Basic Economics, Risk, and The Induction Principle

Nathan's back and we're talking Thomas Sowell again. Specifically, the chapter on risk and insurance in his book Basic Economics. Three points / misunderstandings to address when talking about risk:

 

1.) Properly placed risk pressures economic actors to make the right decision. (Skin in the game)

--(https://www.nationalreview.com/2021/10/bernies-not-so-subtle-single-payer-plot/?fbclid=IwAR3MygsmryAc-IjRpnsLRX4NfEKXKTvHdu-1pCbCE_T1svxf5BXmS-Jpnsk)

2.) It determines the rate of return on your investment and wages

https://www.cnbc.com/2021/09/15/in-2020-top-ceos-earned-351-times-more-than-the-typical-worker.html 

3.) Assurance (risk mitigation) is an industry that people take for granted

https://www.npr.org/sections/health-shots/2020/10/27/927968274/if-the-aca-falls-protecting-preexisting-conditions-could-be-harder-than-it-sound

 

Colossians 1:17 - He is before all things, and in Him all things hold together.

 

 

 

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Music By: SUNDANCE

Track Title: Persephone - Retro Funky

Creation: SUNDANCE (Remix)

My additions: clips from Jay Richards, Thomas Sowell, Walter Williams, Gary Vaynerchuk, Jeff Durbin, and Gary North.

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