NOT so very long ago, most Americans lived on farms, with three generations under one roof: grandparents, parents and children.
Farming was — and still is — a risky undertaking. Sometimes, you have good weather and abundant crops, sometimes bad weather and meager crops. How did our forebears manage their risks, which were as significant for them as the booms and busts of our 21st-century economy are to us?
In good times, all three generations consumed a lot. In bad times, all three consumed less. The risks were spread among the extended family. This is risk management at its most basic level. It is called sharing.
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