Economist:William Baumol

From AI Ideas Knowledge Base
Revision as of 20:39, 12 August 2025 by Admin (talk | contribs) (Convert citations to Wikipedia reference style with <ref> tags)

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]


References

  1. ↑ William Baumol, The Cost Disease (2012), p. 18, Yale University Press
  2. ↑ 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."[1]

On Productivity Paradox in Digital Age

"The cost disease is real and unavoidable in labor-intensive services."[2]

On Network Effects and Platform Monopolies

"Oligopolistic competition drives innovation more than perfect competition."[3]

  1. ↑ William Baumol, The Free-Market Innovation Machine (2002), p. 1, Princeton University Press
  2. ↑ William Baumol, The Cost Disease (2012), p. 45, Yale University Press
  3. ↑ William Baumol, The Free-Market Innovation Machine (2002), p. 156, Princeton University Press
Retrieved from "https://ai.specify.com/index.php?title=Economist:William_Baumol&oldid=142"