One of the questions or challenges we constantly wrestle with at Kauffman is “how could annual U.S. economic growth be increased by one additional percentage point?” It is not an idle question. If, for example, the economy grew at 4 percent annually rather than 3 percent, GDP would double six years faster (eighteen years versus twenty-four years). Given the magic of compounding, this extra one percent would cumulate over a century to produce roughly three times the level of GDP than would otherwise exist.Such a world would be a far more comfortable one than many of us may be able to imagine. It would mean a dramatically lower level of poverty, while the average American would have a living standard that is three times as comfortable as one that he or she would otherwise enjoy (imagine today, for example, the average family income being roughly $135,000 rather than its current level of about $45,000). A richer society also would have more resources to address the public challenges - upgrading our infrastructure, doing more to clean the environment, and so on - that would make life in America even more comfortable for all our citizens.America’s great challenge is to scale the successful ecosystems and to create others to bring about a substantial increase in the numbers of highly successful new companies (whether or not they reach a billion dollars in sales). Nothing less than the future welfare of America and its citizens is at stake.
{"title":"Inventive Billion Dollar Firms: A Faster Way to Grow","authors":"Robert E. Litan","doi":"10.2139/ssrn.1721608","DOIUrl":"https://doi.org/10.2139/ssrn.1721608","url":null,"abstract":"One of the questions or challenges we constantly wrestle with at Kauffman is “how could annual U.S. economic growth be increased by one additional percentage point?” It is not an idle question. If, for example, the economy grew at 4 percent annually rather than 3 percent, GDP would double six years faster (eighteen years versus twenty-four years). Given the magic of compounding, this extra one percent would cumulate over a century to produce roughly three times the level of GDP than would otherwise exist.Such a world would be a far more comfortable one than many of us may be able to imagine. It would mean a dramatically lower level of poverty, while the average American would have a living standard that is three times as comfortable as one that he or she would otherwise enjoy (imagine today, for example, the average family income being roughly $135,000 rather than its current level of about $45,000). A richer society also would have more resources to address the public challenges - upgrading our infrastructure, doing more to clean the environment, and so on - that would make life in America even more comfortable for all our citizens.America’s great challenge is to scale the successful ecosystems and to create others to bring about a substantial increase in the numbers of highly successful new companies (whether or not they reach a billion dollars in sales). Nothing less than the future welfare of America and its citizens is at stake.","PeriodicalId":315001,"journal":{"name":"ERPN: National (Sub-Topic)","volume":"86 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134219714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-05-09DOI: 10.4337/9781849805285.00011
Keith N. Hylton
This comprehensive book provides an extensive overview of the major topics of antitrust law from an economic perspective. Its in-depth treatment and analysis of both the law and economics of antitrust is presented via a collection of interconnected original essays. The contributing authors are among the most influential scholars in antitrust, with a rich diversity of backgrounds. Their entries cover, amongst other issues, predatory pricing, essential facilities, tying, vertical restraints, enforcement, mergers, market power, monopolization standards, and facilitating practices.
{"title":"The Law and Economics of Monopolization Standards","authors":"Keith N. Hylton","doi":"10.4337/9781849805285.00011","DOIUrl":"https://doi.org/10.4337/9781849805285.00011","url":null,"abstract":"This comprehensive book provides an extensive overview of the major topics of antitrust law from an economic perspective. Its in-depth treatment and analysis of both the law and economics of antitrust is presented via a collection of interconnected original essays. The contributing authors are among the most influential scholars in antitrust, with a rich diversity of backgrounds. Their entries cover, amongst other issues, predatory pricing, essential facilities, tying, vertical restraints, enforcement, mergers, market power, monopolization standards, and facilitating practices.","PeriodicalId":315001,"journal":{"name":"ERPN: National (Sub-Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127385473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2006-03-01DOI: 10.1111/j.1467-9310.2006.00422.x
Winston T. H. Koh
Technological progress and innovation plays a central role in a country's economic progress. As an economy advances to the global technological frontier and narrows the technological gap, an innovation-based growth strategy that focuses on investments in R&D and technology creation offers the greatest potential for economic growth. In this paper, we discuss the requirements for a successful transition, in terms of changes to the technology infrastructure, economic institutions and the incentives' structure. This paper outlines the efforts made by Singapore to re-make itself as an innovation-based economy, and the challenges faced by the government in transforming the nation's infrastructure and institutions to develop innovation capabilities and encourage entrepreneurship.
{"title":"Singapore's Transition to Innovation-Based Economic Growth: Infrastructure, Institutions and Government's Role","authors":"Winston T. H. Koh","doi":"10.1111/j.1467-9310.2006.00422.x","DOIUrl":"https://doi.org/10.1111/j.1467-9310.2006.00422.x","url":null,"abstract":"Technological progress and innovation plays a central role in a country's economic progress. As an economy advances to the global technological frontier and narrows the technological gap, an innovation-based growth strategy that focuses on investments in R&D and technology creation offers the greatest potential for economic growth. In this paper, we discuss the requirements for a successful transition, in terms of changes to the technology infrastructure, economic institutions and the incentives' structure. This paper outlines the efforts made by Singapore to re-make itself as an innovation-based economy, and the challenges faced by the government in transforming the nation's infrastructure and institutions to develop innovation capabilities and encourage entrepreneurship.","PeriodicalId":315001,"journal":{"name":"ERPN: National (Sub-Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129974637","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Do entrepreneurs need tax reform? This chapter presents a critical evaluation of the desirability of tax incentives for small businesses. We discuss measurement issues in identifying entrepreneurs in publicly-available data and then describe recent trends in several measures gleaned from tax data. Entrepreneurial activity is on the rise as evidenced by a growing share of non-corporate entities among business tax returns. Small businesses represent a disproportional share of taxable profits when compared to their share of total business receipts. We then turn to a discussion of the current tax treatment of entrepreneurs, followed by a brief overview of recent economic research on entrepreneurial sensitivity to tax policies. Economic theory suggests that taxes can have ambiguous effects on transitions into or out of entrepreneurial activity, which leaves the determination of overall effects to empirical analysis. This leads us to a presentation of our recent analysis of a twelve-year panel of U.S. federal individual income tax returns to examine the effects of federal income and payroll taxes and state income taxes on entrepreneurial activity. Our focus in this new analysis is on the effects of tax rates on individual transitions into or out of some form of entrepreneurial activity.
{"title":"Federal Tax Policy and Small Business","authors":"D. Bruce, T. Gurley-Calvez","doi":"10.2139/ssrn.904641","DOIUrl":"https://doi.org/10.2139/ssrn.904641","url":null,"abstract":"Do entrepreneurs need tax reform? This chapter presents a critical evaluation of the desirability of tax incentives for small businesses. We discuss measurement issues in identifying entrepreneurs in publicly-available data and then describe recent trends in several measures gleaned from tax data. Entrepreneurial activity is on the rise as evidenced by a growing share of non-corporate entities among business tax returns. Small businesses represent a disproportional share of taxable profits when compared to their share of total business receipts. We then turn to a discussion of the current tax treatment of entrepreneurs, followed by a brief overview of recent economic research on entrepreneurial sensitivity to tax policies. Economic theory suggests that taxes can have ambiguous effects on transitions into or out of entrepreneurial activity, which leaves the determination of overall effects to empirical analysis. This leads us to a presentation of our recent analysis of a twelve-year panel of U.S. federal individual income tax returns to examine the effects of federal income and payroll taxes and state income taxes on entrepreneurial activity. Our focus in this new analysis is on the effects of tax rates on individual transitions into or out of some form of entrepreneurial activity.","PeriodicalId":315001,"journal":{"name":"ERPN: National (Sub-Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132413630","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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