sorry about the premature end there - I was going to say that "moral hazard" has a reasonably precise definition in insurance terms, but is usually used in political discussions (where there is no contract, no insured amount and therefore no moral hazard in the narrow sense) as a businesslike way of expounding Sir Humphrey Appleby's "Principle of the Dangerous Precedent" (also appearing in "Microcosmographica Academica"
Sir Humphrey Appleby: Minister, if you block honours pending economies, you might create a dangerous precedent. James Hacker: You mean that if we do the right thing this time, we might have to do the right thing again next time. It seems on that philosophy, nothing would ever get done at all. Sir Humphrey Appleby: On the contrary, many, many things must be done... Sir Humphrey Appleby, James Hacker: [together] but nothing must be done for the first time. best dd
