Copyright © 2002 by Princeton University Press

Published by Princeton University Press, 41 William Street, Princeton, New Jersey 08540

In the United Kingdom: Princeton University Press, 3 Market Place, Woodstock, Oxfordshire OX20 1SY

All Rights Reserved

Fourth printing, and first paperback printing, 2004

Paperback ISBN 0-691-11630-X

THE LIBRARY OF CONGRESS HAS CATALOGED THE CLOTH EDITION OF THIS BOOK AS FOLLOWS

Baumol, William J.

The free market innovation machine : analyzing the growth miracle of capitalism / William J. Baumol.

p.         cm.

Includes bibliographical references (p. ) and index.

ISBN 0-691-09615-5

1.   Capitalism.     2. Economic development.     3. Technological innovations—Economic aspects.       I. Title.

HB501 .B38         2002

330.12'2—dc21

2001056044

British Library Cataloging-in-Publication Data is available

This book has been composed in Stone Serif by Princeton Editorial Associates, Inc., Scottsdale, Arizona

Printed on acid-free paper.

pup.princeton.edu

Printed in the United States of America

10   9   8   7   6   5   4