Freedom To Fail

"The freedom to fail may at times appear to be an overly painful solution -- particularly to the firm going out of business. But business failures serve a higher public purpose. They are the means by which our economy discards obsolete or inefficient ways of doing business. In this way, the overall efficiency of our economy is improved. Business failures are not tragic events to be prevented -- they are the sign of a healthy and productive economy."

William Proxmire