Economist:William Baumol: Difference between revisions
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=== On Productivity Paradox in Digital Age === | === On Productivity Paradox in Digital Age === | ||
"In the long run, the costs of education, health care, and other personal services will rise relative to manufactured goods."<ref name="ref_2012_p18_1">William Baumol, ''The Cost Disease'' (2012), p. 18, Yale University Press</ref> | "In the long run, the costs of education, health care, and other personal services will rise relative to manufactured goods."<ref name="ref_2012_p18_1">William Baumol, ''The Cost Disease'' (2012), p. 18, Yale University Press</ref> | ||
=== On Labor Market Disruption from Automation === | === On Labor Market Disruption from Automation === | ||
"Productivity growth in personal services is inherently limited because they require human interaction."<ref name="ref_1966_p164_1">William Baumol, ''Performing Arts: The Economic Dilemma'' (1966), p. 164, Twentieth Century Fund</ref> | "Productivity growth in personal services is inherently limited because they require human interaction."<ref name="ref_1966_p164_1">William Baumol, ''Performing Arts: The Economic Dilemma'' (1966), p. 164, Twentieth Century Fund</ref> | ||
=== On Creative Destruction in AI Era === | |||
"Innovation is the defining characteristic of entrepreneurship."<ref name="ref_2002_p1_1">William Baumol, ''The Free-Market Innovation Machine'' (2002), p. 1, Princeton University Press</ref> | |||
=== On Productivity Paradox in Digital Age === | |||
"The cost disease is real and unavoidable in labor-intensive services."<ref name="ref_2012_p45_1">William Baumol, ''The Cost Disease'' (2012), p. 45, Yale University Press</ref> | |||
=== On Network Effects and Platform Monopolies === | |||
"Oligopolistic competition drives innovation more than perfect competition."<ref name="ref_2002_p156_1">William Baumol, ''The Free-Market Innovation Machine'' (2002), p. 156, Princeton University Press</ref> | |||
== References == | == References == | ||
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[[Category:Economist]] | [[Category:Economist]] | ||
[[Category:Microeconomics]] | [[Category:Microeconomics]] | ||
Revision as of 20:56, 12 August 2025
William Baumol
Biography
American economist (1922-2017), known for Baumol's cost disease theory.
School of Thought
Microeconomics
Notable Quotes
On Productivity Paradox in Digital Age
"In the long run, the costs of education, health care, and other personal services will rise relative to manufactured goods."[1]
On Labor Market Disruption from Automation
"Productivity growth in personal services is inherently limited because they require human interaction."[2]
On Creative Destruction in AI Era
"Innovation is the defining characteristic of entrepreneurship."[3]
On Productivity Paradox in Digital Age
"The cost disease is real and unavoidable in labor-intensive services."[4]
On Network Effects and Platform Monopolies
"Oligopolistic competition drives innovation more than perfect competition."[5]
References
- ↑ William Baumol, The Cost Disease (2012), p. 18, Yale University Press
- ↑ William Baumol, Performing Arts: The Economic Dilemma (1966), p. 164, Twentieth Century Fund
- ↑ William Baumol, The Free-Market Innovation Machine (2002), p. 1, Princeton University Press
- ↑ William Baumol, The Cost Disease (2012), p. 45, Yale University Press
- ↑ William Baumol, The Free-Market Innovation Machine (2002), p. 156, Princeton University Press