The Free Market Innovation Machine

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The Free-Market Innovation Machine

Author : William J. Baumol
Publisher : Princeton University Press
ISBN 13 : 1400851637
Total Pages : 336 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Free-Market Innovation Machine by : William J. Baumol

Download or read book The Free-Market Innovation Machine written by William J. Baumol and published by Princeton University Press. This book was released on 2014-04-24 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Entrepreneurship, Innovation, and the Growth Mechanism of the Free-enterprise Economies

Author : Eytan Sheshinski
Publisher : Princeton University Press
ISBN 13 : 9780691129457
Total Pages : 402 pages
Book Rating : 4.1/5 (294 download)

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Book Synopsis Entrepreneurship, Innovation, and the Growth Mechanism of the Free-enterprise Economies by : Eytan Sheshinski

Download or read book Entrepreneurship, Innovation, and the Growth Mechanism of the Free-enterprise Economies written by Eytan Sheshinski and published by Princeton University Press. This book was released on 2007 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher description

The Microtheory of Innovative Entrepreneurship

Author : William J. Baumol
Publisher : Princeton University Press
ISBN 13 : 1400835224
Total Pages : 264 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Microtheory of Innovative Entrepreneurship by : William J. Baumol

Download or read book The Microtheory of Innovative Entrepreneurship written by William J. Baumol and published by Princeton University Press. This book was released on 2010-07-01 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Innovation Machine

Author : Rolf-Christian Wentz
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781478204169
Total Pages : 0 pages
Book Rating : 4.2/5 (41 download)

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Book Synopsis The Innovation Machine by : Rolf-Christian Wentz

Download or read book The Innovation Machine written by Rolf-Christian Wentz and published by Createspace Independent Publishing Platform. This book was released on 2012-07-29 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Race Against the Machine

Author : Erik Brynjolfsson
Publisher : Brynjolfsson and McAfee
ISBN 13 : 0984725113
Total Pages : 92 pages
Book Rating : 4.9/5 (847 download)

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Book Synopsis Race Against the Machine by : Erik Brynjolfsson

Download or read book Race Against the Machine written by Erik Brynjolfsson and published by Brynjolfsson and McAfee. This book was released on 2012 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines how information technologies are affecting jobs, skills, wages, and the economy.

Demystifying China's Innovation Machine

Author : Marina Zhang
Publisher : Oxford University Press
ISBN 13 : 0198861176
Total Pages : 305 pages
Book Rating : 4.1/5 (988 download)

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Book Synopsis Demystifying China's Innovation Machine by : Marina Zhang

Download or read book Demystifying China's Innovation Machine written by Marina Zhang and published by Oxford University Press. This book was released on 2022-01-07 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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'.

From Central State to Free Global Market Economy

Author : C. Corsi
Publisher : Springer Science & Business Media
ISBN 13 : 9401589550
Total Pages : 196 pages
Book Rating : 4.4/5 (15 download)

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Book Synopsis From Central State to Free Global Market Economy by : C. Corsi

Download or read book From Central State to Free Global Market Economy written by C. Corsi and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Entrepreneurship, Innovation, and the Growth Mechanism of the Free-Enterprise Economies

Author : Eytan Sheshinski
Publisher : Princeton University Press
ISBN 13 : 0691227640
Total Pages : 400 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Entrepreneurship, Innovation, and the Growth Mechanism of the Free-Enterprise Economies by : Eytan Sheshinski

Download or read book Entrepreneurship, Innovation, and the Growth Mechanism of the Free-Enterprise Economies written by Eytan Sheshinski and published by Princeton University Press. This book was released on 2021-03-09 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

An Inquiry Into the Nature and Causes of the Wealth of Nations

Author : Adam Smith
Publisher :
ISBN 13 :
Total Pages : 522 pages
Book Rating : 4.:/5 (8 download)

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Book Synopsis An Inquiry Into the Nature and Causes of the Wealth of Nations by : Adam Smith

Download or read book An Inquiry Into the Nature and Causes of the Wealth of Nations written by Adam Smith and published by . This book was released on 1822 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Superfairness

Author : William J. Baumol
Publisher : MIT Press
ISBN 13 : 9780262521314
Total Pages : 294 pages
Book Rating : 4.5/5 (213 download)

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Book Synopsis Superfairness by : William J. Baumol

Download or read book Superfairness written by William J. Baumol and published by MIT Press. This book was released on 1986 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Kellogg on Technology & Innovation

Author : Ranjay Gulati
Publisher : John Wiley & Sons
ISBN 13 : 0471273082
Total Pages : 370 pages
Book Rating : 4.4/5 (712 download)

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Book Synopsis Kellogg on Technology & Innovation by : Ranjay Gulati

Download or read book Kellogg on Technology & Innovation written by Ranjay Gulati and published by John Wiley & Sons. This book was released on 2003-06-16 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ein Buch der Kellogg School of Management. Geschrieben von renommierten Professoren. "Kellog on Technology and Innovation" ist eine umfassende Betrachtung über innovative Technologien und ihre Konsequenzen für Unternehmens- und Finanzwelt. Bei der Untersuchung der neuen Technologien gehen die Autoren ausschließlich von einer unternehmensbezogenen Perspektive aus. Sie vermitteln dabei aber nicht nur einen Überblick über die vielversprechenden Verlockungen dieser Technologiebereiche, sondern geben auch eine fundierte Darstellung über gewinnbringende Geschäftschancen und potentielle Gewinne für Investoren, die sich aus der Kommerzialisierung dieser Technologien ergeben können.

Innovation, Intellectual Property, and Economic Growth

Author : Christine Greenhalgh
Publisher : Princeton University Press
ISBN 13 : 0691137994
Total Pages : 386 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Innovation, Intellectual Property, and Economic Growth by : Christine Greenhalgh

Download or read book Innovation, Intellectual Property, and Economic Growth written by Christine Greenhalgh and published by Princeton University Press. This book was released on 2010-01-24 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Christine Greenhalgh explains the complex process of innovation & how it sustains the growth of firms, industries & economies, combining microeconomic & macroeconomic analysis.

Free Innovation

Author : Eric Von Hippel
Publisher : MIT Press
ISBN 13 : 0262551926
Total Pages : 241 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Free Innovation by : Eric Von Hippel

Download or read book Free Innovation written by Eric Von Hippel and published by MIT Press. This book was released on 2024-04-30 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Rethinking the Market Economy

Author : J. Lambin
Publisher : Springer
ISBN 13 : 1137392916
Total Pages : 299 pages
Book Rating : 4.1/5 (373 download)

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Book Synopsis Rethinking the Market Economy by : J. Lambin

Download or read book Rethinking the Market Economy written by J. Lambin and published by Springer. This book was released on 2014-03-14 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Making in America

Author : Suzanne Berger
Publisher : MIT Press
ISBN 13 : 0262528371
Total Pages : 265 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Making in America by : Suzanne Berger

Download or read book Making in America written by Suzanne Berger and published by MIT Press. This book was released on 2015-08-21 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: How America can rebuild its industrial landscape to sustain an innovative economy. America is the world leader in innovation, but many of the innovative ideas that are hatched in American start-ups, labs, and companies end up going abroad to reach commercial scale. Apple, the superstar of innovation, locates its production in China (yet still reaps most of its profits in the United States). When innovation does not find the capital, skills, and expertise it needs to come to market in the United States, what does it mean for economic growth and job creation? Inspired by the MIT Made in America project of the 1980s, Making in America brings experts from across MIT to focus on a critical problem for the country. MIT scientists, engineers, social scientists, and management experts visited more than 250 firms in the United States, Germany, and China. In companies across America—from big defense contractors to small machine shops and new technology start-ups—these experts tried to learn how we can rebuild the industrial landscape to sustain an innovative economy. At each stop, they asked this basic question: “When you have a new idea, how do you get it into the market?” They found gaping holes and missing pieces in the industrial ecosystem. Even in an Internet-connected world, proximity to innovation and users matters for industry. Making in America describes ways to strengthen this connection, including public-private collaborations, new government-initiated manufacturing innovation institutes, and industry/community college projects. If we can learn from these ongoing experiments in linking innovation to production, American manufacturing could have a renaissance.

The Venturesome Economy

Author : Amar Bhidé
Publisher : Princeton University Press
ISBN 13 : 1400829089
Total Pages : 521 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Venturesome Economy by : Amar Bhidé

Download or read book The Venturesome Economy written by Amar Bhidé and published by Princeton University Press. This book was released on 2008-09-15 with total page 521 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many warn that the next stage of globalization--the offshoring of research and development to China and India--threatens the foundations of Western prosperity. But in The Venturesome Economy, acclaimed business and economics scholar Amar Bhidé shows how wrong the doomsayers are. Using extensive field studies on venture-capital-backed businesses to examine how technology really advances in modern economies, Bhidé explains why know-how developed abroad enhances--not diminishes--prosperity at home, and why trying to maintain the U.S. lead by subsidizing more research or training more scientists will do more harm than good. When breakthrough ideas have no borders, a nation's capacity to exploit cutting-edge research regardless of where it originates is crucial: "venturesome consumption"--the willingness and ability of businesses and consumers to effectively use products and technologies derived from scientific research--is far more important than having a share of such research. In fact, a venturesome economy benefits from an increase in research produced abroad: the success of Apple's iPod, for instance, owes much to technologies developed in Asia and Europe. Many players--entrepreneurs, managers, financiers, salespersons, consumers, and not just a few brilliant scientists and engineers--have kept the United States at the forefront of the innovation game. As long as their venturesome spirit remains alive and well, advances abroad need not be feared. Read The Venturesome Economy and learn why--and see how we can keep it that way.

One Market Under God

Author : Thomas Frank
Publisher : Anchor
ISBN 13 : 0385495048
Total Pages : 457 pages
Book Rating : 4.3/5 (854 download)

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Book Synopsis One Market Under God by : Thomas Frank

Download or read book One Market Under God written by Thomas Frank and published by Anchor. This book was released on 2001-09-18 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a book that has been raising hackles far and wide, the social critic Thomas Frank skewers one of the most sacred cows of the go-go '90s: the idea that the new free-market economy is good for everyone. Frank's target is "market populism"—the widely held belief that markets are a more democratic form of organization than democratically elected governments. Refuting the idea that billionaire CEOs are looking out for the interests of the little guy, he argues that "the great euphoria of the late nineties was never as much about the return of good times as it was the giddy triumph of one America over another." Frank is a latter-day Mencken, as readers of his journal The Baffler and his book The Conquest of Cool know. With incisive analysis, passionate advocacy, and razor-sharp wit, he asks where we are headed—and whether we're going to like it when we get there.