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Austrian Economists

austrianeconomists considers various matters

Example: on failure:

When Dave Prychitko and I were students of Kenneth Boulding, Mr. Boulding told us both once that if economists really wanted to learn we would study the waste baskets of our peers not what gets published in the journals. Like most "bouldingisms", his statement while odd upon first hearing is actually profoundly true once you think abit about what he is getting at. We learn much more from our failures than we learn from our successes if we open ourselves on the lesson to be learned.

Contrast 37 Signals's Signal vs Noise SvN's take:

I don't understand the cultural fascination with failure being the source of great lessons to be learned. What did you learn? You learned what didn't work. Now you won't make the same mistake twice, but you're just as likely to make a different mistake next time. You might know what won't work, but you still don't know what will work. That's not much of a lesson.

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