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

How much credit can be given to entrepreneurship for the unprecedented innovation and growth of free-enterprise economies? In this book, some of the world's leading economists tackle this difficult and understudied question, and their responses shed new light on how free-market economies work--and what policies most encourage their growth. The contributors take as their starting point William J. Baumol's 2002 book __The Free-Market Innovation Machine__ (Princeton), which argued that independent entrepreneurs are far more important to growth than economists have traditionally thought, and that an implicit partnership between such entrepreneurs and large corporations is critical to the success of market economies. The contributors include the editors and Robert M. Solow, Kenneth J. Arrow, Michael M. Weinstein, Douglass C. North, Barry R. Weingast, Ying Lowrey, Nathan Rosenberg, Melissa A. Schilling, Corey Phelps, Sylvia Nasar, Boyan Jovanovic, Peter L. Rousseau, Edward N. Wolff, Deepak Somaya, David J. Teece, Naomi R. Lamoreaux, Kenneth L. Sokoloff, Yochanan Shachmurove, Ralph E. Gomory, Jonathan Eaton, Samuel S. Kortum, Alan S. Blinder, Robert J. Shiller, Burton G. Malkiel, and Edmund S. Phelps. On Macroeconomic Models Of Free-market Innovation And Growth / Robert M. Solow -- The Macro-context Of The Microeconomics Of Innovation / Kenneth J. Arrow -- Institutional Bases For Capitalist Growth / Douglass C. North -- Capitalism And Economic Liberty : The Political Foundations Of Economic Growth / Barry R. Weingast -- Endogenous Forces In Twentieth-century America / Nathan Rosenberg -- Interfirm Collaboration Networks : The Impact Of Network Structure On Rates Of Innovation / Melissa A. Schilling And Corey Phelps -- The Small Entrepreneur / Boyan Jovanovic And Peter L. Rousseau -- Toward Analysis Of Capitalism's Unparalleled Growth : Sources And Mechanism / William J. Baumol -- Patents, Licensing, And Entrepreneurship : Effectuating Innovation In Multi-invention Contexts / Deepak Somaya And David J. Teece -- The Market For Technology And The Organization Of Invention In U.s. History / Naomi R. Lamoreaux And Kenmeth L. Sokoloff -- Innovation And Its Effects On International Trade / Ralph E. Gomory And William J. Baumol -- Innovation, Diffusion, And Trade / Jonathan Eaton And Samuel S. Kortum -- Radical Financial Innovation / Robert J. Shiller -- Finance And Innovation / Burton G. Malkiel -- The Economic Performance Of Nations : Prosperity Depends On Dynamism, Dynamism On Institutions / Edmund S. Phelps -- Pharmaceutical Patenting In Developing Countries And R&d / Eytan Sheshinski. Edited By Eytan Sheshinski, Robert J. Strom, And William J. Baumol. Includes Bibliographical References And Index. How much credit can be given to entrepreneurship for the unprecedented innovation and growth of free-enterprise economies? In this book, some of the world's leading economists tackle this difficult and understudied question, and their responses shed new light on how free-market economies work - and what policies most encourage their growth. The contributors take as their starting point William J. Baumol's 2002 book "The Free-Market Innovation Machine" (Princeton), which argued that independent entrepreneurs are far more important to growth than economists have traditionally thought, and that an implicit partnership between such entrepreneurs and large corporations is critical to the success of market economies. The contributors include the editors and Robert M. Solow, Kenneth J. Arrow, Michael M. Weinstein, Douglass C. North, Barry R. Weingast, Ying Lowrey, Nathan Rosenberg, Melissa A. Schilling, Corey Phelps, Sylvia Nasar, Boyan Jovanovic, Peter L. Rousseau, Edward N. Wolff, Deepak Somaya, David J. Teece, Naomi R. Lamoreaux, Kenneth L. Sokoloff, Yochanan Shachmurove, Ralph E. Gomory, Jonathan Eaton, Samuel S. Kortum, Alan S. Blinder, Robert J. Shiller, Burton G. Malkiel, and Edmund S. Phelps 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