2 Jere W. Glover amount of “churning” – startup and closing of former chief economist, pointed out that techno- firms, large and small – has been responsible for logical changes could alter minimum efficient this unprecedented reinvigoration of the U.S. scale in ways that favor either smaller or larger economy. Economic growth has been led by firms. innovation, particularly in high-technology firms John Kwoka of George Washington University that began as small enterprises. and Lawrence White of NYU presented data The remarkable contribution of small, high-tech showing a slow but steady decline in the share of firms to U.S. economic growth suggests that it is jobs accounted for by small employers and time to re-examine laws and policies regarding recommended research, by industry, into whether industrial organization. Formerly, many econo- these changes resulted from natural consequences mists believed it was healthy for the economy to or deliberate strategies by large firms. Other enable firms to achieve a “minimum efficient speakers suggested that policies either are needed scale,” rather than permit a host of supposedly less or are already in place to protect small firms. efficient small firms to operate. But the emergence Specifically, Scherer warned that recent changes of
Small Business Economics – Springer Journals
Published: Oct 3, 2004
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