How Much Failure Is Too Little?

by Robert N. Charette

There is an Arabic proverb that says men learn little from success, but much from failure. Economists have long known this, as paradoxically, failure is a sign of progress and growth. Why? Economics is often defined as the allocation of scarce resources against competing alternative choices. Failures, therefore, show where resources should no longer be allocated -- a very valuable function for creating and maintaining an effective economy.

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How Much Failure Is Too Little? June 2004