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The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism
William J. Baumol
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Description for The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism
Paperback. Rejects the conventional view that capitalism benefits society through price competition - that is, products and services become less costly as firms vie for consumers. While giving price competition due credit, this book stresses that large firms use innovation as a prime competitive weapon. Num Pages: 336 pages, 19 line illus. BIC Classification: KCA; KCS. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 234 x 156 x 20. Weight in Grams: 490.
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 ... Read more
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 ... Read more
Product Details
Publisher
Princeton University Press United States
Number of pages
336
Format
Paperback
Publication date
2004
Condition
New
Weight
489g
Number of Pages
336
Place of Publication
New Jersey, United States
ISBN
9780691116303
SKU
V9780691116303
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-1
About William J. Baumol
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 , ... Read more
Reviews for The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism
Honorable Mention for the 2003 Award for Best Professional/Scholarly Book in Economics, Association of American Publishers Mr. Baumol's contribution is not to emphasize the impact of innovation but to pinpoint how competition forces companies to make innovation routine... The traditional analysis ... says that capitalism blunders at generating innovation over the long run. Mr. Baumol ... reverses this presumption... ... Read more