To my knowledge one of the first explicit discussions of "moral  
hazard" by an economist is to be found in
Risk as an Economic Factor
John Haynes
The Quarterly Journal of Economics, Vol. 9, No. 4 (Jul., 1895), pp. 409-449
As you crrectly state, Haynes writes: Lack of moral character gives  
rise to a class of risks known by insurance men as moral hazard.
LF



Frank Howland <[log in to unmask]> ha scritto:

> Dear Shoe list members,
>
>
> I'm interested in learning more about the history of the term "moral  
> hazard".  I believe the term has its origins in insurance in the  
> 19th century where it had a distinctly pejorative meaning but that  
> it in economics it has come to reflect people behaving in a rational  
> fashion with no normative implications.  A classic article is Pauly  
> (1968) "The Economics of Moral Hazard: Comment" American Economic  
> Review.  Pauly says: "the response of seeking more medical care with  
> insurance than in its absence is a result not of moral perfidy, but  
> of rational economic behavior." (p. 535)
>
>
> Can anyone point me to helpful references in the history of thought  
> literature?
>
>
> Thank you very much in advance,
>
>
> Frank
>
>
>
> Frank Howland
> Department of Economics
> Wabash College
> 765-361-6317
> [log in to unmask]