In economics, a “moral hazard” is defined when the liability or risk for a product or activity is taken on by a separate party other than the one that is producing the product or engaging in the activity. An online definition for moral-hazard states: “a principle-agent problem, where one party, called an agent, acts on behalf of another party, called the principal. The agent usually has more information about his or her actions or intentions than the principal does, because the principal usually cannot completely monitor the agent. The agent may have an incentive to act inappropriately (from the viewpoint of the principal) if the interests of the agent and the principal are not aligned.”
In other words, if you fail, you do not pay any price for the failure, but if you succeed, you get all the benefit and reward.
Imagine yourself wanting to start a business in some obscure way or product that almost no one will ever need in their life such as an electric shirt that lights up and is dazzling at night. Now suppose instead of having to worry about it failing, a rich uncle says, I will reimburse you for any losses you suffer from this shirt and even more, if the product hurts someone, I will pay for the liabilities. This at first would be received with many thank you’s but as the production of the shirt is going into full force, the quality or safety of the shirts can be skimped on in the name of efficiency and profit as the more shirts sold with fewer costs, then the more profit can be made especially since there is no risk involved with speeding up the process and skimping on quality.
Some very famous examples of this principle include the international banking industry. No risk in gambling with deposits and loans as the federal government ensures those deposits and loans especially those made for homes. Another example is medical insurance. If you are going to have to pay a fixed premium each month and a fixed deductible and then any and all medical services are available, then an added incentive is created to take higher risks such as base jumping.
And of course, one of the most grievous examples of moral hazard includes the entire vaccine industry.
Plain and simple, if an individual can prove they were injured by a vaccine, a difficult feat to do in and of itself, then they do not go to court to sue the manufacturer of the vaccine that caused they injury, because it is the federal government, or the taxpayer who will pay for any liabilities for the manufacture’s mistakes or low quality product.
The very nature of having the state assume all liability for a product, and reduce or remove competition, absolutely and scientifically creates the ideal recipe for vaccines to be considered . . . A moral hazard!