Summary: <p><span style="font-size: small;">On today's show, we hit the streets of </span><span style="font-size: small;"> with economist <a href="http://timharford.com/" target="_blank">Tim Harford</a>. In his book, <a href="http://timharford.com/books/adapt/" target="_blank">Adapt</a>, Harford argues that success always starts with failure.</span></p><p><span style="font-size: small;">Harford takes us on a failure tour of New York. </span><span style="font-size: small;">Highlights include a Gutenberg Bible (turns out the Bible business wasn't so good to Gutenberg) and the Woolworth Building </span><span style="font-size: small;">(Woolworth's had some great innovations in its day, but eventually got beat by big-box stores).</span></p><p><span style="font-size: small;">Failure, Harford argues, is essential to economic growth. Old companies fail and are replaced by newer companies with fresh ideas.</span></p><p><span style="font-size: small;">Perhaps inevitably, we wind up on Wall Street.</span></p><p><span style="font-size: small;">"Of course we have this classic phrase now, 'too big to fail,'" Harford says. "That really tells you what was wrong with Wall Street: We created institutions that couldn't fail safely."</span></p>
