Miracle of Capitalist Growth (Free Market Innovation Machine)

Author: William Baumol, translated by Peng Jing et al.
Publisher:
Publish Date: 2004-01-01
Features: Why can capitalism create unprecedented economic growth? Why has the standard of living in countries like the United States, Germany, and Japan risen exponentially over the past century? Most scholars have long regarded price competition as the driving force behind growth, but Baumol takes a unique approach, arguing that growth is the result of the combination of three factors: systematic innovation within firms, intense competition among all firms in an innovative industry to produce new products and create new processes, and collaboration between firms in creating and applying innovation.