Here we go: https://en.wikipedia.org/wiki/Moral_hazard …
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Voters need to learn about a little concept from game theory called 'moral hazard' before they form a view on 'forgiving debt'.
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People need to internalize the lessons of moral hazard before backing practically any “nice sounding” policy with asymmetric payouts. Unfortunately DC has become an extremely efficient engine of moral hazard. It’s perhaps the city’s primary product.
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Wall Street knows all about Moral Hazard. In fact it banks on it.
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Yup. That and tragedy of the commons.
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They also need to know what they are paying for and who is getting paid. Sanders' and Warren's proposals seem cartoonishly simple, and based upon wishful thinking as well as a specific moral view of Americans... CC
@ThoreauSquad -
I'm certainly for some sort of debt relief as long as it doesn't completely absolve graduates of their responsibilities, like a loan reduction, public service or an agreement to work for a specific agency for a certain number of years.
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I wonder if anyone is being careless with loans now with the hope of debt forgiveness
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Oh I’m sure they are! This is a scary and very bad thing folks are talking about and hoping happens.
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It was from 17th century English insurance companies, but the game theory perspective is the most illuminating IMHO.
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