Friday, February 29, 2008

Risk, Freedom, and Choice

"You can't just wave a magic wand and eliminate risk for free, which is what people want to do. If you restrict people from taking jobs, if you restrict the foods that they eat, if you place limits on how much they can weigh, all of these things will reduce their welfare as they perceive it. The proper role of government is to give people enough information so they can make reasonable decisions, and after that step aside and allow them to make their own choices."

W. Kip Viscusi of the Vanderbilt University Law School, interviewed in the Federal Reserve Bank of Richmond's publication Region Focus (Spring 2007), cited in The Cato Journal (Vol. 27, No. 3, Fall 2008).

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