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.
List of Figures and Tables ix PREFACE: The Innovative Entrepreneur in Dynamic Microtheory xi INTRODUCTION: Bringing Entrepreneurship and Innovation into the Theory of Value 1 CHAPTER 1: Entrepreneurship in Economic Theory: Reasons for Its Absence and Goals for Its Restoration 9 PART I: Pricing, Remuneration, and Allocation of the Agents of Innovation CHAPTER 2: Toward Characterization of the Innovation Industry: The David-Goliath Symbiosis 25 CHAPTER 3: Entrepreneurship, Invention, and Pricing: Toward Static Microtheory 36 CHAPTER 4: Oligopolistic "Red Queen" Innovation Games, Mandatory Price Discrimination, and Markets in Innovation 57 PART II: Welfare Theory: Technology Transfer, Imitation, and Creative Destruction CHAPTER 5: Optimal Innovation Spillovers: The Growth-Distribution Trade-off 77 CHAPTER 6: Enterprising Technology Dissemination: Toward Optimal Transfer Pricing and the Invaluable Contribution of "Mere Imitation" 101 CHAPTER 7: The Entrepreneur and the Beneficial Externalities of Creative Destruction 128 PART III: Institutions, Payoffs, and the Entrepreneur's Choice of Activity: Historical Origins CHAPTER 8: Economic Warfare as a "Red Queen" Game: The Emergence of Productive Entrepreneurship 139 CHAPTER 9: On the Origins of Widespread Productive Entrepreneurship 152 CHAPTER 10: The Allocation of Entrepreneurship Does Matter 165 CHAPTER 11: Mega-enterprising Redesign of Governing Institutions: Keystone of Dynamic Microtheory 172 CHAPTER 12: Summing Up: Yes, the Theory of Entrepreneurship Is on Its Way 188 Notes 197 References 225 Index 237
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