“Historically and across cultures, individual risk-taking is associated with growth and prosperity while minimizing risk and emphasizing potential social losses is not. In the last several decades, public tolerance of risk has shifted towards lower socially acceptable levels of risk-taking and in the long run, these changes may leave us all worse off.
In her Bourgeois Virtues: Ethics for an Age of Commerce, Deirdre McCloskey details how attitudes toward risk-taking transformed at about the same time as the birth of capitalism. It was the ability of individuals to take risks and still recover from failure that paved the way for radical experiments. Prior to this, to take a risk and fail was to be labeled a prodigal, if one was thought to have wasted the money, or a projector, if one’s idea failed.”