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 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.
"synopsis" may belong to another edition of this title.
"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
"About this title" may belong to another edition of this title.
Shipping:
US$ 4.00
Within U.S.A.
Book Description Hardcover. Condition: new. New. Fast Shipping and good customer service. Seller Inventory # Holz_New_0691096155
Book Description Condition: New. Ship within 24hrs. Satisfaction 100% guaranteed. I Ships from multiple Locations I "Special Note" We do not Provide Service On APO & PO BOX Box addresses. Delivery with In 7-14 working Day Only. This Books ship from the United Kingdom & USA other locations in India depending on your location and availability. Seller Inventory # cbsnew 9780824796655
Book Description Hardcover. Condition: new. New. Seller Inventory # Wizard0691096155
Book Description Condition: Brand New. New. US edition. Expediting shipping for all USA and Europe orders excluding PO Box. Excellent Customer Service. Seller Inventory # ABEOCT23-89854
Book Description Condition: new. Seller Inventory # FrontCover0691096155
Book Description Condition: New. Brand New Original US Edition.We Ship to PO BOX Address also. EXPEDITED shipping option also available for faster delivery.This item may ship from the US or other locations in India depending on your location and availability. Seller Inventory # ABTR-64539
Book Description Condition: New. Brand New Original US Edition. Customer service! Satisfaction Guaranteed. This item may ship from the US or our Overseas warehouse depending on your location and stock availability. We Ship to PO BOX Location also. Seller Inventory # ABRR-64539
Book Description Hardcover. Condition: New. Dust Jacket Condition: New. 1st Edition. New hardcover book with dust jacket, never been read. 1st printing. Current list price: $60.00. Seller Inventory # 007535
Book Description Hardcover. Condition: new. New Copy. Customer Service Guaranteed. Seller Inventory # think0691096155
Book Description Hardcover. Condition: New. Seller Inventory # Abebooks171365