And regulation is closing in on some existing firms.
And that retards growth -- growth of new firms and existing firms," he said.
"Either the existing firms within the market are protected by barriers to entry or they are not," the authors write.
Rewarding longer ownership would require a lot of new legislation, particularly to apply it to existing firms.
And many former service members retire to the region, some of them starting companies there, others going to work for existing firms.
It is involved in venture capital; in growth equity investments, which are in more developed firms that need capital to grow further; and in buyouts of existing firms.
They add, "The state can and often does discourage entry by firms that use more productive work practices through the subsidization of existing firms".
One of Mr Wyler's existing firms, O3B, specialises in providing satellite-internet to oil rigs, cruise ships and other businesses with remote operations.
Given the effect of the housing crisis on existing firms, one can only imagine the scale of that might-have-been.
In such cases, stringent regulation might hinder the adoption of technology by existing firms, or restrict the entry of new high-tech firms.
They are buying and selling securities that are tied to existing firms and capital projects, or to something less concrete, such as the price of a stock or the level of an exchange rate.
