The abrupt est of rapid economic growth in Malaysia has created a new mood of insecurity. However, "economic insecurity" is rarely discussed in the professional economics literature and has received little emphasis in recent economic policy making in OECD nations. This paper argues that economic insecurity should receive more attention, because it affects social and political stability, and influences individual well-being, personal identity and labor market behavior. As well, the welfare state was largely motivated by a desire to decrease insecurity, but Malaysia has not put in place unemployment insurance or welfare progrmas to mitigate economic insecurity. The paper discusses the differences between "economic insecurity" and "risk", before turning to a discussion of how best to measure economic insecurity.
