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European thought is often said to be a gift to the rest of the world, but what if there is no gift as such? What if there is only an economy where every giving is also a taking, and every taking is also a giving? This book extends the question of economies by making a case for an \"economy of thought\" and a \"political economy.\" It argues that all thinking and doing presupposes taking, and therefore giving, as the price to pay for taking; or that there exists a \"cost of living,\" which renders the idea of free thinking and living untenable. The argument is developed against the Enlightenment directive to think for oneself as the means of becoming autonomous and shows that this \"light,\" given to the rest of the world as a gift, turns out to be nothing.

The cost-of-living crisis that began in the aftermath of the COVID-19 crisis and the attempted Russian invasion of Ukraine has major implications for social policy. In advanced industrial countries, this is the most dramatic cost-of-living crisis since the mid-late 1970s and early 1980s. In this contribution, we explore the inflation and social policy nexus to identify the nature and sources of inflation, its redistributive and policy implications, and the specific nature of the current cost-of-living crisis compared to two other recent crises: the 2008 financial crisis and the COVID-19 pandemic. Focusing on advanced industrial countries and drawing on the available scholarship about these topics, we offer the background necessary to understand the challenges facing welfare states in times of dramatically high inflation. As a way to provide broad context to the present themed section, our discussion stresses the economic, social, and political dynamics shaping social policy adaptation to inflationary pressures.

This paper compares social policy responses to the cost-of-living crisis in the United Kingdom (UK) and Ireland. In seeking to protect citizens from an inflationary shock, a series of fundamental social policy questions arise. What would the aims of support packages be? To what extent should support be universal or targeted? If targeted, did existing policy architectures facilitate or frustrate the targeting of support? As the scale and persistence of the inflationary shock became evident, smaller and near-universal responses gave way to larger support packages with a greater reliance on targeting. Social security systems played an important role in policy responses, though often by passporting one-off payments rather than a strengthening of these core programmes. Passporting led both to improved distributional outcomes vis-à-vis the more universal elements but created new administrative challenges and led to rough justice in some circumstances. The reliance on one-off payments underlined the temporary nature of policy responses.

This introduction to our themed section on social policy responses to the recent cost-of-living crisis spells out this topic and the key issues examined in the section’s main contributions before summarising their findings and overall contribution to the literature. More specifically, to frame this themed section, the present Introduction begins with a concise, up-to-date overview of the inflationary crisis that emerged in late 2021 and evolved throughout 2022 and the first half of 2023. It then charts, and reflects upon, the diversity of responses enacted in a variety of countries reflective of different models of welfare provision in Europe and North America.

Background The Cost of Living Crisis (CoLC), a real term reduction in basic income, risks individuals being unable to afford essentials such as heat, food and clothing. The impact of the CoLC is disproportionate – with different population sub-groups more likely to be negatively affected. The objective of this survey was to evaluate the perceived impact of the CoLC on the life and health of participants across four European countries. Methods A survey housing two questions to investigate the relationship between the CoLC and its perceived impact on life and health was developed. Four European countries (U.K., Sweden, Italy and Germany) took part via the YouGov platform. Logistic regression models were created for each country and question to evaluate which population characteristics were associated with a negative reported impact of the CoLC. Results A total of 8,152 unique individuals responded between 17th March and 30th March 2023. Each country was equally represented. Those aged 36–64 were more likely to report a negative impact of the CoLC on their life and health than younger participants ( p  < 0.001, p  = 0.02 respectively). Across all countries, females were significantly more likely to report a negative impact on their life and health, however, when analysed according to country, in Sweden females were less likely to report a negative impact ( p  < 0.001). Those in lower income families or who reported poor health in the preceding 12 months were significantly more likely to report a negative impact of the CoLC on their life and health. There was no difference within the participant group on the reported impact of the CoLC based on location (rural vs. urban). Conclusions We demonstrate the disproportionate negative impact of the CoLC on both life and health in different population subgroups. Germany and Sweden appeared to be more resilient to the effects of the CoLC, particularly for certain population subgroups. It is important to understand the differing effects of a CoLC, and to learn from successful health and economic strategies in order to create targeted policy and create a population resilient to economic shocks.

Social policies’ responsiveness to rising inflation depends in large part on whether they contain automatic indexation mechanisms, which ensure that the real value of wages and benefits expands during inflationary periods. Here we compare how the indexation of Canadian and U.S. policies on pensions, minimum wages, and food security have affected their responsiveness to the recent cost-of-living crisis. Three main conclusions emerge from our analysis. First, automatic indexation is not necessarily a silver bullet to avoid policy drift. Second, automatic indexation and its design are not the only factors that matter to determine whether high inflation leads to policy drift. Finally, in times of higher inflation, social programs that lack automatic indexation can avoid policy drift, as long as a strong political consensus allows for ad hoc social policy expansion capable of offsetting the negative effects of inflations on social benefits.

State and local employees comprise a significant proportion of the workforce and are largely covered by defined benefit pensions. Many of these retirement plans have been facing funding gaps, but legal restrictions often prevent them from reducing benefits for current employees. However, retirement plans can reduce liabilities by changing cost-of-living adjustments, or COLAs, which are commonly applied to benefits each year to allow retirees to maintain purchasing power in retirement. In this study, we examine the prevalence of COLAs in public sector retirement plans through original data collection for 49 plans in 30 states, which cover approximately 52% of public sector workers overall. Among these samples, on average 45% of workers each year experienced some change in COLAs between 2005 and 2018, with more than half of these workers experiencing negative changes. We consider stylized examples of public sector workers subject to reductions in COLAs to understand how COLAs may affect workers’ retirement decisions. Our analysis suggests that eliminating a 3% COLA could delay retirement of affected workers by approximately 4.5 months.

Scanner data are electronic transaction data that specify turnover and the number of items sold by barcodes, e.g., the Global Trade Article Number. These data are of particular value and interest to theorists and practitioners who wish to measure the Cost of Living Index or the Consumer Price Index, since their complete content makes it possible to compute any price index formula, including superlative indices or CES (Constant Elasticity Substitution) indices. Since the CES index requires the estimation of the elasticity of substitution, this paper focuses on verifying various methods of estimating this parameter based on scanner data. The paper considers both algebraic methods and methods based on the panel regression approach. The main achievement of the paper is the separation of the main factors that affect the estimated value of the elasticity of substitution, i.e., the type of data filter used and the level of data aggregation. The paper also verifies how the elasticity of substitution estimates affect the differences between the values of the CES indices based on these estimates.

Background The current cost-of-living crisis in the UK has negatively affected wide sections of society, including university students. Aim To determine how the lifestyle, behaviors, mental health and education of students at an English medical school have been affected by the crisis. Methods Mixed methods cross-sectional study. Results One hundred and forty-seven students responded to the questionnaire; 53% ( n  = 106) receiving maintenance loans reported that their loans only covering up to half of their costs; 72% ( n  = 103) felt the need to either gain employment or increase their current working hours; 75% ( n  = 110) reported gaining income through employment, 55% ( n  = 57) of which agreed or strongly agreed with their work having a negative impact on their studies; 83% ( n  = 87) reported significant increases in the amount spent on rent, household bills, and food; 69% ( n  = 73) restricted their spending on essentials such as food, heating, and clothing. Conclusion There is an urgent need for increased financial support for medical students in the current cost-of-living crisis, particularly those from lower-income families, first-generation students, and those entering through widening access programmes. The current financial aid structure, combined with the pressures of the cost-of-living crisis, is insufficient to meet students' basic needs and is compromising their education, well-being, and professional development.