'In Defense Of Failure'

Time just came out with a series of "10 Ideas for the Next 10 Years." I won't spoil all ten, but Megan McArdle writes, "In Defense of Failure."

While the E.U. publishes documents on "overcoming the stigma of business failure," executives in Silicon Valley proudly make their bygone start-ups the centerpieces of their resumes. And when those start-ups shut down, America stands ready with corporate and personal bankruptcy systems that are the most generous in the world.

In the aftermath of the financial meltdown and recession, she's worried we've lost that entreprenurial spirit and are no longer feeling "so exceptional."

"That's a pity, because failure is one of the most economically important tools we have," she writes.

The real secret of our success is that we learn from the past, and then we forget it. Unfortunately, we're dangerously close to forgetting the most important lessons of our own history: how to fail gracefully and how to get back on our feet with equal grace.

Indulge in your own inner failure at Time's site.

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