Felix Salmon attests that the the stock market has become a less reliable proxy for the economy as a whole. Ira Stoll counters. Stoll says there are less companies in the exchange but these companies are much larger. Felix shores up his argument:

Stoll is making my point for me that the U.S. stock market is increasingly made up of enormous and dominant companies and features ever fewer of the smaller, fast-growing companies which really drive the economy. When public companies are acquired or delisted or go bankrupt, there’s not nearly enough in the IPO pipeline to replace them. The result is a market of dinosaurs.

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