The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism Paperback - 2004
by William J. Baumol
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. Drawing on extensive research, he shows that the capitalist growth process comes far closer to the requirements of economic efficiency than is typically understood.
First line
Under capitalism, innovative activity-which in other types of economy is fortuitous and optional-becomes mandatory, a life-and-death matter for the firm.
From the rear cover
"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
From the jacket flap
"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
Details
- Title The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism
- Author William J. Baumol
- Binding Paperback
- Edition First Edition
- Pages 336
- Volumes 1
- Language ENG
- Publisher Princeton University Press, Princeton, NJ, U.S.A.
- Date 2004-04-11
- ISBN 9780691116303 / 069111630X
- Weight 1.02 lbs (0.46 kg)
- Dimensions 9.48 x 6.1 x 0.8 in (24.08 x 15.49 x 2.03 cm)
- Library of Congress Catalog Number 2001056044
- Dewey Decimal Code 330.122
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