SOCIAL WELFARE: INSIGHTS FROM THE AUSTRIAN SCHOOL OF ECONOMICS

 When looking back in the last decades, one can notice the assertion of the state as the main provider of the social welfare. The state proclaimed itself as the “welfare state” and assumed all the responsibilities for ensuring the welfare of its society. The economic and social situation (stressed and unstable in current times), combined with limited resource availability and aggressive state policies, have once again highlighted the importance of understanding the meaning of social welfare. This study aims at emphasizing some important aspects regarding social welfare in light of the Austrian School of Economics perspective. We dare to think outside the box and propose this theoretical foray as a cornerstone for rethinking the meaning of social welfare and the role of the state in ensuring the welfare for its members within the society.