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Every day, in every sector of our economy, a business shuts down while another starts up, jobs are created while others are cut, and workers are hired while others are laid off. This constant flux, or turbulence, is a defining characteristic of our free market system, yet it mostly inspires angst about unemployment, loss of earnings, and the overall competitiveness of corporations. But is this endless cycle of fluctuation really so bad for America? Might something positive be going on in the economy as a result of it? In this penetrating work, three esteemed economists seek to answer these que

As the accelerated technological advances of the past two decades continue to reshape the United States' economy, intangible assets and high-technology investments are taking larger roles. These developments have raised a number of concerns, such as: how do we measure intangible assets? Are we accurately appraising newer, high-technology capital? The answers to these questions have broad implications for the assessment of the economy's growth over the long term, for the pace of technological advancement in the economy, and for estimates of the nation's wealth. In Measuring Capital in the New Economy, Carol Corrado, John Haltiwanger, Daniel Sichel, and a host of distinguished collaborators offer new approaches for measuring capital in an economy that is increasingly dominated by high-technology capital and intangible assets. As the contributors show, high-tech capital and intangible assets affect the economy in ways that are notoriously difficult to appraise. In this detailed and thorough analysis of the problem and its solutions, the contributors study the nature of these relationships and provide guidance as to what factors should be included in calculations of different types of capital for economists, policymakers, and the financial and accounting communities alike.

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Prefatory note -- Introduction / John Haltiwanger, Erik Hurst, Javier Miranda, and Antoinette Schoar. 1 Entrepreneurial heterogeneity : High-growth young firms: contribution to job, output, and productivity growth / John Haltiwanger, Ron S. Jarmin, Robert Kulick, and Javier Miranda -- Nowcasting and placecasting entrepreneurial quality and performance / Jorge Guzman and Scott Stern -- Wealth, tastes, and entrepreneurial choice / Erik Hurst and Benjamin W. Pugsley -- Are founder CEOs good managers? / Victor Manuel Bennett, Megan Lawrence, and Raffaella Sadun -- Immigrant entrepreneurship / Sari Pekkala Kerr and William R. Kerr. 2 Challenges facing entrepreneurs: finance and business conditions : How did young firms fare during the Great Recession? Evidence from the Kauffman Firm survey / Rebecca Zarutskie and Tiantian Yang -- Small business and small business finance during the financial crisis and the Great Recession: new evidence from the Survey of Consumer Finances / Arthur B. Kennickell, Myron L. Kwast, and Jonathan Pogach -- Does unemployment insurance change the selection into entrepreneurship? / Johan Hombert, Antoinette Schoar, David Sraer, and David Thesmar -- Job creation, small versus large versus young, and the SBA / J. David Brown, John S. Earle, and Yana Morgulis. 3 Data gaps and promising avenues for the future : Venture capital data: opportunities and challenges / Steven N. Kaplan and Josh Lerner -- The promise and potential of linked employer-employee data for entrepreneurship research / Christopher Goetz, Henry Hyatt, Erika McEntarfer, and Kristin Sandusky. Contributors -- Author index -- Subject index.

FrontMatter -- Acknowledgments -- Contents -- Executive Summary -- 1 Introduction and Motivation -- 2 What Is a Business? -- 3 The Ideal Business Data System -- 4 Limitations of the Current Data System for Measuring Business Dynamics -- 5 Improving Data and Statistics on Business Dynamics-Bridging the Gap Between the Current and a Comprehensive System -- References -- Appendixes -- Appendix A Overview of Current Data Collections -- Appendix B Biographical Sketches of Panel Members and Staff -- Index.

We measure job-filling rates and recruiting intensity per vacancy at the national and industry levels from January 2001 to September 2011 using data from the Job Openings and Labor Turnover Survey. Industry-level movements in these variables are at odds with implications of the standard matching function in labor search theory but consistent with a generalized function that incorporates an important role for recruiting intensity. Construction makes up less than five percent of employment but accounts for more than 40 percent of the large swings in the job-filling rate during and after the Great Recession.

"This paper analyzes job flows in a sample of 16 industrial and emerging economies over the past decade, exploiting a harmonized firm-level dataset. It shows that industry and firm size effects (and especially firm size) account for a large fraction in the overall variability in job flows. However, large residual differences remain in the job flow patterns across countries. To account for the latter, the paper explores the role of differences in employment protection legislation across countries. Using a difference-in-difference approach that minimizes possible endogeneity and omitted variable problems, our findings show that hiring and firing costs tend to curb job flows, particularly in those industries and firm size classes that require more frequent labor adjustment"--National Bureau of Economic Research web site