I came across this interview with writer Junot Díaz a while ago and am only getting round to reading it. I love what he has to say:
While a short story cannot build the same kind of relationship with a reader that the novel can, the short story can far more convincingly remind the reader of life’s cruel brevity and of how irrevocable some of the shit we decide and that happens to us can be.
Each narrative mode has its benefits and its dangers. Third person, for example, runs the risk always of being dreadfully etiolated and sounding like it’s been dipped for a decade in an acid bath made up of the pulped voices of 1,001 old dead white males. Third person runs the risk always of being something that doesn’t dance. And first person clearly is always in danger of becoming a narcissistic pinhole, an all-or-nothing bargain. But again, I don’t think one writer’s preference says much about what is possible in the form.