The boyish enthusiasm is back, and the gruelling burdens of monopoly lawsuits and dotcom downturns are receding

他那孩童般的热情又回来了，那场令人身心疲惫的反袭断诉讼案以及网络公司低迷徘徊的局面正接近尾声。

||1:A recession is a difficult time to start a company, of course.||2:Credit is scarce.Would-be entrepreneurs are further handicapped by falling asset prices, since they might want to use their homes as collateral for a start-up loan.||3:Whether downturns on balance help or hurt entrepreneurs depends therefore on the relative strength of these opposing sets of forces.

||1:当然，在经济衰退期间创业总是相当艰难的。||2:信用稀缺，且不断下降的资产价格更成为未来的企业家们创业的进一步障碍，因此他们可能以房屋为抵押，从而获得启动资金。||3:因此，资产负债表的恶化对企业家是有利还是有害，取决于他们的相对资本实力。

||1: When people suddenly have less money to spend, clever entrepreneurs may see an opportunity to set up businesses that give them what they want more cheaply or efficiently. ||2: Downturns may also swell the ranks of potential firm creators, because many who might otherwise have sought a stable salary will reinvent themselves as entrepreneurs. ||3: A recent study by Robert Fairlie of the University of California, Santa Cruz found that the proportion of Americans who start a new business each month is on average about half as high again in metropolitan areas where unemployment is in double digits as in those where it is under 2%.

||1:当人们的可支配的收入突然减少，敏锐的企业家可能抓住这个机会去兴办企业，生产他们需要的更便宜且更有效的商品。||2:经济衰退也可能扩大潜在创业者的规模，因为很多原本要寻找一个稳定的工作的人，将会重塑自己为企业家。||3:圣克鲁兹的加利福尼亚大学的罗伯特费尔利最近的一项研究发现，在失业率高达两位数的大城市，美国人的月均创业比率大约两倍于那些失业率在2%以下的地区。

||1:Downturns also funnel people into different jobs from those they might otherwise have entered.||2:A 2008 study by Paul Oyer of Stanford University found that Stanford MBAs disproportionately shunned Wall Street during a bear market.||3:This may seem unsurprising—who wants a job in finance when the market is tanking? But there are reasons to believe that these choices make a difference well into the future.||4:Those who begin their careers in a bust are less footloose than their boom-time equivalents.||5:Ms Schoar and Mr Zuo find that the average recession-scarred chief executive is more likely to have risen through the ranks of a firm than the norm, and is less likely to have switched employers or jumped from one industry to another.

||1:若不存在经济下滑，人们可能会选择不同的工作。||2:2008年，斯坦福大学的保罗奥耶研究发现，斯坦福的工商管理硕士（MBA）在熊市时都或多或少地避免在华尔街就业。||3:这看起来不足为奇——在股市大滑坡之际，又有谁愿意在金融领域工作呢？但是我们有理由相信，这些选择的影响将会波及未来。||4:相比那些在经济繁荣期间开始工作的同行，在萧条期间开创职业生涯的人显得更稳定。||5:肖尔女士和 佐先生发现一般经历过经济衰退的首席执行官有更大的可能是从公司的底层一步步爬上来的，也不大可能跳槽或变换所从事的行业。

||1:THE list of famous companies founded during economic downturns is long and varied.||2:It includes General Motors, AT&T, Disney and MTV, all founded during recessions.||3:A 2009 study found that over half of Fortune 500 companies got their start during a downturn or a bear market.||4:A recession, it seems, may not be an entirely bad time to start a company.||5:Indeed, busts (and booms) cast a longer shadow on the business landscape than is commonly realised, because they influence both the rate of business formation and how existing firms are run.

||1:在经济衰退期间创办的知名企业数量很多，且各式各样的行业都有。||2:通用汽车（General Motors）、美国电话电报公司（AT&T）、迪士尼（Disney）和音乐电视（MTV，全球两大音乐台之一）等都是在经济衰退时创建的。||3:2009年有研究发现，超过一半的财富500强公司都是在衰退或熊市期间创设的。||4:经济衰退时期，看起来并非完全不适合创设新公司。||5:事实上，萧条（或繁荣）对经济的商业环境的影响远比一般人意识到的要深远，因为它们既影响新企业的设立速度又影响现有企业的运营状况。

Some argue that recessions speed up the process of productive economic churn—what Joseph Schumpeter called “creative destruction”. The destruction part is easy to see: downturns kill businesses, leaving boarded-up windows on the high street as their gravestones. But recessions may also spur the creation of new businesses.

有些人认为，经济衰退可以加快经济结构的调整进程——约瑟夫熊彼特称这为“创造性破坏”。破坏那部分很容易理解：经济衰退让企业倒闭，大街上剩下的那些用木板钉牢的窗户就如同他们的墓碑。然而，经济衰退也可能刺激新行业（企业）的诞生。

The record for the longest recession in the postwar period is 16 months, which was reached in the 1973-75 and 1981-82 downturns .

（美国）战后持续时间最长的经济衰退发生在1973-75年以及1981-82年，达到了16个月。

The declining rates of 2009 may help people shake off the idea that crime rises during economic downturns .

09年各地犯罪率的下降也许能让人们撇开经济衰退时犯罪率就会增加这一想法。

I have run a company for 23 years; I am accustomed to tough competition and downturns . But I cannot simply accept decline.

23年来，我一直经营着一家公司，早已看惯了严酷的竞争和经济低迷，但我实在无法认同欧洲正在衰落的说法。

And climate caused famines, economic downturns , and catastrophic human events far more often than did any of the other 14 variables.

报告显示，气候变化作为灾荒、经济衰退和人类灾难事件的诱因，要远远大于14个变量中的其他因素。

But such downturns are more severe in countries with the Anglo-Saxon sort of financial system, because their lending is more procyclical.

不过对于那些拥有英美式金融体系的国家来说，这种下滑会更加严重，因为他们的信贷行为更加具有顺周期的性质。

The pertinent argument is that they would be hurt by much less than in previous American downturns .

不过更为中肯的说法是，他们所遭受的损失相比起以往的美国衰退已经少很多了。

On both occasions, and after the mid-1970s export embargo, there were global economic downturns .

不论是1979,1999还是70年代中期的出口禁运，都导致了全球性的经济衰退。

Unlike in past downturns , the government’s fiscal position was strong enough to allow it to pump up spending to see off trouble.

不同于过去的经济衰退，这次巴西政府的财务状况非常健全，足以让巴西砸下重金去摆脱面对的麻烦。

Unlike in past downturns , when New York’s recovery lagged well behind that of the nation, this time round the city is doing relatively well.

不像以前经济低迷期，纽约的经济复苏往往远落后于整个国家，这一回纽约确实做得很好。

Brown will use his speech to criticise governments that cut spending and investment during downturns .

布朗要用他的演讲批评那些偏在经济低迷时期消减消费开支和投资的各政府部门。

The declining rates may help people to shake off the idea that crime rises during economic downturns .

持续下降的暴力犯罪率或许可以帮助人们摆脱“经济萧条，犯罪猖獗”的想法。

Veterans of earlier downturns say the cost-cutting this time has been relatively restrained.

此前经历过经济低迷的人士表示，此次成本削减相对有限。

But industry executives, still shaken by one of the sector’s worst downturns ever, argue that too much uncertainty remains for the future.

但该行业滑坡对业内高层的影响仍挥之不去，他们认为未来依然面临太多的不确定因素。

Historically, however, downturns have prompted Americans to shun foreigners, not welcome them.

但是，从过去的历史经验来看，经济萧条会导致美国人排斥外国人，而非欢迎他们。

But South Africa has weathered downturns and currency knocks before.

但是南非以前经受住了经济衰退和货币贬值的打击。

Yet the growth of emerging economies is unlikely to continue at the same rapid pace or without occasional downturns .

但是新兴经济体的增长不可能始终保持同样的增长速度或不可能没有偶尔的回落。

Corrections can be caused by economic downturns or by some kind of unexpected event, such as the Russian debt crisis of 1998.

导致调整的因素可以是经济低迷，或者诸如1998年俄罗斯债务危机类似的意外事件。

So far, the pattern of job losses in this recession resembles that of the early post-war downturns (starting in 1948, 1953 and 1957).

到目前为止，本次经济衰退中就业岗位减少的模式与战后初期经济下滑时期（始于1948年、1953年和1957年）的模式相似。

It is worth noting that 16 of the 30 companies in the Dow Jones Industrial Average started in downturns . Will your business be number 17?

道琼斯工业指数的30家公司中有16家已经不值钱了，你不会想成为第17家吧？

It is not supposed to be like this for lawyers, even during the worst of downturns .

对律师来说，即使在经济最不景气之时，事情也不应如此。

Previous economic downturns have not been as keenly felt in the city but the current slump is having a pronounced affect.

对于以往几次经济低迷，这座城市都没有明显感受到，而眼下这场衰退的影响却显然可见。

Experience in other countries shows that serious asset-price busts often lead to economic downturns lasting several years.

而其他国家的经验表明，严重的资产价格下跌经常导致经济低迷时期持续几年。

Moreover, higher capital requirements may not prevent banks from tightening the screws on the economy during downturns .

而且，更高的资本充足率或许无法阻止银行在低迷时期对经济施压。

Housing downturns have a strong dynamism, which is not easy to break.

房地产市场低迷有一个强大的动力机制，打破它并非易事。