There are many other variables to be taken into account, such as the timing of adjustment, the treatment of maintenance and renovation, the extent of the owners’ resources, whether there are marketable assets that might be sold, etc. As everyone knows, small business makes a disproportionally large contribution to employment, compared to large businesses, in all economies, including our own.
This is especially so in these times of stagnation, when so much of the labour force is forced back on their own resources.