Freedom to Fail

From last week's Time magazine...

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 economically important tools we have. The goal shouldn't be to eliminate failure; it should be to build a system resilient enough to withstand it. Our bankruptcy system's generosity, for instance, has been convincingly linked to higher rates of entrepreneurship.