Economist:William Baumol: Difference between revisions
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== Additional Notable Quotes == | |||
=== On Creative Destruction in AI Era === | |||
<blockquote>"Innovation is the defining characteristic of entrepreneurship."</blockquote> | |||
—William Baumol, ''The Free-Market Innovation Machine'' (2002), p. 1, Princeton University Press | |||
=== On Productivity Paradox in Digital Age === | |||
<blockquote>"The cost disease is real and unavoidable in labor-intensive services."</blockquote> | |||
—William Baumol, ''The Cost Disease'' (2012), p. 45, Yale University Press | |||
=== On Network Effects and Platform Monopolies === | |||
<blockquote>"Oligopolistic competition drives innovation more than perfect competition."</blockquote> | |||
—William Baumol, ''The Free-Market Innovation Machine'' (2002), p. 156, Princeton University Press | |||
Revision as of 20:31, 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."
—William Baumol, The Cost Disease (2012), p. 18, Yale University Press
On Labor Market Disruption from Automation
"Productivity growth in personal services is inherently limited because they require human interaction."
—William Baumol, Performing Arts: The Economic Dilemma (1966), p. 164, Twentieth Century Fund
Additional Notable Quotes
On Creative Destruction in AI Era
"Innovation is the defining characteristic of entrepreneurship."
—William Baumol, The Free-Market Innovation Machine (2002), p. 1, Princeton University Press
On Productivity Paradox in Digital Age
"The cost disease is real and unavoidable in labor-intensive services."
—William Baumol, The Cost Disease (2012), p. 45, Yale University Press
On Network Effects and Platform Monopolies
"Oligopolistic competition drives innovation more than perfect competition."
—William Baumol, The Free-Market Innovation Machine (2002), p. 156, Princeton University Press