Economist:William Baumol
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