The free-market innovation machine : analyzing the growth miracle of capitalism / William J. Baumol.
Baumol, William J.
2004
HB501 .B38 2004 (Mapit)
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Title The free-market innovation machine : analyzing the growth miracle of capitalism / William J. Baumol.
Author Baumol, William J.
Edition [1st pbk. ed.].
ISBN 069111630X (pbk. : alk. paper)
9780691116303 (pbk. : alk. paper)
Imprint Princeton, NJ : Princeton University Press, 2004, c2002.
Language English
Description xii, 318 p. : ill. ; 24 cm.
Call Number HB501 .B38 2004
Dewey Decimal Classification 330.122
Summary Why has capitalism produced economic growth that so vastly dwarfs the growth record of other economic systems, past and present? Why have living standards in countries from America to Germany to Japan risen exponentially over the past century? William Baumol rejects the conventional view that capitalism benefits society through price competition--that is, products and services become less costly as firms vie for consumers. Where most others have seen this as the driving force behind growth, he sees something different--a compound of systematic innovation activity within the firm, an arms race in which no firm in an innovating industry dares to fall behind the others in new products and processes, and inter-firm collaboration in the creation and use of innovations.
Bibliography, etc. Note Includes bibliographical references (p. 299-306) and index.
Record Appears in On-Campus Resources > Books
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Introduction : the engine of free-market growth
The "somewhat optimal" attributes of capitalist growth : oligopolistic competition and routinization of innovation
Oligopolistic rivalry and routinization to reduce uncertainty
Oligopolistic rivalry and routine innovation spending : theory of the engine of unprecedented capitalist growth
Independent innovation in history : productive entrepreneurship and the rule of law
Voluntary dissemination of proprietary technology : private profit, social gain
Oligopolistic rivalry and markets for technology trading
Tradeoff : innovation incentives versus benefits to others (distributive externalities)
Oligopolistic competition, pricing, and recoupment of innovation outlays
Microeconomic theory of industrial organization in the "innovation-machine" economy
Recouping innovation outlays and pricing its products : continued
Models of optimal timing of innovation
Licensing for profit : efficiency implications
Capitalism's unique innovation machine : historical evidence
Macroeconomic models and relationships that may limit growth
Feedback : innovation as a self-nourishing process.

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