Riskless Society
Categories: Econ
Got a car? You've got car insurance. A house? Home insurance. A life? Life insurance. Health? Health insurance. All of the insurancessss.
A riskless society is a hypothetical society in the future where risk in all markets is completely balanced out by insurance.
Crossing the street? Good thing you have jaywalking insurance. Flying a plane? Good thing you have airborne insurance. Your pants ripped on the job again? Eh, you’ll have to take the hit on that one...unless there’s ripped pants insurance in the future.
If all markets and everything in life that had risks was insurable, and insured, we’d have a riskless society. It’s more of a hypothetical than a real thing, but...who knows what the future holds.
Sound kooky? Well, the two guys who thought of it both won Nobel Prizes. Dream big, people.
