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Free-Market Innovation Machine : Analyzing the Growth Miracle of Capitalism.

Author: William J Baumol
Publisher: Princeton University Press, 2014.
Edition/Format:   eBook : Document : EnglishView all editions and formats
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  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: William J Baumol
ISBN: 1306641101 9781306641104 9781400851638 1400851637
OCLC Number: 878114601
Description: 1 online resource
Contents: Cover Page; Title Page; Copyright Page; Contents; Preface; Chapter 1 Introduction: The Engine of Free-Market Growth; Part I: The Capitalist Growth Mechanism; Chapter 2 The "Somewhat Optimal" Attributes of Capitalist Growth: Oligopolistic Competition and Routinization of Innovation; Chapter 3 Oligopolistic Rivalry and Routinization to Reduce Uncertainty; Chapter 4 Oligopolistic Rivalry and Routine Innovation Spending: Theory of the Engine of Unprecedented Capitalist Growth; Chapter 5 Independent Innovation in History: Productive Entrepreneurship and the Rule of Law. Chapter 6 Voluntary Dissemination of Proprietary Technology: Private Profit, Social GainChapter 7 Oligopolistic Rivalry and Markets for Technology Trading; Chapter 8 Tradeoff: Innovation Incentives versus Benefits to Others (Distributive Externalities); Part II: Integration of Innovation into the Mainstream of Microtheory; Chapter 9 Oligopolistic Competition, Pricing, and Recoupment of Innovation Outlays; Chapter 10 Microeconomic Theory of Industrial Organization in the "Innovation-Machine" Economy; Chapter 11 Recouping Innovation Outlays and Pricing Its Products: Continued. Chapter 12 Models of Optimal Timing of InnovationChapter 13 Licensing for Profit: Efficiency Implications; Part III: On the Macrodynamics of Capitalism; Chapter 14 Capitalism's Unique Innovation Machine: Historical Evidence; Chapter 15 Macroeconomic Models and Relationships That May Limit Growth; Chapter 16 Feedback: Innovation as a Self-Nourishing Process; Bibliography; Index.
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Abstract:

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 ra.

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