Term Definition
Moral hazard
An economic term that refers to negative changes in behavior resulting from a change in incentives. For example, the provision of full insurance coverage may lead the beneficiary to live dangerously and accept risks that would normally be rejected. Bailouts for enterprises that are purportedly too big to be allowed to fail increases “moral hazard” because they might thereby be encouraged to engage in high risk activities they would otherwise have avoided.

Compiled and edited by Dr. Stefan Melnik, a senior advisor to the Friedrich Naumann Foundation as well as political communication trainer, editor and author of many books on liberalism. Names of outside contributors are respectively mentioned under the terms.

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