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ISOLATED FILAMENT

It should be no news to anyone that live conductive wires are dangerous. As research into increasing occupational and public safety in the field of electric engineering proceeds, new solutions are rapidly being found by its sister science.

With that said, this kind of wire is already outdated: it's brittle, the conductivity is poor and its protection is flimsy. However, it is rather quick and cheap to produce, compared to newer versions with higher amounts of conductor, better materials, or more layers of isolation. Ill-advised as it would be to use and install more of it, your House has decided to hold back expenses on the trivial matter of rewiring the light fixtures.

They'll deal with it once it deteriorates again or regulation catches up. And so will you! But fortunately, that is what you're paid for. (There should hopefully be better, still cost-effective alternatives by then, anyhow.)