In Defense of Failure

Every year, Time magazine publishes a report on "10 Ideas for the Next Ten Years."  This year's 10 ideas were provocative as always, including #6, "In Defense of Failure:  Making Mistakes is a Great American Freedom."  The proponent of this idea, Megan McArdle observes...

"It sounds like a dubious aspiration, but one of the more pressing priorities for America this decade is to preserve our cherished freedom to fail....  America allows its citizens room to fail — and if they don't succeed, to try, try again.  Somewhere between two-thirds and three-quarters of all Americans report that they have considered starting their own business, whereas in Europe that number is only 40%....

"But after the financial crisis of 2008 and the recession that followed it, many Americans are no longer feeling so exceptional.  At this point, freedom to fail probably ranks right around freedom to remove your own appendix.  That's a pity, because failure is one of the most important tools we have.  The goal shouldn't be to eliminate failure;  it should be to build a system resilient enough to withstand it."

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