from the Chicago Fed
Economists have emphasized the importance of “creative destruction” as an engine of growth. The creative destruction process involves a constant reorganization of the economy as old products, firms, factories, and jobs are replaced by new ones. An important part of this process lies in the opening of new firms or establishments.
[click on image to read the study]
Source: http://www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2014/cflseptember2014_326.pdf
