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Article Excerpt
Good Capitalism, Bad Capitalism, and the Economies of Growth and Prosperity. Yale, CT: Yale University Press. vii + 336 pages. ISBN: 9780300109412, $30.00 cloth. William J. Baumol, Robert E. Litan, and Carl J. Schramm. 2007.
Why do some countries reach the technological frontier and, once there, what policies allow countries to maintain themselves at the frontier over time? These are the twin questions that Baumol, Litan, and Scrhamm (BLS) seek to answer with this excellent volume. Unsurprisingly, their answers center on innovation. However, unlike most economists, BLS equate innovation with entrepreneurialism because entrepreneurs often create new inventions. Even when they do not, BLS argue that entrepreneurs are necessary to develop, produce, market, and thereby diffuse new technologies throughout the economy. Thus, without entrepreneurs, science and innovation might not go beyond the laboratory. Hence in seeking to explain the political economy of national innovation rates, BLS argue that they must explain entrepreneurialism and its role in fostering widespread technological change.
As Francis Fukuyama...
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