"WHY has economic growth been so sluggish in the developed world?
a higher share of industry capital sunk in zombie firms tends to crowd out the growth—measured in terms of investment and employment—of the typical non-zombie firm.
Zombie firms could drag down productivity in three ways. First, just by being inefficient, they drag down the productivity average for the whole economy. Second, they may crowd out investment by non-zombie firms. And third they may prevent efficient resource allocation by preventing more efficient firms from gaining market share.
In a sense, the zombie firm phenomenon mirrors the European labour-market problem. Well-intentioned reforms designed to protect workers' rights create a two-tier market; well-paid insiders and unemployed outsiders, with firms reluctant to hire the latter because of the costs of getting rid of them. The developed world may have created an inflexible business market.
That makes the sudden enthusiasm for "industrial policy" on both sides of the Atlantic all the more worrying. Governments tend to back existing firms, since they have the power to lobby; small start-ups don't get a hearing. But protecting the interests of corporate insiders may, in the long run, make the whole economy as sluggish as one of the walking dead."
sábado, janeiro 14, 2017
Para um país com taxas de crescimento do PIB raquíticas desde há muitos anos "Attack of the zombie firms" dá que pensar: