David McWilliams: Pessimism is the enemy of entrepreneurial creativity

Commercial risk-takers get too little credit for their valuable role in the Irish economy

Setting up on your own as an entrepreneur,  knowing that if you fail you will pay the price, is an act of great personal courage. Photograph: Getty Images

Setting up on your own as an entrepreneur, knowing that if you fail you will pay the price, is an act of great personal courage. Photograph: Getty Images

This week an American survey ranked Ireland as the eighth most entrepreneurial society in the world. This is an essential characteristic if we are to maintain our relatively high standards of living.

In economics, not enough attention is paid to this cussed, sometimes unreasonable creature, the entrepreneur. Without the relentless pursuit of new business, an economy will stagnate, and without economic growth, tax revenue dries up, resulting in less money to fix social problems. A healthy economy is a risk-taking economy.

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