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b336a53425 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. reverses this presumption. Baumol:. "For managers looking for a big picture view, this is a useful account. This book has been translated into:. Contributions are tax-deductible to the full extent the law allows. 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. [Hardcover]. qjae717.pdf qjae717.pdf .
[Paperback] The Microtheory of Innovative Entrepreneurship. [It is] readable, challenging, stimulating."--Choice. And while it deflates the romantic view of the maverick innovative company, the book justly celebrates the positive results of this routinized 'innovation machine'--the unprecedented growth rates we've had under capitalism."--Harvard Business Review. Reviews:. .. Baumol . 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.