No Government, No Force

The Importance of Failure

Failure is no fun, but it does teach essential lessons. We shouldn’t miss out on those lessons simply because we think we can afford to bail people out. Instead of trying to abolish failure via bailouts, we should let markets work, let failure run its course, and be so much the wiser for it.

…There’s a great irony in bailouts, too.  The only reason we can afford to even talk about bailouts is because of the accumulated wealth brought about by centuries of capitalism…

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