The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism. By William J. Baumol. Princeton, NJ: Princeton University Press, 2002. Pp. xiv, 318. $35.00

F. M. Scherer

The Journal of Economic History, 2002, vol. 62, issue 3, 912-913

Abstract: This book, crammed with characteristically Baumolian insights, encompasses three main parts: one explaining how oligopolists' virtuous rent seeking has been the engine propelling long-term economic growth in free-market economies; one showing how the tools of microeconomics can be applied to analyze technological innovation; and one proposing a macroeconomic endogenous growth model with richer innovation-dependent features than those found in the models pioneered by Paul Romer (Journal of Political Economy, October 1990) and others.

Date: 2002
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