The Microtheory of Innovative Entrepreneurship

The Microtheory of Innovative Entrepreneurship

by William J. Baumol
     
 

"Even as innovative entrepreneurship has emerged as the goal for policymakers around the globe, economists have struggled to find its proper place in microtheory. No more. In this pathbreaking new book, William Baumol provides the blueprint for understanding the crucial role of entrepreneurship and its contribution to innovation and ultimately economic growth. This

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Overview

"Even as innovative entrepreneurship has emerged as the goal for policymakers around the globe, economists have struggled to find its proper place in microtheory. No more. In this pathbreaking new book, William Baumol provides the blueprint for understanding the crucial role of entrepreneurship and its contribution to innovation and ultimately economic growth. This lively and thoughtful book highlights the distinct role entrepreneurs play in the economy and reveals why the entrepreneur can no longer remain the invisible man in economic theory."—David B. Audretsch, author of The Entrepreneurial Society

"Baumol is one of the giants in the entrepreneurship field. The Microtheory of Innovative Entrepreneurship will be widely read, discussed, and debated, and is likely to have a significant impact on the scholarly conversation."—Peter G. Klein, University of Missouri

"This book is a timely and valuable contribution to the economics of entrepreneurship. Baumol's ambitious goal is to give the entrepreneur his rightful place in economic theory. He demonstrates that, contrary to conventional thinking, the elusive figure of the entrepreneur is indeed amenable to logical economic analysis."—Simon C. Parker, University of Western Ontario

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Product Details

ISBN-13:
9780691145846
Publisher:
Princeton University Press
Publication date:
07/26/2010
Series:
Kauffman Foundation Series on Innovation and Entrepreneurship Series
Pages:
264
Product dimensions:
6.30(w) x 9.30(h) x 1.00(d)

Table of Contents

List of Figures and Tables ix

PREFACE: The Innovative Entrepreneur in Dynamic Microtheory xi

INTRODUCTION: Bringing Entrepreneurship and Innovation into the Theory of Value 1

CHAPTER 1: Entrepreneurship in Economic Theory: Reasons for Its Absence and Goals for Its Restoration 9

PART I: Pricing, Remuneration, and Allocation of the Agents of Innovation

CHAPTER 2: Toward Characterization of the Innovation Industry: The David-Goliath Symbiosis 25

CHAPTER 3: Entrepreneurship, Invention, and Pricing: Toward Static Microtheory 36

CHAPTER 4: Oligopolistic "Red Queen" Innovation Games, Mandatory Price Discrimination, and Markets in Innovation 57

PART II: Welfare Theory: Technology Transfer, Imitation, and Creative Destruction

CHAPTER 5: Optimal Innovation Spillovers: The Growth-Distribution Trade-off 77

CHAPTER 6: Enterprising Technology Dissemination: Toward Optimal Transfer Pricing and the Invaluable Contribution of "Mere Imitation" 101

CHAPTER 7: The Entrepreneur and the Beneficial Externalities of Creative Destruction 128

PART III: Institutions, Payoffs, and the Entrepreneur's Choice of Activity: Historical Origins

CHAPTER 8: Economic Warfare as a "Red Queen" Game: The Emergence of Productive Entrepreneurship 139

CHAPTER 9: On the Origins of Widespread Productive Entrepreneurship 152

CHAPTER 10: The Allocation of Entrepreneurship Does Matter 165

CHAPTER 11: Mega-enterprising Redesign of Governing Institutions: Keystone of Dynamic Microtheory 172

CHAPTER 12: Summing Up: Yes, the Theory of Entrepreneurship Is on Its Way 188

Notes 197

References 225

Index 237

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