I think these are all factors. Tyler Cowen talks about this issue quite a bit. The stat he often quotes is that new business creation is down by about half sin

I think these are all factors. Tyler Cowen talks about this issue quite a bit. The stat he often quotes is that new business creation is down by about half since 50 years ago. Here's an interesting post he had on it: https://marginalrevolution.com/marginalrevolution/2014/08/will-the-recent-decline-in-entrepreneurship-be-reversed-by-demographic-forces.html https://marginalrevolution.com/marginalrevolution/2014/08/wi... It could be as simple as demographic shifts (which would explain its long slow and consistent decline), or the other factors you and him mention might also be playing an outsized role.