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"I write entirely to find out what I'm thinking, what I'm looking at, what I see and what it means. What I want and what I fear."
- Joan Didion
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ZIN Product Number: 10194638
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| | | |  | | | Product Details
 Format: Hardcover, 300 pages
Publisher: Princeton University Press
ISBN: 0691096155
Release Date: Jan 5, 2002
| |  | | | From The Publisher
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.
Author Biography: William J. Baumol is Senior Research Economist and Professor of Economics, Emeritus, at Princeton University and Professor of Economics at New York University. The author, coauthor, or editor of more than thirty books, with translations into more than a dozen languages, Baumol has consulted for some of America's best-known firms. His books include Microeconomics, Superfairness, and Entrepreneurship, Management, and the Structure of Payoffs; among the books he has coedited is Productivity and American Leadership.
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| | | |  | | | | Preface | | | Ch. 1 | Introduction: The Engine of Free-Market Growth | 1 | | Pt. I | The Capitalist Growth Mechanism | | | Ch. 2 | The "Somewhat Optimal" Attributes of Capitalist Growth: Oligopolistic Competition and Routinization of Innovation | 19 | | Ch. 3 | Oligopolistic Rivalry and Routinization to Reduce Uncertainty | 30 | | Ch. 4 | Oligopolistic Rivalry and Routine Innovation Spending: Theory of the Engine of Unprecedented Capitalist Growth | 43 | | Ch. 5 | Independent Innovation in History: Productive Entrepreneurship and the Rule of Law | 55 | | Ch. 6 | Voluntary Dissemination of Proprietary Technology: Private Profit, Social Gain | 73 | | Ch. 7 | Oligopolistic Rivalry and Markets for Technology Trading | 93 | | Ch. 8 | Tradeoff: Innovation Incentives versus Benefits to Others (Distributive Externalities) | 120 | | Pt. II | Integration of Innovation into the Mainstream of Microtheory | | | Ch. 9 | Oligopolistic Competition, Pricing, and Recoupment of Innovation Outlays | 151 | | Ch. 10 | Microeconomic Theory of Industrial Organization in the "Innovation-Machine" Economy | 161 | | Ch. 11 | Recouping Innovation Outlays and Pricing Its Products: Continued | 183 | | Ch. 12 | Models of Optimal Timing of Innovation | 199 | | Ch. 13 | Licensing for Profit: Efficiency Implications | 215 | | Pt. III | On the Macrodynamics of Capitalism | | | Ch. 14 | Capitalism's Unique Innovation Machine: Historical Evidence | 245 | | Ch. 15 | Macroeconomic Models and Relationships That May Limit Growth | 262 | | Ch. 16 | Feedback: Innovation as a Self-Nourishing Process | 284 | | Bibliography | 299 | | Index | 307 |
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| | | | | | Keywords
Economic development, Economic aspects, Technological innovations, Capitalism, Economic development, Economic aspects, Technological innovations, Capitalism, Capitalism, Economic development, Technological innovations, Economic aspects, Business / Economics / Finance, Business & Economics, Free Enterprise, Economics - Comparative, Economics - Theory, Economics - General
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