When making economic decisions, expectations are very important. We expect to retire at some point in the future and therefore we set some of our income aside for a pension. Similarly, we expect to earn a certain level of income over our career so we take out a mortgage based on the expectation that we will be able to repay it. There are also many things that we expect won’t happen but realise that there is a probability that they may occur (e.g. being made redundant, becoming seriously ill or having one’s car stolen). Unless these eventualities are covered by government provision, we can make provision for these risks through purchasing insurance or “saving for a rainy day”.
Joseph based his expectations on a prophetic dream.
