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“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.
Nothing good happens after midnight. This quote has been attributed to various sports team coaches, probably because they all have said this on many occasions to their players. College and professional athletes, especially young men, think themselves bullet-proof, and chase the next thrill, pushing boundaries. These same athletes got to their elevated status through enormous […]
How many times have you made excuses for not taking on some kind of new endeavor? You may have even brushed off the opportunity without labeling it “too hard” because you didn’t want to admit to yourself that it would require more of you than you wanted to invest. I started thinking about those activities […]
Economist Allison Schrager joins City Journal editor Brian Anderson to discuss her new book, An Economist Walks Into A Brothel: And Other Unexpected Places to Understand Risk.
Risk is a universal fact of life, but some of us manage more of it than others. Schrager examined how a broad cross section of people handle it: horse breeders in Kentucky, members of an elite tank unit during the Gulf War, paparazzi who stalk celebrities, prostitutes in Nevada brothels. She lays out five principles for dealing with risk and explains how financial tools can help guide people through uncertainty.
We recently celebrated my youngest daughter’s birthday. Her fiancé is either very brave or totally clueless, because he gave her an exercycle. It must be the former, because she loved it, and even screamed, “That’s exactly what I wanted!” Friends, if I had given my wife, let’s say, a Thighmaster for her birthday, it would […]
That is not a rhetorical question. There are indeed things we value more than life itself. That is why soldiers risk death in war, rather than surrender to conquerors and live under oppression That is why police officers patrol the streets, rather than surrender to criminals and live in abuse. That is why civilians risk death every […]