William Baumol. - Air date: 06-12-99

William Jack Baumol (born February 26, 1922) is a New York University economics professor (although he is also affiliated with Princeton University) who has written extensively about labor market and other economic factors that affect the economy. He also made valuable contributions to the history of economic thought. He is among the 500 best economists in the world according to IDEAS/RePEc.
Among his better-known contributions are the theory of contestable markets, the Baumol-Tobin model of transactions demand for money, Baumol's cost disease, which discusses the rising costs associated with service industries, and Pigou taxes.[1]
The 2006 Annual Meetings of the American Economic Association held a special session in his name, and honoring his many years of work, where 12 papers on entrepreneurship were presented. http://www.aeaweb.org/annual_mtg_papers/2006papers.html
The British magazine, The Economist published an article about William Baumol and his lifelong work to develop a place in economic theory for the entrepreneur (March 11, 2006, pp 68), much of which owes its genesis to Joseph Schumpeter. They note that traditional microeconomic theory holds a place for 'prices' and 'firms' but not for that (seemingly) important engine of innovation, the entrepreneur. Baumol is given credit for helping to remedy this shortcoming: "Thanks to Mr. Baumol's own painstaking efforts, economists now have a bit more room for entrepreneurs in their theories."
Baumol is a trustee of the Economists for Peace and Security.

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• Econnomics
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• Schumpeter
• Entrepreneurship
• Micro
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• Princeton
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[Lisnageeragh]

@Gonyet Great to hear this man ...presumably his books are now somewhat out of fashion. Macro = Sigma (Micro).....but of course that's not the whole picture! Many of the younger economists in Europe seem to appreciate little about macro ..and the circular nature of certain economic variables. In Europe we are caught beween Keynes' Liquidity trap and a sort of negative Pigou effect .....in other words we are banjaxed!!

[Game0verFool]

has anyone watched this all the way through?

[meleethe13]

The interviewer needs a duct tape on his mouth.

[calorus]

I really wish the interviewer would shut up and let the man speak.

[hope4alll]

am looking for other videos of Professor. Baumol

[Gonyet]

Great video,lovely stuff