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Notes and Reflections on Books and Media

by Hannah Leitheiser

No Insurance for You

#economics #book #capitalism #insurance

Wealth and Poverty: A New Edition for the Twenty-First Century

George Gilder

2012

2019-05-06

“The larger moral hazard of the attempt to nationalize insurance is the upset the balance between risk and security. Insurance attempts to predetermine outcomes, to assure specific levels of income in retirement, unemployment, family breakdown, sickness, in all the adversities of life. But when too many people know where they are going, the economy doesn’t get very far. The particular moral hazards of various policies accumulate into collective danger of national sclerosis, an economy that is closed to the necessary risk fraught in unknown future.” - George Gilder, Wealth and Poverty: A New Edition for the Twenty-First Century (2012)