Economists have long argued that there is a conflict between the need to make individuals and companies accountable on the one hand, and the need to share risks effectively on the other. This column, the first in a three-part series, argues that in the context of COVID-19, the reluctance to share risk based on ‘moral hazard’ has no reason to exist, and discusses how the socialisation of losses could be implemented.
Christian Gollier, Stephane Straub, 02 April 2020
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