New Book, "Experimental Capitalism, The Nanoeconomics of American High-Tech Industries" Now Available

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Final book by the late Steven Klepper, Ph. D., locks down on key factors that drive U.S. entrepreneurship and innovation

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Experimental Capitalism: The Nanoeconomics of American High-Tech Industries, by Steven Klepper

The book reveals deep insights into the implications of the multiple economic transactions that fuel entrepreneurship, and the formation, growth, or decline of high-tech industries in the United States.

"Experimental Capitalism, the Nanoeconomics of American High-Tech Industries," the final book by the late Steven Klepper, Ph. D., has been released by Princeton University Press. A must-read for entrepreneurs, industry leaders, investors, academics and researchers, politicians and policy makers, and regional planners, the book reveals deep insights into the implications of the multiple economic transactions that fuel entrepreneurship, and the formation, growth, or decline of high-tech industries in the United States.

Using the development of penicillin by the pharmaceutical industry, as well as the evolution of the automobile, tire, semiconductor, television, and laser industries as examples, Klepper meticulously examines the importance of market life cycles, technological advancements, spinoffs, geographic clustering, and governmental participation in the development of high-tech firms.

Highlighting General Motors, Firestone, Intel, and others as case studies, Klepper also assesses why certain industries had—or continue to have—great success; the impacts of strong or poor leadership; the role of early-leading firms as training grounds for next-generation entrepreneurs, parent organizations, and spinoffs; legal restrictions on intellectual property; government regulation; and rapidly growing foreign competition on the development of high-tech firms.

The final chapter poses and answers a number of questions about the evolution of entrepreneurship and the ability of government to enhance a nation’s high-tech industrial base. Questions include:

  •     Why do leadership firms become stymied by their own success?
  •     Can individuals really position themselves for an entrepreneurial career?
  •     When should individuals leave to found their own firms?
  •     What role does government have in fostering innovative markets?
  •     How activist should government be in encouraging the growth of innovation and entrepreneurship?
  •     What is government’s role in dealing with old, withering industries?
  •     Why do some regions thrive after decades of innovation while other areas, like the Rust Belt, unravel?

“Steven’s book superbly showcases the nanoeconomic framework that supports entrepreneurship and the development of high-tech industries,” remarked Serguey Braguinsky, Associate Professor of Economics at the University of Maryland and a former colleague of the late Dr. Klepper. “He clearly pinpointed the drivers that contribute to determining why and how certain industries grow, thrive, or decline, and how the industrial success in one geographic area — such as Silicon Valley — cannot necessarily be replicated in another, arbitrarily selected, location. The book is a must-read for anyone who is interested in answers to fundamental questions about the past, present, and future of American industrial greatness. Steven’s answers are deeply rooted in life-long, meticulous, nanoeconomic research, and are powerful and simple—without oversimplifying the complex realities facing our nation.”

"Experimental Capitalism, the Nanoeconomics of American High-Tech Industries" is available through Princeton University Press, or may be ordered directly through Amazon.

About Steven Klepper Ph.D.
Steven Klepper was the Arthur Arton Hamerschlag Professor of Economics and Social Science at Carnegie Mellon University. He was a founding member of the Doctoral Colloquium of the Consortium for Competitiveness and Collaboration, and served as director of the university’s program in Strategy, Entrepreneurship and Technological Change. In 2011, Dr. Klepper was recognized with the Global Award for Entrepreneurship Research. The award, given for improving theory building in entrepreneurship and small business development, is widely regarded as the most prestigious entrepreneurship research award.

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