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View Diary: Midday Open Thread–Russia Bombing, USPS, Benghazi, Duck Dynasty and more … (68 comments)

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  •  what does this mean? (0+ / 0-)
    In general, failure is built into the design of private enterprises.  It is the impetus behind competition.
    thanking you in advance.
    •  It means.. (0+ / 0-)

      failure is expected in private enterprise.

      There is no "myth of infallibility".

      While most businesses attempt to be perfect, they rarely are.  Missed product deadlines, for example, are more common than met deadlines (at least it seems so in high tech sectors!)

      Ever buy an extended warranty on a product?  Millions do.. expecting failure.

      Many people will not purchase a major upgrade in software and instead choose to wait until after the first or second "patch".  They know first generation software is buggy.  Fail.

      In a more general sense, new products and services often miss the mark, leaving an opening for competition.

      Failure is part of what makes private enterprise as dynamic as it is.

    •  free market works because businesses fail (2+ / 0-)
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      hmi, JJ In Illinois

      If a restaurant serves bad food, it rapidly goes out of business. Likewise if FedEX or UPS botches things in a major way, they will lose market share to USPS, DHL, or other firms.

      Because individual organizations fail in the free market, the ones that remain tend to have better business models. Not always, because monopoly and crony capitalism prop up some long after they cease to be useful. I'm thinking of the entire domestic sugar industry, for example.

      Now... in contrast the problem with government agencies is that they are difficult to close down once started. Some agency is always some politician's pet project, and they can last far after they do more harm than good.

      Some agencies should always be government run... like the ones that set the rules and punish cheaters, crooks, and free-riders (IRS, SEC, EPA, FDA, Law Enforcement and Prisons, etc.). Or the ones that do big things that the free market usually wont do (NASA, NSF, National Parks)... but other things might be better off with a free-market approach.

      Personally I think the Post Office does a fine job, relative to FedEX and UPS. The free market competition makes them more efficient despite being government run. Privatizing it would be highly disruptive and not gain much... unless your goal is union bashing.

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