From the Becker-Posner Blog
Richard Posner makes a case for preparing for any disasters, regardless of how remote a chance it has of occuring.
"The fact that a catastrophe is very unlikely to occur is not a rational justification for ignoring the risk of its occurrence. Suppose that a tsunami as destructive as the Indian Ocean one occurs on average once a century and kills 150,000 people. That is an average of 1,500 deaths per year."
Gary Becker suggests how poor countries can protect themselves from major disasters.
"There are two ways to protect against natural and other disasters: one is through insurance that helps compensate persons badly hurt by loss of family member or property. The other is through self-protection, which means actions to reduce the probability of the disasters from happening-....."
Why you should read it:
This Blog is co-written by Gary Becker, Nobel Prize winner for Economic Sciences in 1992 , and Richard Posner , a federal judge and Law Lecturer. The two men discuss various issues happening in the world. Sometimes they agree, sometimes their views differ.
Always an engaging and thought-provoking read.
Random link of the day: Why Gift Cards are Evil
Random link of the day #2: Ultimate Christian Wrestling