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]] | ||
Latest revision as of 21:04, 12 August 2025
William Baumol[edit]
Biography[edit]
American economist (1922-2017), known for Baumol's cost disease theory.
School of Thought[edit]
Microeconomics
Notable Quotes[edit]
On Productivity Paradox in Digital Age[edit]
"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[edit]
"Productivity growth in personal services is inherently limited because they require human interaction."[2]
On Creative Destruction in AI Era[edit]
"Innovation is the defining characteristic of entrepreneurship."[3]
On Productivity Paradox in Digital Age[edit]
"The cost disease is real and unavoidable in labor-intensive services."[4]
On Network Effects and Platform Monopolies[edit]
"Oligopolistic competition drives innovation more than perfect competition."[5]
References[edit]
- ↑ 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