Thursday, September 4, 2014

William Baumol Econ 490 Fall 2014

William Baumol was born on February 26, 1922, making him 92 years old. He is a professor at New York University, as well as an retired professor at Princeton University. He primarily focuses on market structure and pricing. Baumol has written over 500 journal articles in his time; since he has written so many journal articles as well as books, there isn't a single article or book that stands out. The number of papers which he has contributed to economics is the main reason for him being famous as an economist. He was also a candidate for the Nobel Prize in Economics in 2003.

http://economics.about.com/cs/nobelwinners/p/baumol.htm

1 comment:

  1. Baumol is well known, in many areas of economics, as you say. For example, he has a theory called Baumol's Cost Disease, which helps to explain why the cost of a college degree has been hyper inflationary over the past 30 years or so. While he uses a symphony orchestra as his example of Cost Disease, it really pertains to any area where the benefits from improved technology in lowering the cost of production are largely absent.

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