Jan 11, 1987

Risk and Liberty

Aaron Wildavsky was a political scientist and professor known for his work in government budgeting and risk management. He taught at Oberlin College and Berkeley.

In this video from a 1987 California Libertarian Party conference, Wildavsky lectures on the relationship between risk and liberty. He introduces a concept that he calls “opportunity benefits,” which suggests that as society gets better and better at doing something that comes with a high probability of danger but a low amount of actual harm, the harm is mitigated over time as the market finds ways to divert the effects of negative externalities.