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Column: Detroit And The Importance Of Failure - James Saft


Ron Burgundy
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By James Saft (Reuters) - Here is the real meaning of Detroit: human institutions sometimes fail and we are far better off acknowledging and accommodating this than fighting it. Information from failure is a large part of the value created by markets and by experimentation, and we ignore and suppress that information, as we are now in the banking system and elsewhere, only at great cost. Detroit filed for what would be the largest municipal bankruptcy in U.S. ...

 

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