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Impeded industrial restructuring : the growth penalty

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  • Audretsch, David B.
  • Carree, Martin A.
  • van Stel, André J.
  • Thurik, A. Roy

Abstract

This paper documents that a process of industrial restructuring has been transforming the developed economies, where large corporations are accounting for less economic activity and small firms are accounting for a greater share of economic activity. Not all countries, however, are experiencing the same shift in their industrial structures. Very little is known about the cost of resisting this restructuring process. The goal of this paper is to identify whether there is a cost, measured in terms of forgone growth, of an impeded restructuring process. The cost is measured by linking growth rates of OECD countries to deviations from the optimal industrial structure. The empirical evidence suggests that countries impeding the restructuring process pay a penalty in terms of forgone growth. -- Dieses Diskussionspapier dokumentiert einen Strukturwandel, der zur Transformation der Wirtschaften hochentwickelter Länder führt: Großunternehmen verlieren gegenüber den kleineren Firmen relativ an Gewicht. Dieser Strukturwandel erfolgt in den einzelnen Ländern in unterschiedlichem Maße. Sehr wenig ist über die Konsequenzen bekannt, die entstehen, wenn ein Land sich dem Strukturwandel verweigert. Ziel dieses Papiers ist eine Einschätzung möglicher Kosten, die durch Behinderung des Strukturwandels entstehen. Derartige Kosten werden gemessen, indem die Wachstumsrate der OECDLänder den Abweichungen von einer "optimalen" Unternehmensstruktur gegenübergestellt werden. Die empirische Evidenz legt die Vermutung nahe, dass Länder, welche den Strukturwandel behindern, eine "Strafe" in Form von Wachstumseinbußen bezahlen.

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Bibliographic Info

Paper provided by Hamburg Institute of International Economics (HWWA) in its series HWWA Discussion Papers with number 114.

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Date of creation: 2000
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Handle: RePEc:zbw:hwwadp:26254

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Keywords: Industry structure; firm size distribution; entrepreneurship; economic growth;

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  1. David B. Audretsch & A. Roy Thurik, 2000. "Capitalism and democracy in the 21st Century: from the managed to the entrepreneurial economy," Journal of Evolutionary Economics, Springer, vol. 10(1), pages 17-34.
  2. Wennekers, Sander & Thurik, Roy, 1999. " Linking Entrepreneurship and Economic Growth," Small Business Economics, Springer, vol. 13(1), pages 27-55, August.
  3. Holmes, Thomas J & Schmitz, James A, Jr, 1990. "A Theory of Entrepreneurship and Its Application to the Study of Business Transfers," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 265-94, April.
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  13. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
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  16. You, Jong-Il, 1995. "Small Firms in Economic Theory," Cambridge Journal of Economics, Oxford University Press, vol. 19(3), pages 441-62, June.
  17. M. Carree & A. Thurik, 1998. "Small firms and economic growth in europe," Atlantic Economic Journal, International Atlantic Economic Society, vol. 26(2), pages 137-146, June.
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  19. Schmitz, James A, Jr, 1989. "Imitation, Entrepreneurship, and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 721-39, June.
  20. André van Stel & Martin Carree, 2002. "Business ownership and sectoral growth," Scales Research Reports H200206, EIM Business and Policy Research.
  21. Christine Oughton & Geoff Whittam., . "Competition and Co-operation in the Small Firm Sector," Working Papers 9602, Business School - Economics, University of Glasgow.
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