How Immigration Reform Affects Falling Startup Rates

Photograph by John Moore/Getty Images

Don’t let all those high-profile startups fool you: U.S. entrepreneurship is in the midst of a three-decade-long decline. Since the late 1970s, the rate at which new firms entered the economy decreased, while the rate of exits rose. This matters to economists, because new firms—especially those that are growing at a fast pace—are responsible for a lot of job growth.

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