This work discusses how the analysis of the role and imoact of the welfare state has evolved over time in the economic literature. We stress the change in focus from the insurance to the redistributive role and we try to assess whether the dominant view according to which the welfare state is mainly a redistributive mechanism is justified, once the historical developments and the institutional frameworks are taken into account. We come to the conclusion that insurance is indeed the function performed by the WS and identify elements which could profitably be introduced into the economic investigation to have a better ground on which to evaluate policy effects and reforms