Preventing the next Deepwater Horizon
I’ve written on risk and moral responsibility a few times on this blog. Like many good ideas we have, the mainstream media has followed suit. In this Sunday’s New York Times Magazine, economics columnist David Leonhardt considers who is responsible for preventing low likelihood, high consequence events like the Deepwater Horizon spill. Leonhardt writes: “When the stakes are high enough, it falls to government to help its citizens avoid these entirely human errors. The market, left to its own devices, often cannot do so.” He goes on to claim that, in passing a law after Exxon Valdez to limit the liability of the spiller, the U.S. government actually encouraged oil companies to underestimate the odds of a catastrophe. Check out the full article here.
-Marc
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