Beliefs and Fear

In keeping with the theme of the role played by beliefs in and out of spontaneous orders, this discussion of the role of failure is on point. Free and liberal societies allow the individual to test internal and external constraints. Both the testing process and the results of the test are critical for a feedback mechanism that can provide individuals with clear signals about the costs and benefits of action.

Steven Horowitz is on to something important in this Freeman aricle:

In today’s society failure has become something to fear, avoid, and therefore prevent at all costs. Whether it is unemployment compensation, farm subsidies, or bailouts for failing companies, the world seems to view failure as having no redeeming social value. If success is all good and failure is all bad, then it seems as though we should do everything we can to remedy or prevent failure.

But is that so? Without denying the value of perseverance, and recognizing that the slogan “never give up” can be useful in overcoming certain obstacles, we must keep in mind that failure can act as a guide to more worthwhile activities.