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The Free-Market Innovation Machine: Analyzing The Growth Miracle Of Capitalism

The Free-Market Innovation Machine: Analyzing The Growth Miracle Of Capitalism

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  • ISBN:9780691116303
  • Editorial: Princeton University Press
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  • Dimensiones: 0 cm x 0 cm
  • Nº Pág.:318
  • Idiomas:Ingles

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Professor Baumol has written the definitive text upon the role of innovation in the economic process. Joseph Schumpeter wrote of waves of creative destruction that reshaped the face of industry - the spark of which is innovation. Clayton Christesen in the "The Innovators Dilemma" and Richard Foster and Sarah Kaplan in "Creative Destruction" built on those themes - in particular the vulnerability of incumbents to attack from outsiders.Baumol advances Schumpeter's cause by demonstrating that innovation rather than price competition is the central feature of the market process. He also highlights the present/future tension inherent in every business in that innovation is in itself a present cost to be weighed against uncertain future benefits. Innovation is, he argues, no longer undertaken as a means of securing extraordinary profits but as a means of preempting competition. In this way innovation becomes the most important condition for industrial survival.

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