Question

evaluate this common claim and briefy explain why it is correct or incorrect and why in economic terms.

“ You can never have too much safety; no matter the cost”

Answer 1

Safety is a very important aspect anywhere in this world. Without safety things won't work. People do so much for safety issues. Even in companies too much money is spent for the safety measures of the employees. But the problems always exist everywhere, as it is said...what has to come will come.
This applies to safety too, how much one takes care and spend money on it but the hindrances and the abstacles which has to come will surely be there at the right time.

We have to be cautious and stay alert all the time. Same thing applies in the economy too. The government plans things, takes measures to curb problems, anticipates issues and tries that it does not affect much but still problems like inflation, deflation, price issues, supply and demand issues, government issues, political and social issues, natural disasters etc all come in and go at regular intervals. A lot of money is kept aside in the budget each year for these issues and to be dealt with, but they do come at its own time. It is also possible that it does not come as expected , in that case all the money spent on it all year will be a waste.

Therefore, I feel that this statement is very much correct and appropriate. We can never have too much safety no matter the cost.