Free Audiobooks Openness to Creative Destruction: Sustaining Innovative DynamismAuthor Arthur M. Jr. Diamond –

Life improves under the economic system often called entrepreneurial capitalism or creative destruction, butaccurately called innovative dynamism Openness to Creative Destruction Sustaining Innovative Dynamism shows how innovation occurs through the efforts of inventors and innovative entrepreneurs, how workers on balance benefit, and how good policies can encourage innovation The inventors and innovative entrepreneurs are often cognitively diverse outsiders with the courage and perseverance to see and pursue serendipitous discoveries or slow hunches Arthur M Diamond, Jr shows how economies grow where innovative dynamism through leapfrog competition flourishes, as in the United States from roughly 1830 1930 Consumers vote with their feet for innovative new goods and for process innovations that reduce prices, benefiting ordinary citizensthan the privileged elites Diamond highlights that because breakthrough inventions are costly and difficult, patents can be fair rewards for invention and can provide funding to enable future inventions He argues that some fears about adverse effects on labor market are unjustified, sinceand better new jobs are created than are destroyed, and that other fears can be mitigated by better policies The steady growth in regulations, often defended on the basis of the precautionary principle, increases the costs to potential entrepreneurs and thus reduces innovation The Great Fact of economic history is that after at least 40,000 years of mostly poor, nasty, brutish, and short humans in the last 250 years have started to live substantially longer and better lives Diamond increases understanding of why. This book does an excellent job of articulating and building on the works of Joseph Schumpeter Dr Arthur Diamond not only explains the virtues of innovation, but he takes seriously the challenges to creative destruction The book offers thoughtful critiques on many of the common concerns regarding markets It is an excellent read for Economics students, Professors in Economics, as well as anyone who wishes to have an informed opinion on technology and innovation.