2018 was a special year, as it marks the tenth anniversary of the onset of the global financial crisis. Many times I have heard: “ten years since the start of the crisis”.
While the drop in the formation of lifestyle-type firms could be neutral or even a positive for productivity, as in the case of the U.S. retail sector, the reduction in the creation of highperformance new firms suggests that lower dynamism could be associated with slower productivity growth.10 Labor Market Dynamism: While changing jobs can be painful, job changes in the aggregate are associated with higher compensation, implying higher productivity.