ITIF-为什么美国经济需要更多而不是更少的整合（英）-2024.5-30页

WhytheUSEconomyNeedsMoreConsolidation,NotLessTRELYSALONGMAY2024Largerfirmsaregenerallymoreproductivebecauseofscaleeconomies,butsomeU.S.industriesstillhavetoohighashareofsmallfirms.Policymakersshouldencourage,notdiscourage,greaterconsolidationintheseindustries.KEYTAKEAWAYSLargefirmsaregenerallymoreefficientthansmallerones.Asanindicatoroftheirgreaterproductivity,firmswith500ormoreemployeeshavehigherreceiptsperworkerthandofirmswithfewerthan500employeesin710of938six-digitNAICSindustries.Mostofthe228industriesinwhichsmallerfirmsaremoreproductivearethosewithlittleabilitytogainscaleeconomies(e.g.,furniturerepair,foodtrucks,etc.).Consolidationcanboostindustry-wideproductivitybyensuringthatmoreproductionisconductedbylargerfirmswithhigherproductivity.Someindustrieswouldbenefitfromgreaterscalebutstillhavelargesharesofsmallfirms.Theyincludeindustriesinwhichgovernmentpolicyhassignificantinfluence,suchasbanking,construction,doctor’soffices,farming,andtelecommunications.Despitetheefficiencygainsconsolidationcanbring,state,local,andfederalgovernmentpoliciescandiscouragegreaterconsolidation.Policymakersneedtomodifyor,ifpossible,removethesepolicies.Overall,it’stimetobalancetheagendaofseekingmorecompetitionwithanequallycompellingandnotmutuallyexclusivegoalofseekingmoreconsolidationandhigherproductivity.itif.orgCON...