Towards microeconomics of innovation: Growth engine hallmark of market economics

William Baumol

Atlantic Economic Journal, 2002, vol. 30, issue 1, 12 pages

Abstract: The Bourgeoisie (i.e., capitalism) cannot exist without constantly revolutionizing the instruments of production. Conservation of the old modes of production in unaltered form was, on the contrary, the first condition of existence for all earlier industrial classes. The bourgeoisie, during its rule of scarce one hundred years has created more massive and more colossal productive forces than have all preceding generations together. It has accomplished wonders far surpassing Egyptian pyramids, Roman aqueducts and Gothic cathedrals... Copyright International Atlantic Economic Society 2002

Keywords: Innovation is a heterogeneous product (search for similar items in EconPapers)
Date: 2002
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DOI: 10.1007/BF02299142

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