One of the most thoughtful books in recent years on how innovation drives economic growth is Professor William Baumol’s The Free-Market Innovation Machine. In it, Professor Baumol shows that over the past 150 years, per capita incomes in a typical free market economy have risen at unprecedented levels. He argues that the engine driving this growth is the competitive pressure a well-functioning free market economy places on firms to invest in innovation and to share new technologies with the firms that can use it most efficiently.
Antitrust and Trade Regulation
Date of this Version
William Kolasky, "IP Antitrust: Keeping the Free-Market Innovation Machine Working" (January 2006). Wilmer Cutler Pickering Hale and Dorr Antitrust Series. Working Paper 5.