The Venturesome Economy

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Amar Bhidé

Princeton University Press, Princeton, NJ, 2010, 2008, English

Nonfiction, General

ISBN: 9780691145938

From the Publisher. Many warn that the next stage of globalization—the offshoring of research and development to China and India—threatens the foundations of Western prosperity. But in The Venturesome Economy, acclaimed business and economics scholar Amar Bhidé shows how wrong the doomsayers are.

Using extensive field studies on venture-capital-backed businesses to examine how technology really advances in modern economies, Bhidé explains why know-how developed abroad enhances—not diminishes—prosperity at home, and why trying to maintain the U.S. lead by subsidizing more research or training more scientists will do more harm than good.

When breakthrough ideas have no borders, a nation's capacity to exploit cutting-edge research regardless of where it originates is crucial: “venturesome consumption”—the willingness and ability of businesses and consumers to effectively use products and technologies derived from scientific research—is far more important than having a share of such research. In fact, a venturesome economy benefits from an increase in research produced abroad: the success of Apple's iPod, for instance, owes much to technologies developed in Asia and Europe.

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Carl Magnusson

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One of the early supporters of innovation as the American answer to the threat of outsourcing. In my ongoing quest for good news I liked the optimistic outlook for the future of the American economy, based on data and research of past events.

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