compensation is the extent to which workers had access to their desired levels of private accident insurance around the turn of the century. If insurance were rationed, then workers' primary option would have been to use saving to protect against accident risk. We develop a theoretical model that suggests that workers' compensation, under this market condition, should have caused a reduction in households' precautionary saving. Our empirical test is based on a sample of over 7,000 households surveyed for the 1917-1919 Bureau of Labor Statistics Cost-of-Living study. Regression analysis suggests that households tended to save less, holding all else constant, if their states had workers' compensation in force. This finding, in concert with qualitative information about the insurance industry, provides some evidence that insurance companies were unable to effectively offer workplace accident insurance to a wide range of workers. By shifting the burden of insurance from workers to employers, workers' compensation benefited risk-averse workers who were rationed out of the insurance market, even if they paid for their more generous post-accident benefits through lower wages.
Author: Price V. Fishback
Publisher:
ISBN:
Category : Accident insurance
Languages : en
Pages : 51
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Book Description
Abstract: A central question concerning the economic motivation for the adoption of workers' compensation is the extent to which workers had access to their desired levels of private accident insurance around the turn of the century. If insurance were rationed then workers' primary option would have been to use savings to protect against accident risk. We develop a theoretical model that suggests that workers' compensation, under this market condition, should have caused a reduction in households' precautionary saving. Our empirical test is based on a sample of over 7000 households surveyed for the 1917- 1919 Bureau of Labor Statistics Cost-of-Living study. Regression analysis suggests that households tended to save less, holding all else constant, if their states had workers' compensation in force. This finding, in concert with qualitative information about the insurance industry, provides some evidence that insurance companies were unable to effectively offer workplace accident insurance to a wide range of workers. By shifting the burden of insurance from workers to employers, workers' compensation benefitted risk-averse workers who were rationed out of the insurance market, even if they paid for their more generous post-accident benefits through lower wages.
Author: Ben Jupp
Publisher: Demos
ISBN: 1898309388
Category : Consumption (Economics)
Languages : en
Pages : 69
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Author: Claude Diebolt
Publisher: Springer Nature
ISBN: 3031355830
Category :
Languages : en
Pages : 2796
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Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 594
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Author:
Publisher:
ISBN:
Category : Finance, Public
Languages : en
Pages : 1024
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Author:
Publisher:
ISBN:
Category : Electronic journals
Languages : en
Pages : 548
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Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 106
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