The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World

By Amar Bhidé

Bhidé makes a detailed argument that contradicts the prevailing view of expert panels and authors who contend that the nation's prosperity is threatened by the technological rise of China and India, and that America's capacity for innovation is eroding... Mr. Bhidé derides the conventional view in science and technology circles as 'techno-nationalism,' needlessly alarmist and based on a widely held misunderstanding of how technological innovation yields economic growth. In his view, many analysts put too much emphasis on the production of new technological ideas. Instead, he observes, the real economic payoff lies in innovations in how technologies are used. (Steve Lohr New York Times )

Is the world really flat? That's the question posed by Amar Bhidé in his new book, The Venturesome Economy. Disputing Thomas Friedman, author of The World is Flat, Bhidé concludes that: (1) it isn't, and (2) arguments by Friedman and others--whom he labels as 'technonationalists'--fail to recognize how innovation that matters really occurs and aren't always helpful to long-term global or even U.S. development. . . . Bhidé concludes that the edge in economic development from the 'innovation game' comes from the kind of entrepreneurial behavior that adapts and combines high-level ideas and know-how, adjusts them to the needs of particular markets, and actually sells them to willing buyers. (James Heskett Working Knowledge )
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