When I was in school to be an Architect, I was told that if I designed something, and I put my signature on blueprints and the structure I designed was built and failed in any sense, it is me, and me alone who is responsible.

So in a sense, this idea (while not nearly as extreme as yours) actually exists today. Architects and Engineers regularly take risks when they attempt to create something new. When it doesn't work, they are usually held accountable:

http://www.boston.com/news/local/articles/2007/11/06/mit_sue...