LEADER 05246nam 22005895 450 001 9910453446003321 005 20210107004719.0 010 $a1-4008-5163-7 024 7 $a10.1515/9781400851638 035 $a(CKB)2550000001273339 035 $a(EBL)1651877 035 $a(OCoLC)878114601 035 $a(DE-B1597)453658 035 $a(OCoLC)979881936 035 $a(DE-B1597)9781400851638 035 $a(MiAaPQ)EBC1651877 035 $a(PPN)179864807 035 $a(EXLCZ)992550000001273339 100 $a20190708d2014 fg 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 14$aThe Free-Market Innovation Machine $eAnalyzing the Growth Miracle of Capitalism /$fWilliam J. Baumol 205 $aCourse Book 210 1$aPrinceton, NJ : $cPrinceton University Press, $d[2014] 210 4$dİ2002 215 $a1 online resource (596 p.) 300 $aDescription based upon print version of record. 311 $a0-691-11630-X 311 $a1-306-64110-1 327 $tFrontmatter -- $tCONTENTS -- $tPREFACE -- $tCHAPTER 1. Introduction: The Engine of Free-Market Growth -- $tPART I. THE CAPITALIST GROWTH MECHANISM -- $tCHAPTER 2. The "Somewhat Optimal" Attributes of Capitalist Growth: Oligopolistic Competition and Routinization of Innovation -- $tCHAPTER 3. Oligopolistic Rivalry and Routinization to Reduce Uncertainty -- $tCHAPTER 4. Oligopolistic Rivalry and Routine Innovation Spending: Theory of the Engine of Unprecedented Capitalist Growth -- $tCHAPTER 5. Independent Innovation in History: Productive Entrepreneurship and the Rule of Law -- $tCHAPTER 6. Voluntary Dissemination of Proprietary Technology: Private Profit, Social Gain -- $tCHAPTER 7. Oligopolistic Rivalry and Markets for Technology Trading -- $tCHAPTER 8 Tradeoff: Innovation Incentives versus Benefits to Others (Distributive Externalities) -- $tPART II. INTEGRATION OF INNOVATION INTO THE MAINSTREAM OF MICROTHEORY -- $tCHAPTER 9. Oligopolistic Competition, Pricing, and Recoupment of Innovation Outlays -- $tCHAPTER 10. Microeconomic Theory of Industrial Organization in the "Innovation-Machine" Economy -- $tCHAPTER 11. Recouping Innovation Outlays and Pricing Its Products: Continued -- $tCHAPTER 12. Models of Optimal Timing of Innovation -- $tCHAPTER 13. Licensing for Profit: Efficiency Implications -- $tPART III. ON THE MACRODYNAMICS OF CAPITALISM -- $tCHAPTER 14. Capitalism's Unique Innovation Machine: Historical Evidence -- $tCHAPTER 15. Macroeconomic Models and Relationships That May Limit Growth -- $tBIBLIOGRAPHY -- $tINDEX 330 $aWhy 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. 606 $aCapitalism 606 $aEconomic development 606 $aTechnological innovations -- Economic aspects 608 $aElectronic books. 615 4$aCapitalism. 615 4$aEconomic development. 615 4$aTechnological innovations -- Economic aspects. 676 $a330.12 676 $a330.12/2 676 $a330.122 686 $aQC 340$2rvk 700 $aBaumol$b William J., $0268191 801 0$bDE-B1597 801 1$bDE-B1597 906 $aBOOK 912 $a9910453446003321 996 $aThe Free-Market Innovation Machine$92458226 997 $aUNINA