The David McWilliams Podcast

Ireland is now officially the worst country in Europe for young entrepreneurs. Just 5.1% of our 20-somethings are building their own businesses, less than half the rate in Slovakia. So what the hell happened? This week, we ask why young Irish people have stopped backing themselves, and why a country that looks rich on paper is quietly losing the very people who make economies dance. We get into the difference between wealth that's extracted (the multinationals) and wealth that's created (the Ryanairs), and why one is far more fragile than it looks. We bring in Schumpeter and Nassim Taleb, follow a hypothetical 27-year-old called Kiera as the numbers crush her before she's even begun, and ask whether Ireland has become a nation of doubters, quietly punishing anyone who dares to have a go. We float a fix: stop parking the multinational windfall in a pension fund our 25-year-olds will never see, and turn it into a startup fund they can actually use. Because without risk-takers, there's no return, and without return, there's no economy.