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The Elusive Underpinnings of U.S. Venturesomeness (If Not Prosperity)


  • Amar Bhidé


This article explores the question of how the U.S. economy has managed to maintain (or even increase) its lead over other nations in per capita income and the average productivity of its workforce. The answer provided in the author's recent book is that such productivity depends on the greater willingness and effectiveness of U.S. consumers and businesses in making use of innovations in products and business processes. Copyright Copyright (c) 2009 Morgan Stanley.

Suggested Citation

  • Amar Bhidé, 2009. "The Elusive Underpinnings of U.S. Venturesomeness (If Not Prosperity)," Journal of Applied Corporate Finance, Morgan Stanley, vol. 21(2), pages 36-48.
  • Handle: RePEc:bla:jacrfn:v:21:y:2009:i:2:p:36-48

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    References listed on IDEAS

    1. Zvi Griliches, 1998. "Productivity, R&D, and the Data Constraint," NBER Chapters,in: R&D and Productivity: The Econometric Evidence, pages 347-374 National Bureau of Economic Research, Inc.
    2. von Hippel, Eric, 1976. "The dominant role of users in the scientific instrument innovation process," Research Policy, Elsevier, vol. 5(3), pages 212-239, July.
    3. Edwin Mansfield & John Rapoport & Anthony Romeo & Samuel Wagner & George Beardsley, 1977. "Social and Private Rates of Return from Industrial Innovations," The Quarterly Journal of Economics, Oxford University Press, vol. 91(2), pages 221-240.
    4. Edmund S. Phelps, 2008. "Macroeconomics for a Modern Economy," The American Economist, Sage Publications, vol. 52(1), pages 3-22, March.
    5. Richard R. Nelson, 2006. "What Makes an Economy Productive and Progressive? What Are the Needed Institutions?," LEM Papers Series 2006/24, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    6. Cohen, Wesley M & Levinthal, Daniel A, 1989. "Innovation and Learning: The Two Faces of R&D," Economic Journal, Royal Economic Society, vol. 99(397), pages 569-596, September.
    7. Nelson, Richard R & Wright, Gavin, 1992. "The Rise and Fall of American Technological Leadership: The Postwar Era in Historical Perspective," Journal of Economic Literature, American Economic Association, vol. 30(4), pages 1931-1964, December.
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