The Free Market Innovation Machine by William J. Baumol
Analyzing the Growth Miracle of Capitalism
This work argues that modern capitalist economies uniquely transform innovation into a routine, competitive imperative: firms must constantly invest in R&D to survive, while entrepreneurial ventures generate radical breakthroughs that larger organizations refine and scale. It explains how institutions—such as intellectual property, venture finance, and competition policy—channel entrepreneurial effort toward productive innovation rather than rent-seeking, creating a system in which large and small firms play complementary roles. The result is sustained technological progress and economic growth, with policy implications that emphasize preserving competition, supporting research infrastructure, and calibrating IP to encourage diffusion as well as discovery.
- Published
- 2002
- Nationality
- American
- Length
- Unknown
- Pages
- Unknown
- Original Language
- English
- Avg User Rating
- No ratings yet
- Alternate Titles
- None
This book is not currently on any lists.