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Risk and the Socialist Economic System

In: Profit, Risk and Incentives under Socialist Economic Planning

Author

Listed:
  • J. Wilczynski

    (Royal Military College of Australia
    University of New South Wales)

Abstract

Risk is a condition where there is a possibility of the occurrence of loss as a result of a deviation from the intended or expected situation. In economics, a distinction is made between ‘measurable’ and ‘unmeasurable’ risk. Measurable risk is that which can be estimated fairly accurately as it can be predicted on the basis of past experience and the law of large numbers. As such, this risk is insurable because its probability of occurrence is known, so that the insurance liability and consequently the insurance premiums can be calculated. This type of risk is associated with weather, fire, accidents, illness, theft and the like.

Suggested Citation

  • J. Wilczynski, 1973. "Risk and the Socialist Economic System," Palgrave Macmillan Books, in: Profit, Risk and Incentives under Socialist Economic Planning, chapter 3, pages 50-80, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-01442-2_3
    DOI: 10.1007/978-1-349-01442-2_3
    as

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