That, in turn, leads to out-of-control costs and low success rates, and actually keeps new projects from starting.

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Typically success rates are low and returns on investment far from assured.

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One idea that has been posited is that we need very low tax rates on entrepreneurial success in order to encourage attempts at such success.

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He now concedes that the Fed's success in delivering low inflation and interest rates may have made bubbles more likely, ironically, because investors are demanding less compensation for risk.

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