The Free-Market Innovation Machine

Analyzing the Growth Miracle of Capitalism

The Free-Market Innovation Machine

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

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

Leading scholars in economic growth & innovation focus on those attributes of free-enterprise economies that can account for their unprecedented growth achievement, providing insights to the workings of Western economies & contributions towards the formulation of growth policy.

Growth Through Innovation

Managing the Technology-Driven Enterprise

Growth Through Innovation

Capitalism produced entrepreneurs and property rights, the two basic pillars of innovation and growth. As the speed of technology is steadily increasing only radical innovation can be the name of the game. This book discusses technology and innovation trends by looking into historical examples and telling the latest business stories. It opens the discourse about pirates, pioneers, innovators and imitators; proposes the framework of dominant, science-driven and high-tech industry for innovation management and gives insights into intellectual property rights, industrial designs and technical risk management. Finally, it offers 8 important innovation principles for technology driven enterprises that have turned out to have a big effect on the outcome – and in the end on growth.

Growth, Distribution and Innovations

Understanding Their Interrelations

Growth, Distribution and Innovations

Idea for those studying advanced macroeconomic and written by a widely published author, this book outlines a new and more fruitful way of understanding, analyzing and formally modelling economic growth. In his series of lectures, collected here in one concise and engaging book, Amit Bhaduri draws on contemporary issues such as the role of competition policy, labour market flexibility and intellectual property rights regime in influencing the rate of economic growth to sketch an alternative approach to mainstream growth theory. He explores: the role of division of labour innovation and market structure according to Smith, Marx and Schumpter the role of class distribution of income according to Ricardo the principles of effective demand according to Keynes and Kalecki. It is an invaluable tool for anyone engaged with growth and distribution theory and technical innovation, as well as taking advanced macroeconomics.

Great Again

Revitalizing America's Entrepreneurial Leadership

Great Again

The innovation engine that powered the U.S. economy to unmatched prosperity over the last century is now failing, threatening the way we work and live. As the nation spins its wheels--reeling from the job losses of the recession and seemingly unable to generate the breakthroughs needed to propel alternative energy, medicine, and other critical fields--Europe and especially Asia have begun to capture the leadership of crucial new technology sectors. How can America revitalize its innovation leadership and kick-start the economy again? In Great Again, veteran high-tech CEO Henry Nothhaft takes us inside the heart of America's innovation community to surface a new proposal for the job creation and economic growth we need. Bringing to life the human drama of the exhilarating, demanding and often frustrating startup environment, Nothhaft offers this complex world as the setting for a promising solution to the country's current standstill. Nothhaft, with journalist David Kline, says a breakthrough can be achieved through a series of practical and achievable tax, regulatory and other reforms that would help strengthen entrepreneurial startup businesses--and offer the necessary fuel for an American resurgence. They key is to bolster the segment and lessen the startup's struggle against a perfect storm of "red tape" burdens. In fact, this entrepreneurial ecosystem may be the only force in society that can create revolutionary innovations that would lead to new industries and millions of new jobs--generating prosperity again for all citizens. Great Again provides fresh research and original analysis to offer an entirely new lens for recovery. Filled with evocative stories and surprising evidence of the crucial role of the innovative force in society, the book presents an action plan that both entrepreneurs and policymakers can rally behind.

Social Innovation

Blurring Boundaries to Reconfigure Markets

Social Innovation

Focusing on social innovation broadly conceived in the context of social entrepreneurship and social enterprise in their global context this book is organised to address three of the most important themes in social innovation: strategies and logics, performance measurement and governance, and finally, sustainability and the environment.

Microeconomics: Principles and Policy

Microeconomics: Principles and Policy

Take a policy-based approach to teaching introductory economics with Baumol/Blinder's MICROECONOMICS: PRINCIPLES AND POLICY, 13E. Written by two of the most respected economists in the world, this edition is one of the most current economics texts on the market with data into 2014. Significant updates reflect the most recent economic events and policy developments, which the authors skillfully relate to the book's concepts and principles using the right level of rigor and detail. A new chapter on U.S. economic leadership assesses the prospects for future U.S. growth and leadership, based on a discussion of our strengths and weaknesses in key areas, such as productivity, innovation, entrepreneurship, health care, education, inequality, trade, the budget deficit, and climate change. Guide readers in mastering the basic principles of economics with the strong policy-based approach and vivid, current examples found only in MICROECONOMICS: PRINCIPLES AND POLICY. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

Economics: Principles and Policy

Economics: Principles and Policy

Take a policy-based approach to teaching introductory economics with Baumol/Blinder's ECONOMICS: PRINCIPLES AND POLICY, 13E. Written by two of the most respected economists in the world, this edition is one of the most current economics texts on the market with data into 2014. Significant updates reflect the most recent economic events and policy developments, which the authors skillfully relate to the book's concepts and principles using the right level of rigor and detail. A new chapter on U.S. economic leadership assesses the prospects for future U.S. growth and leadership, based on a discussion of our strengths and weaknesses in key areas, such as productivity, innovation, entrepreneurship, health care, education, inequality, trade, the budget deficit, and climate change. Guide readers in mastering the basic principles of economics with the strong policy-based approach and vivid, current examples found only in ECONOMICS: PRINCIPLES AND POLICY. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

Summoned to Lead

Summoned to Lead

Leadership Re-VisionedCast a vision, set a strategy, rally the troops, and take the hill—you don’t need another book to rehash the well-worn principles of modern leadership. But if you’re looking for something different, something that . . . approaches leadership as an art as well as a scienceinspires hope and expectation in those of us who aren’t born leaderschallenges those with leadership roles to explore new possibilities. . . then Leonard Sweet wants to help you discover a very different kind of leadership vision. It’s one you hear if your ears are open, and it could summon you at any time. When you respond, the puzzle pieces of who you are will fit together into a leader others follow because you’ve answered a call, not trained for a position. “The church has it all wrong. It is trying to train leaders. Instead, it ought to train everyone to listen and to develop their own soundtrack.”Leaders don’t see a vision, says Sweet, they hear one. “Sound becomes sight. Leaders hear life.”For a sonogram of “acoustic leadership,” Sweet takes us inside the incredible account of Sir Ernest Shackleton, the celebrated polar explorer who led his entire crew of twenty-seven from disaster in the Antarctic to safety. Called “the greatest leader that ever came on God’s earth, bar none,” Shackleton objectifies the goals of Sweet’s own exploration in search of wisdom for today and tomorrow’s truly compelling, voice-activated leaders.Right now, you may be leading many people or just yourself. But who knows what tomorrow—or a minute from now—will call forth in you. Are your ears open?

Employee-Driven Innovation

A New Approach

Employee-Driven Innovation

Presents research in Employee-Driven Innovation, an emergent field of study that meets the demand for exploiting new innovative potentials in organizations. There is a growing interest in creating new knowledge in innovation, emphasizing human resources and social processes. The authors intend to take the global lead in research on these areas.