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We tend to talk of entrepreneurship and business growth as if it were
a matter of tweaking a few simple policy buttons: lowering taxes,
making health insurance cheaper, hamstringing the EPA. Unsurprisingly,
these issues map well onto big national policy battles. And yet, when I
talk to small-business owners, I’m more likely to get an earful about
their state’s workers' compensation scheme or the local utility’s
pricing schedule than I am about the federal tax rate. Yet almost none
of the policy journalists I know could even describe in detail how
workers' compensation insurance works, much less articulate a coherent
policy agenda for it.
Then there are the sort of soft
institutional issues that Meyer highlights, such as whether the local
legal system encourages frivolous lawsuits, or some arcane regulatory
issue that’s specific to businesses. These things matter a lot, but
they’re hard to measure and even harder to fix.
Source: Megan McArdle, "For Small Businesses, Small Matters," bloomberg.com, January 9, 2014
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