The U.S. is one of the few nations on earth where private, for-profit business formation is seen as a quasi-heroic act. The resulting entrepreneurial culture has captured the world’s imagination and driven the nation to great prosperity. Yet now it is clearly faltering.
In a new paper that’s already generated much discussion, economists Ian Hathaway of Ennsyte Economics and Robert Litan of the Brookings Institution document four decades of “Declining Business Dynamism in the United States.” Looking at data from all fifty states and all metropolitan areas, Hathaway and Litan conclude there’s been a secular decline in business formation throughout the country, with a concurrent increase in business dissolution.
Image Courtesy of Vichaya Kiatying-Angsulee / FreeDigitalPhotos.net
To read the original article: Why America Is Losing Its Entrepreneurial Edge - Eric Garland - Harvard Business Review
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