“Bankruptcies and Losses Concentrate the Mind on Prudent Behavior”

(p. A18) Allan H. Meltzer, an influential conservative economist who strongly opposed government bailouts and was credited with coining the anti-bailout slogan, “Capitalism without failure is like religion without sin,” died on Monday in Pittsburgh. He was 89.
. . .

In books like “Why Capitalism?” (2012), Dr. Meltzer promoted the view that countries and investors should suffer the consequences of their mistakes, whether flawed fiscal measures or bad lending decisions.
In coining the slogan “Capitalism without failure is like religion without sin,” he added another maxim: “Bankruptcies and losses concentrate the mind on prudent behavior.”
. . .
In recent years Mr. Meltzer found a new interest in law and regulation. He and other scholars were working on a book, “Regulation and the Rule of Law.”

For the full obituary, see:
ZACH WICHTER. “Allan H. Meltzer, Economist Averse to Bailouts, Dies at 89.” The New York Times (Sat., MAY 13, 2017): A18.
(Note: ellipses added.)
(Note: the online version of the obituary has the date MAY 12, 2017, and has the title “Allan H. Meltzer, Conservative Economist, Dies at 89.”)

Meltzer’s book on capitalism, mentioned above, is:
Meltzer, Allan H. Why Capitalism? New York: Oxford University Press, 2012.

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