Comment 74856

By jackson (anonymous) | Posted February 29, 2012 at 11:22:57 in reply to Comment 74855

Moral hazard says people abandon prudence where there is no cost, ie people behave rashly where they have insurance - I think. So you're saying that absent ethical limits, people will be wasteful? That's true - but I don't think this is a useful factor in individual decision-making in the narrow field of economic action. I'm not saying it's true of all social relations, nor even all transactions. But at the level of market transactions, where information is not equally available, I have trouble seeing how my sense of ethics, say to choose Pioneer gas over Shell, has any value.

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