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Title

Towards Microeconomics of Innovations: Growth Engine Hallmark of Market Economics.

Authors

Baumol, William J.

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...[Marx and Engels, 1847].

Subjects

ECONOMIC development; FREE enterprise; BUSINESS enterprises; BUSINESSPEOPLE

Publication

Atlantic Economic Journal, 2002, Vol 30, Issue 1, p1

ISSN

0197-4254

Publication type

Academic Journal

DOI

10.1007/BF02299142

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