The Venturesome Economy
How Innovation Sustains Prosperity in a More Connected World
Number of pages: 520
Publisher: Princeton University Press
BBB Library: Economics and Investment
ISBN: 978-0691135175
Editorial Review
Many warn that the next stage of globalization--the offshoring of research and development to China and India--threatens the foundations of Western prosperity. But in The Venturesome Economy, acclaimed business and economics scholar Amar Bhide shows how wrong the doomsayers are.Using extensive field studies on venture-capital-backed businesses to examine how technology really advances in modern economies, Bhide explains why know-how developed abroad enhances--not diminishes--prosperity at home, and why trying to maintain the U.S. lead by subsidizing more research or training more scientists will do more harm than good. When breakthrough ideas have no borders, a nation's capacity to exploit cutting-edge research regardless of where it originates is crucial: venturesome consumption --the willingness and ability of businesses and consumers to effectively use products and technologies derived from scientific research--is far more important than having a share of such research. In fact, a venturesome economy benefits from an increase in research produced abroad: the success of Apple's iPod, for instance, owes much to technologies developed in Asia and Europe.Many players--entrepreneurs, managers, financiers, salespersons, consumers, and not just a few brilliant scientists and engineers--have kept the United States at the forefront of the innovation game. As long as their venturesome spirit remains alive and well, advances abroad need not be feared. Read The Venturesome Economy and learn why--and see how we can keep it that way.
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Wisdom to Share
Economists ignore disagreements about what might happen; uncertainty is instead, watered down to well-defined probability distributions.
Entrepreneurs "have to act on their animal spirits," often launching their innovations first and discovering the benefits and costs afterward.
In the view of some, however, modern theories continue to exclude many crucial realworld features of the modern economy.
One factor making the global playing field accessible to them, according to economist Hal Varian, is that "information technology is a great leveler.
the total number of new businesses started in the United States every year ranges from half a million to two million.
Researchers who produce scientific knowledge that is general and codified publish their results, and such publications lead to career advancement, prizes, and research grants.
There is an important role for many mid-level players who develop valuable innovations through a process ofiterative en¬gagement with users.
A high propensity to use IT generates trade deficits, but it also enhances productivity in IT-using service industries, which account for a much larger share of economic activity than the IT industry itself.
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