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Updated: May 24, 2025
According to popular lore, capitalism makes sure that innovators are rewarded for their time and skills since property rights are enshrined in enforceable contracts. Reality is different, as Baumol himself notes. Innovators tend to maximize their returns by sharing their technology and licensing it to more efficient and profitable manufacturers.
That's why I'm submitting a budget that holds the growth in spending to less than the rate of inflation. And that's why, amid all the sound and fury of last year's budget debate, we put into law new, enforceable spending caps so that future spending debates will mean a battle of ideas, not a bidding war.
Legal right, as the sum of the conditions under which the will of the one can consist with the will of others according to a universal law, relates only to enforceable actions, without concerning itself about motives. Kant's theory of punishment is original and important. In politics Kant favors democratic theories, though less decidedly than Rousseau and Fichte.
Referring to the situation early in 1916 when this sentence was written. Examples, ranging all the way from accepted and enforceable legal restrictions to the interplay of the most subtle group sentiments, could be multiplied at will to bring out the presence of the social factor in efficiency standards.
For the sake of our families, I ask us to join together across party lines and pass a strong enforceable Patients' Bill of Rights. As more of our medical records are stored electronically, the threats to all of our privacy increase.
Protestants appointed by the Court as guardians of Roman Catholic children, used to carry out the wishes of the Roman Catholic relations; Roman Catholic proprietors frequently handed over their estates to Protestant friends as Trustees, and, though such Trusts were of course not enforceable at law, there were very few instances in which they were not faithfully performed.
It should be noted that in cutting down the powers of owners to legally tie up, I do not interfere with honourable trusteeships of any kind not enforceable by law or in equity. Such exist now, and more largely than is generally supposed. There has been no readjustment of the land tax for very many years. It is a property rate, and originally was rateably levied at four shillings in the pound.
This is wholly untrue. A reasonable restraint of trade at common law is well understood and is clearly defined. It does not rest in the discretion of the court. It must be limited to accomplish the purpose of a lawful main contract to which, in order that it shall be enforceable at all, it must be incidental. If it exceed the needs of that contract, it is void.
In considering this view, I want first to point out that although to have no legal or enforceable tie in sex-relationships seems on the surface much the simplest and easiest way to arrange life, although permanent monogamous marriage is exceedingly difficult and inconvenient, yet the movement of humanity does seem to have been on the whole in that direction.
Capitalism makes sure that innovators are rewarded for their time and skills. Property rights are enshrined in enforceable contracts. In non-capitalist societies, people are busy inventing ways to survive or circumvent the system, create monopolies, or engage in crime. But Baumol fails to sufficiently account for the different levels of innovation in capitalistic countries.
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