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Unformatted text preview: policies that incur high payoffs for productive innovation and spread of knowledge to all of society. Both pieces, although Mokyr more than Baumol, take into consideration other factors that influence the way people innovate and spread knowledge. Those factors can also greatly alter the way an economy advances, and in our globalizing world also alter the way countries it is economically, politically, or socially tied with continue to develop. 8. page 66. In imitation of the upper classes, freedmen saw wealth in investing their money in commerce, which was productive for the economy. 9. page 68. Baumol states enterprise was frowned upon (by society or the institution or both), which in the long run would kill initiative and attempts at innovation. Page 4...
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This note was uploaded on 05/20/2008 for the course MATH 16A taught by Professor Stankova during the Spring '07 term at Berkeley.
- Spring '07