Big companies are notoriously poor at generating value. Most of their revenues come from a handful of products, and in general most of their resources are spent

Big companies are notoriously poor at generating value. Most of their revenues come from a handful of products, and in general most of their resources are spent in ensuring that competitive threats are eliminated. They’re not a good proxy for economic performance; in fact their presence indicates the opposite. The American economy has succeeded because smaller firms were capable of growing rapidly and challenging and then replacing previous generations of titans. The inability of present or future firms to do this presents an existential threat to the competitiveness of the US economy.