“Just as the US military has become more decentralized, letting soldiers on the ground in Afghanistan and Iraq make more decisions than they would have in Korea or in Vietnam, so are the best firms decentralizing in times of economic conflict,” says Stanford’s Nicholas Bloom, who conducted the research with College of France’s Philippe Aghion, Stanford PhD candidate Brian Lucking, Harvard’s Raffaella Sadun, and MIT’s John Van Reenen.

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