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8.
Economic Security
Jacob S. Hacker
This chapter examines what we know about economic security and what we still must learn. It defines economic security as vulnerability to economic loss, and treats “economic” as a description of the consequences (such as income loss) rather than the causes of insecurity. The chapter presents a series of recommendations for researchers and statistical agencies that would permit better measurement and analysis of economic security, both as a fundamental feature of economic life and as a major influence on subjective well-being and economic behavior. It synthesizes state-of-the-art theory and evidence regarding economic security and then lays out a small number of relatively well-developed measures. Drawing on the findings of this review and on the best available data, the chapter provides some preliminary evidence about the evolution of economic security in developed economies. The chapter then describes some of the continuing shortcomings of existing statistics in this field, and suggests ways to improve them.
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