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The Free-Market Innovation Machine:
Analyzing the Growth Miracle of Capitalism
William J. Baumol

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Chapter 1 [HTML] or [PDF format]

TABLE OF CONTENTS:

Preface vii
CHAPTER 1: Introduction: The Engine of Free-Market Growth 1
PART I: THE CAPITALIST GROWTH MECHANISM
CHAPTER 2: The "Somewhat Optimal" Attributes of Capitalist Growth: Oligopolistic Competition and Routinization of Innovation 19
CHAPTER 3: Oligopolistic Rivalry and Routinization to Reduce Uncertainty 30
CHAPTER 4: Oligopolistic Rivalry and Routine Innovation Spending: Theory of the Engine of Unprecedented Capitalist Growth 43
CHAPTER 5: Independent Innovation in History: Productive Entrepreneurship and the Rule of Law 55
CHAPTER 6: Voluntary Dissemination of Proprietary Technology: Private Profit, Social Gain 73
CHAPTER 7: Oligopolistic Rivalry and Markets for Technology Trading 93
CHAPTER 8: Tradeoff: Innovation Incentives versus Benefits to Others (Distributive Externalities) 120
PART II: INTEGRATION OF INNOVATION INTO THE MAINSTREAM OF MICROTHEORY
CHAPTER 9: Oligopolistic Competition, Pricing, and Recoupment of Innovation Outlays 151
CHAPTER 10: Microeconomic Theory of Industrial Organization in the "Innovation-Machine" Economy 161
CHAPTER 11: Recouping Innovation Outlays and Pricing Its Products: Continued 183
CHAPTER 12: Models of Optimal Timing of Innovation 199
CHAPTER 13: Licensing for Profit: Efficiency Implications 215
PART III: ON THE MACRODYNAMICS OF CAPITALISM
CHAPTER 14: Capitalism's Unique Innovation Machine: Historical Evidence 245
CHAPTER 15: Macroeconomic Models and Relationships That May Limit Growth 262
CHAPTER 16: Feedback: Innovation as a Self-Nourishing Process 284
Bibliography 299
Index 307

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File created: 11/11/2014

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