We celebrate our victories, but we learn from our failures. It’s probably an evolutionary adaptation. When our beetle-browed ancestors made a mistake around a pride of cave lions, they became lunch The fast learners survived and the slow learners were expunged from the gene pool. In a way, failure is good because it makes us stronger in the long run.
As a long-time adherent of the failure-is-good-IF-you-learn-from-it school, I believe this applies to us personally as well as in a macroeconomic sense. We should let economic Darwinism run its course rather than prop up failing enterprises. That’s why an article titled “The Importance of Failure” caught my eye. The authors make an excellent case for the long-term societal benefits that come from knowledge gained through failure. When something isn’t working, if allowed, there is usually a good entrepreneurial response that reallocates resources to a better and higher use. In other words, failure is good…eventually.