To conclude, I argue that the government should not display risk aversion in its behavior. Hence, the proper procedure is to compute the expected val… - Kenneth Arrow

The uncertainty of the future is inescapable, one must think about it and arrive at plans for action. A statement attributed to a number of thinkers is, "Prediction is very difficult, especially of the future." Postdiction, knowing what went on in the past, is also difficult. The past, however, is our basis for understanding the future.

Democracy is a form of government in which political decisions are ultimately governed by the bulk of the adult population, though, of course, usually indirectly through election of representatives. It is fair to say that political liberties, freedom of speech and of the press, are so closely inherent in meaningful democracy as to constitute part of the definition. But one can perfectly well imagine democracy without freedom of religion or in a society where every move is reported and internal passports are needed. Whether or not these restrictions are incompatible with the persistence of democracy is a contingent question, not a tautologous consequence of a definition.

Trust is an important lubricant of a social system. It is extremely efficient; it saves a lot of trouble to have a fair degree of reliance on other people's word. Unfortunately this is not a commodity which can be bought very easily. If you have to buy it, you already have some doubts about what you have bought.