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Lumifer comments on Rationality Quotes April 2014 - LessWrong
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That's exactly wrong. Bankruptcy releases the entrepreneur from his obligations and transfers the costs to his creditors.
Not to say that the bankruptcy is painless, but its purpose is precisely to lessen the consequences of failure.
The inventor is still bearing the costs of the bankruptcy. The creditors are bearing (some of) the costs of the failure, which is not the same thing.