[didgeoridoo]

"In addition to the psychic merits of working on the personally meaningful, in an economy where low-wage, high-skill overseas workers and no-wage machines encroach ever more rapidly, it is essential to compete both in input and output."

I think the importance of these points completely dwarfs the rest of the argument.

Set aside the fact that the psychic value of working on your own project can, for many people, offset much of the higher expected monetary value of a steadier job. Crucially, starting and running your own company rapidly develops your executive, decision-making and management skills, largely independent of financial success. These are skills that aren't going to machines or offshore, at least in the near term. Entrepreneurship IS long-term risk mitigation.