4 ms·
Steven Randy Waldman of the blog Interfluidity has a great post which makes the case that "Wealth is about insurance much more than it is about consumption." h
by gojomo 14y ago
Steven Randy Waldman of the blog Interfluidity has a great post which makes the case that "Wealth is about insurance much more than it is about consumption."
http://www.interfluidity.com/v2/3487.html http://www.interfluidity.com/v2/3487.html
It's a great insight, and the thought experiment to "[c]onsider a libertarian Titanic" is illustrative.
(Though, it's a unfair slur to label the scenario 'libertarian', as that word does not mean 'everything is reduced to dollar purchases' except in a caricature promoted by critics. Just calling the scenario a 'pay-to-play Titanic' would be descriptive without extra partisanship.)
- lurker14 14y agoThat's why it's called "financial security" or "financial independence"
- zurn 14y agoThis makes me think actual insurance would work better: "If there is drought terrible so terrible that there simply isn’t enough for everyone, the right to live at all may be rationed by price, survival of the wealthiest." Sustenance insurance ought to be much easier to get than staggering wealth.