Again, the fundamental questions raised by the Texas debacle are: How much are we willing to spend to make our infrastructure resilient against extreme weather events? and How slim do the chances of an event have to be before we feel comfortable ignoring the risks of it?https://twitter.com/chrislhayes/status/1362164254036606979 …
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I think that's a massive oversimplification of the dynamic at work here. Underinvestment in insurance against unknowable and uncertain risk is characteristic of many, arguably most, democratic political systems, because voters don't reward politicians for it.
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So I’m just gonna leave this here: https://www.jstor.org/stable/27798512
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