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Item specifics
- Condition
- ISBN
- 9780691096155
- Subject Area
- Technology & Engineering, Business & Economics
- Publication Name
- Free-Market Innovation Machine : Analyzing the Growth Miracle of Capitalism
- Publisher
- Princeton University Press
- Item Length
- 9.2 in
- Subject
- Development / Economic Development, Industrial Technology, Economics / Theory
- Publication Year
- 2002
- Type
- Textbook
- Format
- Hardcover
- Language
- English
- Item Weight
- 22 Oz
- Item Width
- 6 in
- Number of Pages
- 336 Pages
About this product
Product Information
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. While giving price competition due credit, Baumol stresses that large firms use innovation as a prime competitive weapon. However, as he explains it, firms do not wish to risk too much innovation, because it is costly, and can be made obsolete by rival innovation. So firms have split the difference through the sale of technology licenses and participation in technology-sharing compacts that pay huge dividends to the economy as a whole--and thereby made innovation a routine feature of economic life. This process, in Baumol's view, accounts for the unparalleled growth of modern capitalist economies. Drawing on extensive research and years of consulting work for many large global firms, Baumol shows in this original work that the capitalist growth process, at least in societies where the rule of law prevails, comes far closer to the requirements of economic efficiency than is typically understood. Resounding with rare intellectual force, this book marks a milestone in the comprehension of the accomplishments of our free-market economic system--a new understanding that, suggests the author, promises to benefit many countries that lack the advantages of this immense innovation machine.
Product Identifiers
Publisher
Princeton University Press
ISBN-10
0691096155
ISBN-13
9780691096155
eBay Product ID (ePID)
2239329
Product Key Features
Number of Pages
336 Pages
Language
English
Publication Name
Free-Market Innovation Machine : Analyzing the Growth Miracle of Capitalism
Publication Year
2002
Subject
Development / Economic Development, Industrial Technology, Economics / Theory
Type
Textbook
Subject Area
Technology & Engineering, Business & Economics
Format
Hardcover
Dimensions
Item Weight
22 Oz
Item Length
9.2 in
Item Width
6 in
Additional Product Features
LCCN
2001-056044
Dewey Edition
21
Reviews
"Mr. Baumol's contribution is not to emphasize the impact of innovation but to pinpoint how competition forces companies to make innovation routine. . . . The traditional analysis . . . says that capitalism blunders at generating innovation over the long run. Mr. Baumol . . . reverses this presumption. . . . [He] tells a tale rich in details about the market's use of collaboration to overcome problems of innovation. Along the way he turns standard analysis upside down." --Michael M. Weinstein, New York Times, "Over the past 50 years, William Baumol has made groundbreaking contributions to a wide range of economic fields, including antitrust, the study of productivity, and the nature of growth. . . . At 80, and still going strong, he is among the last working members of the great generation of post-World War II economists."-- Business Week, "For managers looking for a big picture view, this is a useful account. And while it deflates the romantic view of the maverick innovative company, the book justly celebrates the positive results of this routinized 'innovation machine'--the unprecedented growth rates we've had under capitalism." -- Harvard Business Review, "A good book and a valuable book by an author whose experience, wisdom, and analytical ability make his thoughts automatically important." --Robert M. Solow, Massachusetts Institute of Technology, 1987 Nobel Laureate in Economic Sciences, A brilliant book. . . . What makes capitalism uniquely successful is the built-in pressure to generate new products and processes. Provided companies are forced to compete, the market will find a way to generate and diffuse an unending stream of innovations., In this fine volume [Baumol] challenges readers to rethink entirely the conventional wisdom concerning the nature and benefits of the capitalist (or free market) system. . . . [It is] readable, challenging, stimulating., Mr. Baumol's contribution is not to emphasize the impact of innovation but to pinpoint how competition forces companies to make innovation routine. . . . The traditional analysis . . . says that capitalism blunders at generating innovation over the long run. Mr. Baumol . . . reverses this presumption. . . . [He] tells a tale rich in details about the market's use of collaboration to overcome problems of innovation. Along the way he turns standard analysis upside down., For managers looking for a big picture view, this is a useful account. And while it deflates the romantic view of the maverick innovative company, the book justly celebrates the positive results of this routinized 'innovation machine'--the unprecedented growth rates we've had under capitalism., "A brilliant book. . . . What makes capitalism uniquely successful is the built-in pressure to generate new products and processes. Provided companies are forced to compete, the market will find a way to generate and diffuse an unending stream of innovations." ---Martin Wolf, Financial Times, A brilliant book. . . . What makes capitalism uniquely successful is the built-in pressure to generate new products and processes. Provided companies are forced to compete, the market will find a way to generate and diffuse an unending stream of innovations. ---Martin Wolf, Financial Times, Mr. Baumol's contribution is not to emphasize the impact of innovation but to pinpoint how competition forces companies to make innovation routine. . . . The traditional analysis . . . says that capitalism blunders at generating innovation over the long run. Mr. Baumol . . . reverses this presumption. . . . [He] tells a tale rich in details about the market's use of collaboration to overcome problems of innovation. Along the way he turns standard analysis upside down. ---Michael M. Weinstein, New York Times, "Over the past 50 years, William Baumol has made groundbreaking contributions to a wide range of economic fields, including antitrust, the study of productivity, and the nature of growth. . . . At 80, and still going strong, he is among the last working members of the great generation of post-World War II economists." -- Business Week, "Mr. Baumol's contribution is not to emphasize the impact of innovation but to pinpoint how competition forces companies to make innovation routine. . . . The traditional analysis . . . says that capitalism blunders at generating innovation over the long run. Mr. Baumol . . . reverses this presumption. . . . [He] tells a tale rich in details about the market's use of collaboration to overcome problems of innovation. Along the way he turns standard analysis upside down."-- Michael M. Weinstein, New York Times, You cannot fault Baumol for being unambitious. In this fine volume he challenges readers to rethink entirely the conventional wisdom concerning the nature and benefits of the capitalist (or free market) system. . . . Readable, challenging, stimulating., Over the past 50 years, William Baumol has made groundbreaking contributions to a wide range of economic fields, including antitrust, the study of productivity, and the nature of growth. . . . At 80, and still going strong, he is among the last working members of the great generation of post-World War II economists., "Well written and well organized, this book provides an overriding vision of the economic process, in particular, the strange sense in which competition coexists with what might be termed a cooperative process of learning. It is likely to be an important stimulus to research." --Kenneth J. Arrow, Stanford University, 1972 Nobel Laureate in Economic Sciences, Professor Baumol is a giant in the field of economics. . . . This book displays both his prodigious intellect and the sweep of his scholarship. . . . [T]his is an important book., "A brilliant book. . . . What makes capitalism uniquely successful is the built-in pressure to generate new products and processes. Provided companies are forced to compete, the market will find a way to generate and diffuse an unending stream of innovations."-- Martin Wolf, Financial Times, "Professor Baumol is a giant in the field of economics. . . . This book displays both his prodigious intellect and the sweep of his scholarship. . . . [T]his is an important book."-- Ashish Arora, Journal of Technology Transfer, "A brilliant book. . . . What makes capitalism uniquely successful is the built-in pressure to generate new products and processes. Provided companies are forced to compete, the market will find a way to generate and diffuse an unending stream of innovations." --Martin Wolf, Financial Times, "Professor Baumol is a giant in the field of economics. . . . This book displays both his prodigious intellect and the sweep of his scholarship. . . . [T]his is an important book." --Ashish Arora, Journal of Technology Transfer, "Mr. Baumol's contribution is not to emphasize the impact of innovation but to pinpoint how competition forces companies to make innovation routine. . . . The traditional analysis . . . says that capitalism blunders at generating innovation over the long run. Mr. Baumol . . . reverses this presumption. . . . [He] tells a tale rich in details about the market's use of collaboration to overcome problems of innovation. Along the way he turns standard analysis upside down." ---Michael M. Weinstein, New York Times, "Professor Baumol is a giant in the field of economics. . . . This book displays both his prodigious intellect and the sweep of his scholarship. . . . [T]his is an important book." ---Ashish Arora, Journal of Technology Transfer, "In this fine volume [Baumol] challenges readers to rethink entirely the conventional wisdom concerning the nature and benefits of the capitalist (or free market) system. . . . [It is] readable, challenging, stimulating." -- Choice, "You cannot fault Baumol for being unambitious. In this fine volume he challenges readers to rethink entirely the conventional wisdom concerning the nature and benefits of the capitalist (or free market) system. . . . Readable, challenging, stimulating."-- Choice, Honorable Mention for the 2003 Award for Best Professional/Scholarly Book in Economics, Association of American Publishers, "For managers looking for a big picture view, this is a useful account. And while it deflates the romantic view of the maverick innovative company, the book justly celebrates the positive results of this routinized 'innovation machine'--the unprecedented growth rates we've had under capitalism."-- Harvard Business Review, "You cannot fault Baumol for being unambitious. In this fine volume he challenges readers to rethink entirely the conventional wisdom concerning the nature and benefits of the capitalist (or free market) system. . . . Readable, challenging, stimulating." -- Choice, Professor Baumol is a giant in the field of economics. . . . This book displays both his prodigious intellect and the sweep of his scholarship. . . . [T]his is an important book. ---Ashish Arora, Journal of Technology Transfer, "In this fine volume [Baumol] challenges readers to rethink entirely the conventional wisdom concerning the nature and benefits of the capitalist (or free market) system. . . . [It is] readable, challenging, stimulating."-- Choice
Target Audience
College Audience
Illustrated
Yes
Dewey Decimal
330.12/2
Lc Classification Number
Hb501.B38 2002
Table of Content
Preface vii CHAPTER 1: Introduction: The Engine of Free-Market Growth 1 PART I: THE CAPITALIST GROWTH MECHANISM CHAPTER 2: The "Somewhat Optimal" Attributes of Capitalist Growth: Oligopolistic Competition and Routinization of Innovation 19 CHAPTER 3: Oligopolistic Rivalry and Routinization to Reduce Uncertainty 30 CHAPTER 4: Oligopolistic Rivalry and Routine Innovation Spending: Theory of the Engine of Unprecedented Capitalist Growth 43 CHAPTER 5: Independent Innovation in History: Productive Entrepreneurship and the Rule of Law 55 CHAPTER 6: Voluntary Dissemination of Proprietary Technology: Private Profit, Social Gain 73 CHAPTER 7: Oligopolistic Rivalry and Markets for Technology Trading 93 CHAPTER 8: Tradeoff: Innovation Incentives versus Benefits to Others (Distributive Externalities) 120 PART II: INTEGRATION OF INNOVATION INTO THE MAINSTREAM OF MICROTHEORY CHAPTER 9: Oligopolistic Competition, Pricing, and Recoupment of Innovation Outlays 151 CHAPTER 10: Microeconomic Theory of Industrial Organization in the "Innovation-Machine" Economy 161 CHAPTER 11: Recouping Innovation Outlays and Pricing Its Products: Continued 183 CHAPTER 12: Models of Optimal Timing of Innovation 199 CHAPTER 13: Licensing for Profit: Efficiency Implications 215 PART III: ON THE MACRODYNAMICS OF CAPITALISM CHAPTER 14: Capitalism's Unique Innovation Machine: Historical Evidence 245 CHAPTER 15: Macroeconomic Models and Relationships That May Limit Growth 262 CHAPTER 16: Feedback: Innovation as a Self-Nourishing Process 284 Bibliography 299 Index 307
Copyright Date
2002
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eBay item number:156132556605
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