Thinking in terms of risk is a great way not to take responsibility
for your actions, including your inactions. As soon as you start
thinking about the chances that, overall, you might win or lose from
a transaction, you have begun thinking in terms of your personal
interest. This makes it very difficult to think in terms of the
public interest.
You have also begun thinking in terms of consequences rather than in
terms of rules. And it is rules, not consequences, that underlie the...