Perhaps the best concise summary of this book is given by editor Alexander Tabarrok in his concluding chapter. As he points out, where most urbanists see market failures,
Almost nowhere, however, are lay readers presented with a more sober and realistic perspective according to which the institutional framework of market economies has always been conducive to greater resource
Patents have a long history as a proxy for inventive activity. Although these data lost ground in the early 1960s to other measures of technical innovation, they have once again become fashionable in the last decade.
This article is therefore intended as a complement to the Austrian tradition and will point out more specifically the importance of local conditions for the production of innovative goods and services.
