201-3-903
It’s what you do with it that counts
Rather than focusing on size, policymakers should look at growth. One of the reasons why everyone loves small firms is that they create more jobs than big ones. But many small businesses stay small indefinitely. The link between small firms and jobs growth relies entirely on new start-ups, which are usually small, and which by definition create new jobs (as they did not previously exist). A recent study of American businesses found that the link between company size and jobs growth disappears once the age of firms is controlled for.
Rather than spooning out subsidies and regulatory favours to small firms, governments should concentrate on removing barriers to expansion. In parts of Europe, for example, small firms are exempted from the most burdensome social regulations. This gives them an incentive to stay small. Far better to repeal burdensome rules for all firms. The same goes for differential tax rates, such as Britain’s, and the separate bureaucracy America maintains to deal with small businesses. In a healthy economy, entrepreneurs with ideas can easily start companies, the best of which grow fast and the worst of which are quickly swept aside. Size doesn’t matter. Growth does.

A. 어휘
indefinitely 무한정으로. start-ups 新生(신생) 기업.
by definition 定議(정의)에 의하면, 정의하자면. spooning out 퍼주다.
subsidies 보조금. regulatory 규제의. favours 특혜.
barriers 障壁(장벽). expansion 확장, 膨脹(팽창). exempt 면제하다.
burdensome 부담이 되는, 괴로운, 성가신. repeal 폐지하다.
differential tax rates 차별세율. separate 분리된.
the separate bureaucracy 專擔(전담) 관료제도. entrepreneurs 모험적인 기업.