ABSTRACT
§ 1. Insurance produces four utilities—(1) reducing the pain or subjective injury of an accident, (2) producing a sense of security, (3) evoking productive energy. (4) preventing objective waste. —§ 2. Economy of provision against risks drives insurance into very large business forms. The state tends to displace private enterprise so far as the chief working-class risks are concerned. The investment side of the insurance business constitutes a formidable barrier against full nationalisation.
