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

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

by William J. Baumol
     
 

"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

"Well written and well organized, this book provides an overriding vision of the economic process, in particular, the

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Overview

"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

"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

Product Details

ISBN-13:
9780691116303
Publisher:
Princeton University Press
Publication date:
03/22/2004
Pages:
336
Sales rank:
1,110,786
Product dimensions:
5.08(w) x 9.20(h) x 0.85(d)

Table of Contents

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

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