Moral Hazard

December 23

Economists define moral hazard as the lack of incentive to guard against risks where you’re protected against the consequences of that risk.

(Economists don’t often get invited to parties for this exact reason)

And anyone who has ever made a decision on moral grounds would never think twice of calling it a hazard—

The weight of “what if I have it wrong” only being out balanced by the pain of living with doing nothing.

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