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
AbstractThis 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 InfoArticle provided by Cambridge University Press in its journal The Journal of Economic History.
Volume (Year): 62 (2002)
Issue (Month): 03 (September)
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