Insurance, when prices are based on risk, sends clear signals about the relative safety of behaviors and can alter consumer choice for a safer and more stable society. But when certain parties seek protectionist policies to socialize risk, responsible people end up paying for the risky choices of others.

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A Tremendously Costly Law

Early this year, an unusual full-page ad appeared in the Wall Street Journal and other financial newspapers. The ad attempted to refute claims from businessmen…