A country that celebrates achievement and risk-taking is likely to see more economic success than one that does not.
When the economy was last this bad for this long — back in the dreaded Jimmy Carter era — there was one upside: While inflation raged and unemployment stayed troublingly high in America’s big businesses, a lot was going on in America’s garages. Steve Jobs and Steve Wozniak were starting Apple, Bill Gates and friends were starting Microsoft and a variety of other new entrepreneurial ventures were lining up for takeoff.
So you might hope that there’s a similar silver lining in today’s economic Slough Of Despond. But so far, that hope would seem to be unjustified.
At any rate, the latest data indicate that start-ups are becoming rarer, not more common. A new report from JPMorgan economist Mike Feroli indicates that employment in start-ups is plunging. New jobs in the economy tend to come from new businesses, but we’re getting fewer new businesses. That doesn’t bode well.
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Source: Glenn Harlan Reynolds | USA TODAY | May 6, 2013