>1. Growth in the number of firms 2. The average growth rate of each firm 3. The market share of high-growth firms relative to low-growth firms Accelerating

>1. Growth in the number of firms 2. The average growth rate of each firm 3. The market share of high-growth firms relative to low-growth firms Accelerating any of these three factors will increase a country’s growth rate. I can’t emphasize enough how important this reframing is. [...] it is almost a mathematical truism that if a country’s firms are growing on average, then that country’s economy will grow. A truism? That's false. Consolidation increases the number of employees per firm, but reduces the number of firms.