Entrepreneurship, Innovation, and the Growth Mechanism of the Free-enterprise Economies

Front Cover
Eytan Sheshinski, Robert J. Strom, William J. Baumol
Princeton University Press, 2007 - 381 pages

How much credit can be given to entrepreneurship for the unprecedented innovation and growth of free-enterprise economies? In this book, some of the world's leading economists tackle this difficult and understudied question, and their responses shed new light on how free-market economies work--and what policies most encourage their growth.

The contributors take as their starting point William J. Baumol's 2002 book The Free-Market Innovation Machine (Princeton), which argued that independent entrepreneurs are far more important to growth than economists have traditionally thought, and that an implicit partnership between such entrepreneurs and large corporations is critical to the success of market economies.

The contributors include the editors and Robert M. Solow, Kenneth J. Arrow, Michael M. Weinstein, Douglass C. North, Barry R. Weingast, Ying Lowrey, Nathan Rosenberg, Melissa A. Schilling, Corey Phelps, Sylvia Nasar, Boyan Jovanovic, Peter L. Rousseau, Edward N. Wolff, Deepak Somaya, David J. Teece, Naomi R. Lamoreaux, Kenneth L. Sokoloff, Yochanan Shachmurove, Ralph E. Gomory, Jonathan Eaton, Samuel S. Kortum, Alan S. Blinder, Robert J. Shiller, Burton G. Malkiel, and Edmund S. Phelps.

From inside the book

 

Contents

On Macroeconomic Models of FreeMarket Innovation and Growth
15
The Macrocontext of the Microeconomics of Innovation
20
INSTITUTIONAL BASES FOR CAPITALIST GROWTH
29
Introduction and Comments
31
Institutional Bases for Capitalist Growth
35
Capitalism and Economic Liberty The Political Foundations of Economic Growth
48
INNOVATION IN MODERN CORPORATIONS
71
Introduction and Comments
73
The Market for Technology and the Organization of Invention in US History
213
INNOVATION AND TRADE
245
Introduction and Comments
247
Innovation and Its Effects on International Trade
261
Innovation Diffusion and Trade
276
FINANCE AND INNOVATION IN THE FREEMARKET ECONOMY
301
Introduction and Comments
303
Radical Financial Innovation
306

Endogenous Forces in TwentiethCentury America
80
Interfirm Collaboration Networks The Impact of Network Structure on Rates of Innovation
100
THE CONTINUING ROLE OF INDEPENDENT INNOVATORS AND ENTREPRENEURS
133
Introduction and Comments
135
The Small Entrepreneur
140
Toward Analysis of Capitalisms Unparalleled Growth Sources and Mechanism
158
DISSEMINATION OF TECHNOLOGY AND THE PATENT SYSTEM
179
Introduction and Comments
181
Patents Licensing and Entrepreneurship Effectuating Innovation in Multiinvention Contexts
185
Finance and Innovation
324
TOWARD SOME LESSONS
337
Introduction and Comments
339
The Economic Performance of Nations Prosperity Depends on Dynamism Dynamism on Institutions
342
Pharmaceutical Patenting in Developing Countries and RD
357
Contributors
367
Index
369
Copyright

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Entrepreneurship, Innovation, and the Growth Mechanism of the Free ...
Eytan Sheshinski,Robert J. Strom,William J. Baumol
Limited preview - 2021

Common terms and phrases

activity alliance American analysis assigned average Baumol Cambridge capital century chapter citizens clustering common companies competition consider constitution contracts contributions corporate costs countries course create diffusion discussion early economic effect entrepreneurs example exchange Figure financing firms forces given growth ideas important improvements income increase independent individual industry innovation institutions interest International inventions inventors issues Journal knowledge labor lead length less licensing limited machine means measure North Organization patents path percent performance period political possible problems productivity protection reach relative requires returns risk role scientific share significant social strategy structure success suggest theory tion trade United University University Press venture York

About the author (2007)

William Jack Baumol was born in the South Bronx, New York on February 22, 1922. He served in the Army during World War II and got a job at the Agriculture Department, where he worked on allocating grain supplies to starving countries. He graduated from City College and enrolled in the London School of Economics in 1947, after initially being rejected. Less than six weeks after school started, he was hired to become a member of the faculty. He taught at Princeton University from 1949 until 1970 and then taught at New York University from 1971 until his retirement in 2014. As an economist, he identified Baumol's cost disease, which explains why the cost of services, like haircuts and college educations, rises faster than the cost of goods, like T-shirts. He published dozens of books, hundreds of papers, and several congressional testimonies on entrepreneurs, environmental policy, corporate finance, stock sales, the economics of Broadway theaters, inflation, and competition and monopolies. He died on May 4, 2017 at the age of 95.

Bibliographic information

TitleEntrepreneurship, Innovation, and the Growth Mechanism of the Free-enterprise Economies
EditorsEytan Sheshinski, Robert J. Strom, William J. Baumol
Editionillustrated
PublisherPrinceton University Press, 2007
ISBN0691129452, 9780691129457
Length381 pages
  
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