I wrote my masters thesis on the term moral hazard. The term is a fascinating case study in the way economic thinking and economic language have come to dominate our common discourse. William Safire did a fairly good On Language column in 1998, and given the recent attention and frequent use of the term, did so again last Sunday. The 1998 version was significantly better. In Sunday's edition, Safire locates the jump of moral hazard (originally an insurance term) into economics in 1895. That's a contradiction of his 1998 assessment that Kenneth Arrow brought the term into economics in 1964. Arrow's use clearly launched the modern use of the term, though it is true that 1895 marked its first use in a journal with "economics" in its title.
What was good about Sunday's article was the credit it gives to Tom Baker's spectacularly interesting article in a 1996 issue of the Texas Law Review, "On the Genealogy of Moral Hazard." It's a great history of the term.
hello!
With aldece! Merry Christmas! )))
preved!
With iverag! Merry Christmas! )))
greetings, terrans!
With pheyea! Merry Christmas! )))
hi!
With licken! Merry Christmas! )))
cheers!
With joycli! Merry Christmas! )))