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The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism. By William J. Baumol. Princeton, NJ: Princeton University Press, 2002. Pp. xiv, 318. $35.00

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  • Scherer, F. M.
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    Abstract

    This book, crammed with characteristically Baumolian insights, encompasses three main parts: one explaining how oligopolists virtuous rent seeking has been the engine propelling long-term economic growth in free-market economies; one showing how the tools of microeconomics can be applied to analyze technological innovation; and one proposing a macroeconomic endogenous growth model with richer innovation-dependent features than those found in the models pioneered by Paul Romer (Journal of Political Economy, October 1990) and others.

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    Bibliographic Info

    Article provided by Cambridge University Press in its journal The Journal of Economic History.

    Volume (Year): 62 (2002)
    Issue (Month): 03 (September)
    Pages: 912-913

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    Handle: RePEc:cup:jechis:v:62:y:2002:i:03:p:912-913_00

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    Cited by:
    1. Jolanda Hessels & Isabel Grilo & Roy Thurik & Peter Zwan, 2011. "Entrepreneurial exit and entrepreneurial engagement," Journal of Evolutionary Economics, Springer, vol. 21(3), pages 447-471, August.
    2. Leonid Kogan & Dimitris Papanikolaou & Amit Seru & Noah Stoffman, 2012. "Technological Innovation, Resource Allocation, and Growth," NBER Working Papers 17769, National Bureau of Economic Research, Inc.
    3. Rajkamal Iyer & Antoinette Schoar, 2010. "Are there Cultural Determinants of Entrepreneurship?," NBER Chapters, in: International Differences in Entrepreneurship, pages 209-240 National Bureau of Economic Research, Inc.
    4. F. Stam & Neil Thompson & Andrea Herrmann & Marko Hekkert, 2011. "Innovation barriers for small biotech, ICT and clean tech firms:Coping with knowledge leakage and legitimacy deficits," Scales Research Reports H201115, EIM Business and Policy Research.
    5. Haufler, Andreas & Norbäck, Pehr-Johan & Persson, Lars, 2014. "Entrepreneurial innovations and taxation," Journal of Public Economics, Elsevier, vol. 113(C), pages 13-31.
    6. Jolanda Hessels & André Stel, 2011. "Entrepreneurship, export orientation, and economic growth," Small Business Economics, Springer, vol. 37(2), pages 255-268, September.
    7. Boettke, Peter, 2010. "Corridors, Coordination and the Entrepreneurial Theory of the Market Process," MPRA Paper 33597, University Library of Munich, Germany.

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