Virginia Postrel Quotes
Grassroots techies - the mostly unknown people who write code and start companies that don't make the headlines - hate, loathe, and despise Microsoft. At technology conferences, it is the devil, or the guaranteed laugh line. Its products are mocked, its business practices booed.
Postrel, Virginia. "Creative Insecurity." Reason, Jan. 1998.
Those who devour interest will not stand except as stands one whom Satan has driven mad by his touch
Interest is forbidden in all transaction, both business and personal.
Colman’s view that business failures contributing to society may be more important than the contributions of the wealthy and successful has been a common theme where failed business men make great politicians (Truman) or failed politicians are appreciated as great philosophers (Paine). This seems to be the first American argument that a failed economic enterprise can have a very beneficial short and/or long term effect on economic development. The failed business could start an entire industry which succeeds later when technology or capital becomes more readily available, or even if implemented by a better manager. Arguably, the California gold rush miners never made any significant money, but their presence changed the economic fact of California. The American airline industry has made little or no money in its history but has enabled development throughout the nation. And the dot com bubble may well have been an economic debacle of the end of the 20th century, but it spurred economic development that has benefited the entire globe.
Banks often lie. The system encourages them to do so. In a crisis, if a bank honestly says that it is not sure that it has enough cash and other liquid assets, others will not lend it any more money and depositors will rush to withdraw their money, thereby almost insuring a failure. The bank that lies, might weather the storm and survive.
Virginia Inman Postrel is an American political and cultural writer of broadly libertarian, or classical liberal, views. She is a recipient of the Bastiat Prize (2011).
