What makes gambling wrong but insurance right?
Have you ever tried to place a bet with a bookies and been rejected?
Tim Harford of the BBC did. He tried to place a bet on his own life.
It was rejected, but it did raise the question of what makes gambling wrong in some peoples eyes, but insurance right?
Surely they are the same thing – money changing hands dependant on an unknowable future event.
Tim has looked into this further and has written this fascinating article on what makes gambling wrong but insurance right? – it’s well worth a read.
It also contains an excellent brief summary of how the insurance industry was born!