Is failure good?
研究了新企业失败的经济效益，发现失败企业产生的外部性显著降低行业成本，且收益超过私人成本，表明失败对经济有益。
Abstract Approximately 80–90 percent of new firms ultimately fail. The tendency is to think of this failure as wasteful. We, however, examine whether there are economic benefits to offset the waste. We characterize three potential mechanisms through which excess entry affects market structure, firm behavior, and efficiency, then test them in the banking industry. Results indicate that failed firms generate externalities that significantly and substantially reduce industry cost. On average these benefits exceed the private costs of the entrants. Thus failure appears to be good for the economy. Copyright © 2005 John Wiley & Sons, Ltd.