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Towards microeconomics of innovation: Growth engine hallmark of market economics

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  • William Baumol

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

Suggested Citation

  • William Baumol, 2002. "Towards microeconomics of innovation: Growth engine hallmark of market economics," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 30(1), pages 1-12, March.
    • Handle: RePEc:kap:atlecj:v:30:y:2002:i:1:p:1-12
    DOI: 10.1007/BF02299142
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    References listed on IDEAS

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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. K. J. Arrow, 1971. "The Economic Implications of Learning by Doing," Palgrave Macmillan Books, in: F. H. Hahn (ed.), Readings in the Theory of Growth, chapter 11, pages 131-149, Palgrave Macmillan.
    3. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    4. Elias L. Khalil, 1997. "The Red Queen Paradox: A Proper Name for a Popular Game - Note," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(2), pages 411-415, June.
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    Cited by:

    1. Mark V. Pauly, 2002. "Can Insurance Cause Medical Care Spending to Grow too Rapidly?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 71(4), pages 468-476.
    2. Weterings, Anet & Koster, Sierdjan, 2007. "Inheriting knowledge and sustaining relationships: What stimulates the innovative performance of small software firms in the Netherlands?," Research Policy, Elsevier, vol. 36(3), pages 320-335, April.
    3. John Luiz, 2010. "Infrastructure investment and its performance in Africa over the course of the twentieth century," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 37(7), pages 512-536, June.

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    Innovation is a heterogeneous product;

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