The welfare state was designed for a twentieth-century economy and cannot promote equity and efficiency in the New Economy. A basic income guarantee-a guaranteed adequate income for every member of society-is a social welfare policy that promises to achieve both equity and efficiency.

Charles M.A. Clark, Professor of Economics at St. John's University, shows how this guarantee would promote the competitiveness of the Irish economy while at the same time reducing income inequality, eliminating poverty, and promoting social inclusion and participation.