A particularly illustrative possible worlds analysis of the concept of prudence is found in Bricker 1980.
The ancient virtue of prudence was never just the art of avoiding harm; it involves the intelligent choice of means to achieve an end, and thus reappears as the ability to calculate risks.
One way to approach growth with a sense of prudence is to look at long-term and presumably sustainable growth rates, instead of zeroing in on that which happened most recently.
Countries that have a culture of prudence are more likely to adopt rules.
Cutting government investment in the name of prudence is wrong because it prevents growth, innovation and productivity increases, which are all much needed by our economy, and so over time increases the debt due to lower tax receipts.
A high degree of prudence was built around programme review Luck – the Canadians were lucky there were no major external shocks during the time It is possible to lead ambitious reforms and make choices in a principled and defensive way, rather than just make easy, unsustainable cuts.
This level of prudence is a good thing, if it means that only the most dogged entrepreneurs with viable ideas enter the arena in the first place.
Indeed, the image of Prudence is identical to that used by the King's Master of Works William Schaw, in the spectacular display to welcome Queen Anne to Scotland, following her marriage to James VI in 1589.
The side-effect of the global financial crisis, and the huge botch up that leading financial brands like Bank of America, Citi, Merrill, JP Morgan, Goldman Sachs, RBS and others have made with their bonuses and lack of prudence, is that trust for banks is at an all time low.
There is all the more chance of this in that the costs of prudence will be minimal.
Under this alternative, the advice of prudence must be to embrace the lesser evil; and, instead of indulging a fruitless anticipation of the possible mischiefs which may ensue, to contemplate rather the advantageous consequences which may qualify the sacrifice.
