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Local economic freedom and creative destruction in America

Small Business Economics, ISSN: 1573-0913, Vol: 56, Issue: 1, Page: 333-353
2021
  • 62
    Citations
  • 0
    Usage
  • 110
    Captures
  • 1
    Mentions
  • 232
    Social Media
Metric Options:   Counts1 Year3 Year

Metrics Details

  • Citations
    62
    • Citation Indexes
      57
    • Policy Citations
      5
      • Policy Citation
        5
  • Captures
    110
  • Mentions
    1
    • News Mentions
      1
      • News
        1
  • Social Media
    232
    • Shares, Likes & Comments
      232
      • Facebook
        232

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Article Description

Economic freedom facilitates the market selection mechanism that enables the Schumpeterian creative destruction process. I develop a framework depicting how economic freedom, which reduces entry barriers and transaction costs, acts as an external enabler that facilitates the creation of firms and jobs. It also facilitates the market correction device, potentially serving as a disabling force to allow firm and job destruction. Using a novel metropolitan statistical area–level dataset, I investigate empirically the role of local economic freedom on dynamism for a sample of nearly 300 U.S. cities over the period 1972–2012. My results confirm that economic freedom is positively associated with firm and job creation, but it has no effect on firm and job destruction.

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