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Allison Schrager joins Brian Anderson to discuss how risk propels economic growth and why government efforts that go too far to mitigate risk undermine America’s economic vitality.
“Risk, for better and worse,” writes Schrager for City Journal, “is at the heart of economic growth, and successfully apportioning it—not avoiding it—is the key to prosperity.” While government has a role to play in managing risk, the U.S. economy has thrived by trusting markets to allocate it efficiently. Overly intrusive efforts to reduce risk in the economy—such as California’s new law regulating freelance or “gig” work—may prove counterproductive to workers of all incomes.
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Always enjoy interviews with (sane) economists and remember fondly the interview about her book. Ms. Schrager’s explanation of the problems with the California ‘gig’ law filled in some gaps for me. It is ironic that in the (La-La) land of actors working part-time while waiting for the big break, that law should get written and passed.