Failure Is The Engine of the Economy

It struck me recently that the economy is actually built upon failures, as opposed to successes.

One would think that it was all the money generated by the huge successes that really powers everything. But really, the bulk of the results in business are failures — or more accurately, unsuccessful attempts. Most of the projects out there don’t succeed (or rather, result in a successful attempt). But there is money spent trying — people to hire, resources to purchase, advertising, support, design, manufacture, printing. And I’m sure there are plenty more industries involved that I am overlooking. But these “failures” far, far outweight the successes we actually hear about. And a lot of money was spent on those attempts.

This got me to wondering if this perspective is something that we can apply to our own businesses, own own “micro-economies”, to help us fuel a more successful version with the understanding of the collectively generative power of unsuccessful attempts. Continue reading “Failure Is The Engine of the Economy”