Business dynamism in the United States increases | VOX, CEPR political portal

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In 2020, the creation of American startups jumped 24% compared to the previous year. This is the largest annual increase since the start of collecting business statistics in the United States. Part of this boom in entrepreneurial activity is explained by the migration of businesses to online activity.

This commercial dynamism is unexpected. Vox columns written in early 2020 (e.g. Baker et al. 2020, Coibion ​​et al. 2020, Sedláček and Sterk 2020, Calvino et al. 2020) recorded sharp declines in entrepreneurial activity in G7 economies. In a recent article (Djankov and Zhang 2021), we show that such declines were indeed the norm in advanced economies at the end of 2020. The United States is an exception, fueled by government assistance provided to small businesses.

The emphasis on new entries is …

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