Every so often an idea comes along that transforms our understanding ofhow the world works. Michael Heller has discovered a market dynamic that no one knew existed. Usually, private ownership creates wealth, but too much ownership has the opposite effect—it creates gridlock.When too many people own pieces of one thing, whether a physical or intellectual resource, cooperation breaks down, wealth disappears, and everybody loses. Heller's paradox is at the center of The Gridlock Economy. Today's leading edge of innovation—in high tech, biomedicine, music, film, real estate—requires the assembly of separately owned resources.But gridlock is blocking economic growth all along the wealth creation frontier.
From Book (Basic Books), published on 26-12-2008