The free market innovation machine analyzing the growth miracle of capitalism william baumol rejects the conventional view that capitalism benefits society through price competition that is products and services become less costly as firms vie for consumers that in short is the tale told in this book an explanation of the . William j baumol is senior research economist and professor of economics emeritus at princeton university and professor of economics at new york university the author coauthor or editor of more than thirty books with translations into more than a dozen languages baumol has consulted for some of americas best known firms. Why has capitalism produced economic growth that so vastly dwarfs the growth record of other economic systems past and present why have living standards in countries from america to germany to japan risen exponentially over the past century william baumol rejects the conventional view that capitalism benefits society through price competition that is products and services become less . The free market innovation machine analyzing the growth miracle of capitalism william j baumol is senior research economist and professor of economics emeritus at princeton university and professor of economics at new york university the author coauthor or editor of more than thirty books with translations into more than a dozen . The free market innovation machine analyzing the growth miracle of capitalism william j baumol paperback list price 3995 individual store prices may vary william baumol rejects the conventional view that capitalism benefits society through price competition that is products and services become less costly as firms vie for