It is argued that regulators are frequently captured by those whom they are supposed to regulate. - Nicholas Barr

By 'trading' (i.e. pooling), individuals can acquire certainty.

First, the welfare state is not a subject apart, but fits naturally into the framework of economic analysis. Secondly,the theoretical arguments support the existence of the welfare state not only for well known equity reasons but also - and powerfully - in efficiency terms.

Efficiency advantages and disadvantages are more finely balanced than with health care - one person's 'sign of a civilized society' is another's 'society is going to the dogs'.