
The Free-Market Innovation Machine
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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.
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Content
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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The file format ePUB works well for novels and non-fiction books – i.e., „flowing” text without complex layout. On an e-reader or smartphone, line and page breaks automatically adjust to fit the small displays.
This eBook uses Watermark-DRM, a „soft” copy protection. This means that there are no technical restrictions to prevent illegal distribution. However, there is a personalised watermark embedded in the eBook that can be used to identify the purchaser of the eBook in the event of misuse and to provide evidence for legal purposes.
For more information, see our eBook Help page.