Wealth, however, can be a double-edged sword. With wealth comes resilience and thus an increased capacity to take risk. More risk can lead to further riches. Yet greater wealth also increases potential losses. In other words, we have a lot more to gain and a lot more to lose.
Perhaps it is not surprising then that many modern elites and policymakers see danger around every corner—from terrorism to climate change to financial calamity. In one sense, an obsession with risk is a luxury of wealth. It is prudent to identify present shortcomings and contemplate future problems and attempt to avoid them. Preventing hunger, unemployment, bomb plots, wars, and financial panics is a good thing.
What happens, though, when we develop a hyper-focus on shortcomings and potential losses? What happens when we seek a public policy remedy for every perceived problem? This kind of obsession with risk, danger, and downside may be counterproductive. It may exacerbate known problems and unleash dangers never dreamed of. . . . read the entire article.
