Entrepreneurship, Innovation, and the Growth Mechanism of the Free-Enterprise Economies

Overview

"This book brings together an absolutely first-rate group of thinkers, including several Nobel Prize winners, who were invited to a 2003 conference spurred by the publication of William J. Baumol's The Free-Market Innovation Machine. These thought-provoking essays illustrate the potential of Baumol's framework to considerably advance our understanding of what drives entrepreneurship, innovation, and long-term economic growth."--Scott Stern, Northwestern University

"This book's remarkable achievement is to gather ...

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Overview

"This book brings together an absolutely first-rate group of thinkers, including several Nobel Prize winners, who were invited to a 2003 conference spurred by the publication of William J. Baumol's The Free-Market Innovation Machine. These thought-provoking essays illustrate the potential of Baumol's framework to considerably advance our understanding of what drives entrepreneurship, innovation, and long-term economic growth."--Scott Stern, Northwestern University

"This book's remarkable achievement is to gather some of the brightest minds in economics to discuss some of the most important issues in the field--innovation, entrepreneurship, and growth. It is particularly refreshing to see these topics addressed at a variety of levels and from a variety of research perspectives. The combination of microeconomists and macroeconomists, and even economic historians, is a rare instance of communication across the subfields of economics. This impressive book will be useful to both economics generalists and specialists."--Thomas Hellmann, University of British Columbia

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What People Are Saying

Scott Stern
This book brings together an absolutely first-rate group of thinkers, including several Nobel Prize winners, who were invited to a 2003 conference spurred by the publication of William J. Baumol's The Free-Market Innovation Machine. These thought-provoking essays illustrate the potential of Baumol's framework to considerably advance our understanding of what drives entrepreneurship, innovation, and long-term economic growth.
Scott Stern, Northwestern University
Thomas Hellmann
This book's remarkable achievement is to gather some of the brightest minds in economics to discuss some of the most important issues in the field—innovation, entrepreneurship, and growth. It is particularly refreshing to see these topics addressed at a variety of levels and from a variety of research perspectives. The combination of microeconomists and macroeconomists, and even economic historians, is a rare instance of communication across the subfields of economics. This impressive book will be useful to both economics generalists and specialists.
Thomas Hellmann, University of British Columbia
Read More Show Less

Product Details

  • ISBN-13: 9780691129457
  • Publisher: Princeton University Press
  • Publication date: 1/8/2007
  • Pages: 394
  • Product dimensions: 6.30 (w) x 9.30 (h) x 1.30 (d)

Meet the Author

Eytan Sheshinski is Sir Isaac Wolfson Professor of Public Finance at the Hebrew University of Jerusalem. Robert J. Strom is Director of Research and Policy at the Ewing Marion Kauffman Foundation. William J. Baumol is Academic Director of the Berkley Center for Entrepreneurial Studies at New York University, and Professor Emeritus and Senior Economist at Princeton University.

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Table of Contents

Preface ix
INTRODUCTION by Eytan Sheshinski and Robert J. Strom 1

PART I: INTRODUCTORY: THE MICROECONOMICS AND MACROECONOMICS OF GROWTH

Chapter 1: On Macroeconomic Models of Free-Market Innovation and Growth by Robert M. Solow 15
Chapter 2: The Macro-context of the Microeconomics of Innovation by Kenneth J. Arrow 20

PART II: INSTITUTIONAL BASES FOR CAPITALIST GROWTH

Introduction and Comments by Michael M. Weinstein 31
Chapter 3: Institutional Bases for Capitalist Growth by Douglass C. North 35
Chapter 4: Capitalism and Economic Liberty: The Political Foundations of Economic Growth by Barry R. Weingast 48

PART III: INNOVATION IN MODERN CORPORATIONS

Introduction and Comments by Ying Lowrey 73
Chapter 5: Endogenous Forces in Twentieth-Century America by Nathan Rosenberg 80
Chapter 6: Interfirm Collaboration Networks: The Impact of Network Structure on Rates of Innovation by Melissa A. Schilling and Corey Phelps 100

PART IV: THE CONTINUING ROLE OF INDEPENDENT INNOVATORS AND ENTREPRENEURS

Introduction and Comments by Sylvia Nasar 135
Chapter 7: The Small Entrepreneur by Boyan Jovanovic and Peter L. Rousseau 140
Chapter 8: Toward Analysis of Capitalism's Unparalleled Growth: Sources and Mechanism by William J. Baumol 158

PART V: DISSEMINATION OF TECHNOLOGY AND THE PATENT SYSTEM

Introduction and Comments by Edward N. Wolff 181
Chapter 9: Patents, Licensing, and Entrepreneurship: Effectuating Innovation in Multi-invention Contexts by Deepak Somaya and David J. Teece 185
Chapter 10: The Market for Technology and the Organization of Invention in U.S. History by Naomi R. Lamoreaux and Kenneth L. Sokoloff 213

PART VI: INNOVATION AND TRADE

Introduction and Comments by Yochanan Shachmurove 247
Chapter 11: Innovation and Its Effects on International Trade by Ralph E. Gomory and William J. Baumol 261
Chapter 12: Innovation, Diffusion, and Trade by Jonathan Eaton and Samuel S. Kortum 276

PART VII: FINANCE AND INNOVATION IN THE FREE-MARKET ECONOMY

Introduction and Comments by Alan S. Blinder 303
Chapter 13: Radical Financial Innovation by Robert J. Shiller 306
Chapter 14: Finance and Innovation by Burton G. Malkiel 324

PART VIII: TOWARD SOME LESSONS

Introduction and Comments by Robert J. Strom 339
Chapter 15: The Economic Performance of Nations: Prosperity Depends on Dynamism, Dynamism on Institutions by Edmund S. Phelps 342
Chapter 16: Pharmaceutical Patenting in Developing Countries and R&D by Eytan Sheshinski 357

Contributors 367
Index 369

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