Microfoundations of slow European growth

European industries seem to have higher entry costs, and with them lower turnover rates: 50% of new pharmaceutical products in America come from firms less than ten years old, against only 10% in Europe; 12% of the biggest US firms by market cap at the end of the 1990s were less than 20 years old, against 4% of the biggest European firms.

Here is more.  Here is a more general piece on the latest growth news out of Europe.