Economist:William Baumol: Difference between revisions
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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