ABSTRACT
Theoretically a full statistical statement of risk and uncertainty should contain three numerical measures: the specified range of value betted on, the odds or chance of its realization, and the degree of certainty or reliability of these odds. Social insurance, as such, does not directly affect "chances" and risks, it does not diminish total frequency of the eventualities insured against. It does not directly reduce the probability or chance of occurrence of these eventualities to any one workman. Some social eventualities, particularly those where physical and physiological factors are of prime importance, are more certain than others. "Social" insurance against the eventuality of increased poverty or the complications due to poverty is gaining the attention of all practical economists and politicians. Insurance against business risks, i.e. against the eventuality of "losing money", when "making money" in profits was the chief consideration in conducting the business, has rarely been deliberately undertaken by persons other than those conducting the business.
