Is America Encouraging the Wrong Kind of Entrepreneurship?
Ian Hathaway with Robert Litan. Are we seeing unproductive entrepreneurship? We don’t have a smoking gun to confirm this hypothesis, but there surely is smoke, and it comes in two forms: rising profits, especially those earned by the largest businesses in the economy, and suggestive evidence of an increase in efforts to shape the rules of the game. This pattern is consistent with the rise of economic rents and rent-seeking behavior.