Special Report: Gambling with Risk Avoidance in a Pandemic and the Real-World Cost of Clinging to a Worldview
Today's post is by Corona-zona Senior Europe Correspondent Maria Iovine There’s a German expression, sicher ist sicher —safe is safe, or it’s better to be on the safe side. But in a pandemic, is it really? What is the cost of clinging to that worldview assumption? A recent story in the New York Times concludes that European institutions are risk avoidant and hold to the strategy of choosing caution when risks cannot be clearly defined. By contrast, the same article describes U.S. dealings with drug makers by saying “[t]he United States made the negotiations easy — its critics say far too easy.” And there you have it, the cultural dimension known as uncertainty avoidance . Germany high, United States low. Beneath the NYT’s analysis lies this phenomenon. It’s fair to say both approaches have their advantages and disadvantages. But this post is about how the inflexibility, unwillingness, or inability to shift a tightly-held worldview assumption, to “err on the side of caution,” ...