[wordup] risk management ...

[Adam Shand]

From: Brett Shand <brett at earthlight.co.nz>
URL:  http://www.policyreview.org/jun01/miller_print.html

this is a very interesting (somewhat dry and academic) argument on risk
management from 'policy review' which is a part of the heritage
foundation, which means that these guys are slightly the right of attila
the hun.

however, on a 'know thy enemy' basis is is very worthwhile reading, i
think.  there are two methods of dealing with risk.  one is take the risk,
and then deal with the problems when they arise (basic principle used by
anglo governments), and the second is the "precautionary principle" which
is don't take the risk until you can show that it is harmless (basic
principle of european govts).  the former is best for capitalism because
it thrives and in fact demands risk taking behaviour (and the insurance
companies that go with that).

this is an attack on the precautionary principle - a pretty good one too.