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Quote of the week: Megan McArdle

From Time: “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. It has long been one of the pillars...

“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. It has long been one of the pillars of this country’s exceptionalism. America allows its citizens room to fail—and if they don’t succeed, to try, try again. While the European Union publishes documents on ‘overcoming the stigma of business failure,’ executives in Silicon Valley make their bygone start-ups the centerpieces of their résumés. But after the financial crisis of 2008, many Americans are no longer feeling so exceptional, and 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.”

Megan McArdle in Time

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