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...

Why has capitalism produced economic growth that so vastly dwarfs the growth record of other economic systems, past and present? Why have living standards in countries from America to Germany to Japan risen exponentially over the past century? William Baumol rejects the conventional view that...

This compendium of essays brings together some of William Baumol's most distinguished and acclaimed papers with some that are more rare, including a discussion of the growth and innovation mechanism that accounts for the unprecedented growth performance of the market economies. Amongst many...