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This book, crammed with characteristically Baumolian insights, encompasses three main parts: one explaining how oligopolists' virtuous rent seeking has been the engine propelling long-term economic growth in free-market economies; one showing how the tools of microeconomics can be applied to analyze technological innovation; and one proposing a macroeconomic endogenous growth model with richer innovation-dependent features than those found in the models pioneered by Paul Romer ( Journal of Political Economy , October 1990) and others.
F. M. Scherer (Sun,) studied this question.