Notable excerpts from "Applied Economics"
Posted: 17 March 2009 at 18:56:02
I am currently reading Applied Economics by Thomas Sowell and have found it full of awesome quotes and data. For example, this from the chapter section on insurance and risk:
As a matter of financial self-protection, both families and insurance companies must seek to discourage risky behavior in one way or another. For a government agency, however, financed by taxpayers' money, there is no such urgency about discouraging the increased risks that people may take when those risks are covered by others. Moreover, the agency gets its biggest political support from helping those suffering the consequences of the risks they have taken, however unwisely, not by criticizing them.
Stay tuned for more great nuggets.