Publicly traded firms contribute less to total nonfarm employment and GDP now than in the 1970s. Major reasons for this development are the decline of manufacturing, the shift towards more production abroad in manufacturing, and the growth of the service economy as firms providing services are less likely to be listed on exchanges. A firm's stock market capitalization is much less instructive about its employment now than earlier. Market capitalizations have not become systematically less informative about firms’ contribution to GDP. Listed stock market superstars account for less employment than they did in the 1970s.

中文翻译：

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交易所上市公司对经济的重要性降低了吗？

与 1970 年代相比，上市公司现在对非农就业总数和 GDP 的贡献更少。这种发展的主要原因是制造业的衰退、制造业转向更多的海外生产以及服务经济的增长，因为提供服务的公司不太可能在交易所上市。与以前相比，公司的股票市值现在对其就业的指导意义要小得多。市值并没有系统性地减少有关公司对 GDP 贡献的信息。与 1970 年代相比，上市股票市场超级明星的就业人数更少。