Doing Capitalism in the Innovation Economy
Doing Capitalism in the Innovation Economy narrates the dynamics of the innovation economy from the standpoint of a seasoned practitioner of venture capital, operating on the frontier where innovative technology transforms the market economy. It explains how state investment in national goals enables the innovation process and why financial bubbles accelerate and amplify its impact.
Praise for Doing Capitalism in the Innovation Economy
"Doing Capitalism in the Innovation Economy is a brilliant (and also much-needed) breath of fresh air. William H. Janeway talks about capitalism as it really is: from his joint perspective as leading-venture-capitalist/leading-economic-theorist."
— George Akerlof, Nobel Laureate in Economics, 2001
"William H. Janeway's double hat of venture capitalist and economist brings a fresh perspective to bear on the political, economic, and financial forces behind innovation. This second edition complements the first by tackling new and really important questions, such as the perception of slower productivity growth, the flood of passive investor capital in search of yield in a low-interest world, or the US disengagement of the state. From the analysis of bubbles as speculative funding through the importance of assured access to cash, Doing capitalism in the Innovation economy is key reading for all those interested in the future of innovation."
— Jean Tirole, Nobel Laureate in Economics, 2014
"Anyone who thinks that innovation is driven by the rational market-driven processes of standard economic theory understands neither the history nor the practical reality of innovation. William H. Janeway understands them a lot and has thought deeply about the implications. The result is a superb book which not only debunks mainstream theory but explains the crucial roles which both governments and the private sector must play to drive the innovation which society needs."
— Lord Adair Turner, Chair of the Institute for New Economic Thinking
"Since its original publication, William H. Janeway's Doing Capitalism in the Innovation Economy has become a classic, helping to launch the digital revolution and explaining how venture capital has leveraged state investments and financial bubbles to change the world through technological innovation. In this new edition, he looks at the past to predict the future, explaining how the digital revolution has grown and taken on a life of its own - and letting us know, with clarity and insight, what comes next."
— Eric Schmidt, Technical Advisor and Former Executive Chairman, Google and Alphabet Inc.
"Neither Adam Smith's nor Henry Ford's picture of the economy is relevant for us today. What thumbnail picture is relevant? We do not know, but William H. Janeway thinks harder and more successfully about this question than anybody else I have seen."
— J. Bradford DeLong, University of California, Berkeley