Abstract
This article approaches welfare state evolution in terms of protection against household income volatility. It maintains wage earner household income instability emerges from firm routines, household habits, and welfare state provisions. It considers the impact of austerity measures in the context of a longer trend of labor market institutional evolution. Prior to austerity-driven measures, labor market developments shifted risk from firms to state and households. Austerity measures amplified previous trends and left household incomes exceedingly exposed to effective demand risk.
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