The nonrivalry of ideas gives rise to increasing returns, a fact celebrated in Paul Romer's
recent Nobel Prize. An implication is that the long-run rate of economic growth is the product …

Employer business startups contribute disproportionately to job creation, innovation, and
productivity growth. This contribution is dynamic and complex involving much trial and error …

In this survey, we argue that the economic analysis of fertility has entered a new era. First-
generation models of fertility choice were designed to account for two empirical regularities …

American markets, once a model for the world, are giving up on competition. Thomas
Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by …

We document the evolution of market power based on firm-level data for the US economy
since 1955. We measure both markups and profitability. In 1980, aggregate markups start to …

In this paper, we review the literature on declining business dynamism and its implications in
the United States and propose a unifying theory to analyze the symptoms and the potential …

The US business sector has under-invested relative to Tobin's Q since the early 2000's. We
argue that declining competition is partly responsible for this phenomenon. We use a …

This paper offers a unified explanation for the slowdown of productivity growth, the decline in
business dynamism, and the rise of market power. Using a quantitative framework, I show …

We attempt to understand potential common forces behind rising market concentration and a
slowdown in business dynamism in the US economy, through a micro-founded general …

Population aging is expected to slow US economic growth. We use variation in the
predetermined component of population aging across states to estimate the impact of aging …