I am not sure whether an average European is more risk averse than an average American or Chinese. This is hard to measure. But in general, technological progress mostly does not depend on average people, and we have more than enough young warriors to try new things. Unfortunately the regulatory environment pushes them out to North America, where you don't have to jump through so many bureaucratic hoops.

Now the funny thing: everyone I talk to agrees that Europe is overregulated and that the amount of paperwork is unhealthy. But everyone also seems to have their own pet regulation that they will defend to death, and the sum of those pet regulations is basically the entire suffocating code. After all, those papers usually aren't brainchild of the bureaucrats themselves; they came into being as a result of lobbying of special interests, and those special interests usually still exist and are vigilant about protecting their achievements.

I am not sure if anyone, anywhere ever achieved an actual significant reduction of bureaucracy (say, by 30-40 per cent or more) by anything less than a societal collapse or a debellatio during a military defeat, Germany 1945 style. This seems to be the hardest, most intractable societal problem of entire humanity. Not cancer, not aging - we can probably conquer both. But an endless aggregation of more and more papers until the entire machine stops in its tracks.

I just had an across-fence talk with my neighbor, who is a retired teacher. She is not that old, and she told me that she retired voluntarily after the balance of her work shifted to "I spent more time filling out questionnaires and records than actually teaching kids".

Oof.