The Free Market Innovation Machine

Author : William J. Baumol
Publisher : Princeton University Press
Page : 336 pages
File Size : 40,9 Mb
Release : 2014-04-24
Category : Business & Economics
ISBN : 9781400851638

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The Free-Market Innovation Machine by William J. Baumol Pdf

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.

Author : Eytan Sheshinski,Robert J. Strom,William J. Baumol
Publisher : Princeton University Press
Page : 402 pages
File Size : 44,9 Mb
Release : 2007
Category : Business & Economics
ISBN : 0691129452

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Entrepreneurship, Innovation, and the Growth Mechanism of the Free-enterprise Economies by Eytan Sheshinski,Robert J. Strom,William J. Baumol Pdf

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Author : William J. Baumol
Publisher : Princeton University Press
Page : 264 pages
File Size : 40,7 Mb
Release : 2010-07-01
Category : Business & Economics
ISBN : 9781400835225

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The Microtheory of Innovative Entrepreneurship by William J. Baumol Pdf

An authoritative look at the microeconomics of entrepreneurship Entrepreneurs are widely recognized for the vital contributions they make to economic growth and general welfare, yet until fairly recently entrepreneurship was not considered worthy of serious economic study. Today, progress has been made to integrate entrepreneurship into macroeconomics, but until now the entrepreneur has been almost completely excluded from microeconomics and standard theoretical models of the firm. The Microtheory of Innovative Entrepreneurship provides the framework for introducing entrepreneurship into mainstream microtheory and incorporating the activities of entrepreneurs, inventors, and managers into standard models of the firm. William Baumol distinguishes between the innovative entrepreneur, who comes up with new ideas and puts them into practice, and the replicative entrepreneur, which can be anyone who launches a new business venture, regardless of whether similar ventures already exist. Baumol puts forward a quasi-formal theoretical analysis of the innovative entrepreneur's influential role in economic life. In doing so, he opens the way to bringing innovative entrepreneurship into the accepted body of mainstream microeconomics, and offers valuable insights that can be used to design more effective policies. The Microtheory of Innovative Entrepreneurship lays the foundation for a new kind of microtheory that reflects the innovative entrepreneur's importance to economic growth and prosperity.

Author : C. Corsi,S. Kudrya,C. Cardone
Publisher : Springer Science & Business Media
Page : 196 pages
File Size : 49,5 Mb
Release : 2013-03-14
Category : Business & Economics
ISBN : 9789401589550

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From Central State to Free Global Market Economy by C. Corsi,S. Kudrya,C. Cardone Pdf

Some rapid and complex changes have taken place during recent years in the former Soviet Union. These incredible changes occurred not only in political policy and behavior, but also in social life and within framework of economic rules, especially the aspects concerning the key factor of new and advanced economies, which is based on Innovation Technology (IT). In fact, IT is becoming to be a key factor or, at least, the enzymatic factor necessary for activating asolid economy, based on advanced products and manufacturing, and with an incredible and unforeseeable impact on human lifestyle and wellbeing. This tool of development coupled to a world-wide movement towards a post-industrial era, with poorly defined economic, social and cultural boundaries is rapidly gaining support all over the world, supporting and creating a "global market". This globalization, intended as market expansion and flooding, is really a deeper and more complex phenomenon, surely mainly deriving from a cultural movement (the origin and aim ofthe use of IT as a tool for World Globalization). The process of globalization of the Innovation Market, which might have originated the economy failure of Eastern Europe with a risk of disintegration, is really the only way to solve the problem; therefore, the integration within the whole of Europe should be based on the paradigm of an Innovation Policy.

Author : Rolf-Christian Wentz
Publisher : Createspace Independent Publishing Platform
Page : 0 pages
File Size : 44,8 Mb
Release : 2012-07-29
Category : Creative ability in business
ISBN : 1478204168

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The Innovation Machine by Rolf-Christian Wentz Pdf

Innovation is critical for the survival of any enterprise. But most company leaders are still dissatisfied with the innovation management of their companies. Why is it so? In order to launch successful innovations like a high-performance machine on a sustainable basis, most companies have to transform themselves. What they need is an innovation management system whose components are consistent and, preferably, self-reinforcing. Vision, objectives, strategy, culture, process, structure & systems and competencies must be aligned. This book demonstrates how the world ́s best innovators such as Apple, Google, Microsoft, IBM, Toyota, Amazon, GE, Procter & Gamble, Samsung, BMW, 3M etc., which the author calls innovation machines, succeed at this. By means of various case studies and based on his own practical experience, the author describes how the use of the innovation management system will make your company successful, and he lays out the change management to transform your firm into an innovation machine. In doing this, he uses storytelling and the vivid language of a practitioner. The conclusions and main indicated actions at the end of each chapter plus worksheets and checklists support the practitioner in the implementation. Praise for "Die Innovationsmaschine" (German edition): "Rolf-Christian Wentz is exceptionally successful at describing his insights concerning the topic of innovation management ... and at deriving from them practical indicated actions." (translated from German) GPRA -Society of Public Relations Agencies

Author : J. Lambin
Publisher : Springer
Page : 299 pages
File Size : 55,5 Mb
Release : 2014-03-14
Category : Social Science
ISBN : 9781137392916

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Rethinking the Market Economy by J. Lambin Pdf

This book explores the changing socio-economic and technological landscape of the 21 century and what it means. It adopts an industrial economic approach, whilst proposing a road map leading to the adoption of a 'societal market economy' model as an appealing and politically acceptable third-way between capitalism and socialism.

Author : Eytan Sheshinski,Robert J. Strom,William J. Baumol
Publisher : Princeton University Press
Page : 400 pages
File Size : 55,9 Mb
Release : 2021-03-09
Category : Business & Economics
ISBN : 9780691227641

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Entrepreneurship, Innovation, and the Growth Mechanism of the Free-Enterprise Economies by Eytan Sheshinski,Robert J. Strom,William J. Baumol Pdf

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.

Author : William J. Baumol,Dietrich Fischer
Publisher : MIT Press
Page : 294 pages
File Size : 54,9 Mb
Release : 1986
Category : Business & Economics
ISBN : 0262521318

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Superfairness by William J. Baumol,Dietrich Fischer Pdf

With his characteristic acuteness and lucidity, William Baumol, one of America's foremost economists, tackles the problem of equity considerations in welfare economics by applying the novel "superfairness" criterion to the distribution of resources, product, income, and wealth that arises from economic decisions.

Author : Christine Greenhalgh,Mark Rogers
Publisher : Princeton University Press
Page : 386 pages
File Size : 50,6 Mb
Release : 2010-01-24
Category : Business & Economics
ISBN : 9780691137995

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Innovation, Intellectual Property, and Economic Growth by Christine Greenhalgh,Mark Rogers Pdf

Christine Greenhalgh explains the complex process of innovation & how it sustains the growth of firms, industries & economies, combining microeconomic & macroeconomic analysis.

Author : Marina Zhang,Mark Dodgson,David Gann
Publisher : Oxford University Press
Page : 305 pages
File Size : 55,6 Mb
Release : 2022-01-07
Category : Business & Economics
ISBN : 9780198861171

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Demystifying China's Innovation Machine by Marina Zhang,Mark Dodgson,David Gann Pdf

China's extraordinary economic development is explained in large part by the way it innovates. Contrary to widely held views, China's innovation machine is not created and controlled by an all-powerful government. Instead, it is a complex, interdependent system composed of various elements, involving bottom-up innovation driven by innovators and entrepreneurs and highly pragmatic and adaptive top-down policy. Using case studies of leading firms and industries, along with statistics and policy analysis, this book argues that China's innovation machine is similar to a natural ecosystem. Innovations in technology, organization, and business models resemble genetic mutations which are initially random, self-serving, and isolated, but the best fitting are selected by the market and their impacts are amplified by the innovation machine. This machine draws on China's multitude manufacturers, supply chains, innovation clusters, and digitally literate population, connected through super-sized digital platforms. China's innovation suffers from a lack of basic research and reliance upon certain critical technologies from overseas, yet its scale (size) and scope (diversity) possess attributes that make it self-correcting and stronger in the face of challenges. China's innovation machine is most effective in a policy environment where the market prevails; policy intervention plays a significant role when market mechanisms are premature or fail. The future success of China's innovation will depend on continuing policy pragmatism, mass innovation, and entrepreneurship, and the development of the 'new infrastructures'.

Author : Erik Brynjolfsson,Andrew McAfee
Publisher : Brynjolfsson and McAfee
Page : 92 pages
File Size : 43,6 Mb
Release : 2012
Category : Business & Economics
ISBN : 9780984725113

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Race Against the Machine by Erik Brynjolfsson,Andrew McAfee Pdf

Examines how information technologies are affecting jobs, skills, wages, and the economy.

Author : Ajay Agrawal,Joshua Gans,Avi Goldfarb,Catherine Tucker
Publisher : University of Chicago Press
Page : 172 pages
File Size : 40,7 Mb
Release : 2024-03-05
Category : Business & Economics
ISBN : 9780226833125

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The Economics of Artificial Intelligence by Ajay Agrawal,Joshua Gans,Avi Goldfarb,Catherine Tucker Pdf

A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.

Author : Amar Bhide
Publisher : Unknown
Page : 508 pages
File Size : 47,5 Mb
Release : 2008
Category : Business & Economics
ISBN : 0691135177

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The Venturesome Economy by Amar Bhide Pdf

Many warn that the next stage of globalization - the offshoring of research and development to China and India - threatens the foundations of Western prosperity. This book shows how wrong the doomsayers are. It explains why know-how developed abroad enhances - not diminishes - prosperity at home.

Author : Eric Von Hippel
Publisher : MIT Press
Page : 241 pages
File Size : 43,8 Mb
Release : 2024-04-30
Category : Business & Economics
ISBN : 9780262551922

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Free Innovation by Eric Von Hippel Pdf

A leading innovation scholar explains the growing phenomenon and impact of free innovation, in which innovations developed by consumers and given away “for free.” In this book, Eric von Hippel, author of the influential Democratizing Innovation, integrates new theory and research findings into the framework of a “free innovation paradigm.” Free innovation, as he defines it, involves innovations developed by consumers who are self-rewarded for their efforts, and who give their designs away “for free.” It is an inherently simple grassroots innovation process, unencumbered by compensated transactions and intellectual property rights. Free innovation is already widespread in national economies and is steadily increasing in both scale and scope. Today, tens of millions of consumers are collectively spending tens of billions of dollars annually on innovation development. However, because free innovations are developed during consumers' unpaid, discretionary time and are given away rather than sold, their collective impact and value have until very recently been hidden from view. This has caused researchers, governments, and firms to focus too much on the Schumpeterian idea of innovation as a producer-dominated activity. Free innovation has both advantages and drawbacks. Because free innovators are self-rewarded by such factors as personal utility, learning, and fun, they often pioneer new areas before producers see commercial potential. At the same time, because they give away their innovations, free innovators generally have very little incentive to invest in diffusing what they create, which reduces the social value of their efforts. The best solution, von Hippel and his colleagues argue, is a division of labor between free innovators and producers, enabling each to do what they do best. The result will be both increased producer profits and increased social welfare—a gain for all.

Author : Bettina B. Greaves
Publisher : Ludwig von Mises Institute
Page : 300 pages
File Size : 44,5 Mb
Release : 1975
Category : Capitalism
ISBN : 9781610165464

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Free Market Economics by Bettina B. Greaves Pdf