William Baumol
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The Cost Disease
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Author : William J. Baumol
language : en
Publisher: Yale University Press
Release Date : 2012-09-25
The Cost Disease written by William J. Baumol and has been published by Yale University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-25 with Business & Economics categories.
The exploding cost of health care in the United States is a source of widespread alarm. Similarly, the upward spiral of college tuition fees is cause for serious concern. In this concise and illuminating book, well-known economist William J. Baumol explores the causes of these seemingly intractable problems and offers a surprisingly simple explanation. Baumol identifies the "cost disease" as a major source of rapidly rising costs in service sectors of the economy. Once we understand that disease, he explains, effective responses become apparent. Baumol presents his analysis with characteristic clarity, tracing the fast-rising prices of health care and education in the U.S. and other major industrial nations, then examining the underlying causes of the phenomenon, which have to do with the nature of providing labor-intensive services. The news is good, Baumol reassures, because the nature of the disease is such that society will be able to afford the rising costs.
Selected Economic Writings
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Author : William J. Baumol
language : en
Publisher:
Release Date : 1976
Selected Economic Writings written by William J. Baumol and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with categories.
Global Trade And Conflicting National Interests
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Author : Ralph E. Gomory
language : en
Publisher: MIT Press
Release Date : 2022-06-07
Global Trade And Conflicting National Interests written by Ralph E. Gomory and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-07 with Business & Economics categories.
Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. In this book Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. Trade today is dominated by manufactured goods, rapidly moving technology, and huge firms that benefit from economies of scale. This is very different from the largely agricultural world in which the classical theories originated. Gomory and Baumol show that the new and significant conflicts resulting from international trade are inherent in modern economies.Today improvement in one country's productive capabilities is often attainable only at the expense of another country's general welfare. The authors describe why and when this is so and why, in a modern free-trade environment, a country might have a vital stake in the competitive strength of its industries.
Superfairness
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Author : William J. Baumol
language : en
Publisher: MIT Press
Release Date : 1986
Superfairness written by William J. Baumol and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Business & Economics categories.
With his characteristic acuteness and lucidity, William Baumol, one of America's foremost economists, tackles the problem of equity considerations in welfare economics by applying the novel "superfairness" criterion to the distribution of resources, product, income, and wealth that arises from economic decisions.
The Free Market Innovation Machine
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Author : William J. Baumol
language : en
Publisher: Princeton University Press
Release Date : 2004-04-11
The Free Market Innovation Machine written by William J. Baumol and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-04-11 with Business & Economics categories.
Why has capitalism produced economic growth that so vastly dwarfs the growth record of other economic systems, past and present? Why have living standards in countries from America to Germany to Japan risen exponentially over the past century? William Baumol rejects the conventional view that capitalism benefits society through price competition--that is, products and services become less costly as firms vie for consumers. Where most others have seen this as the driving force behind growth, he sees something different--a compound of systematic innovation activity within the firm, an arms race in which no firm in an innovating industry dares to fall behind the others in new products and processes, and inter-firm collaboration in the creation and use of innovations. While giving price competition due credit, Baumol stresses that large firms use innovation as a prime competitive weapon. However, as he explains it, firms do not wish to risk too much innovation, because it is costly, and can be made obsolete by rival innovation. So firms have split the difference through the sale of technology licenses and participation in technology-sharing compacts that pay huge dividends to the economy as a whole--and thereby made innovation a routine feature of economic life. This process, in Baumol's view, accounts for the unparalleled growth of modern capitalist economies. Drawing on extensive research and years of consulting work for many large global firms, Baumol shows in this original work that the capitalist growth process, at least in societies where the rule of law prevails, comes far closer to the requirements of economic efficiency than is typically understood. Resounding with rare intellectual force, this book marks a milestone in the comprehension of the accomplishments of our free-market economic system--a new understanding that, suggests the author, promises to benefit many countries that lack the advantages of this immense innovation machine.
Research In The History Of Economic Thought And Methodology
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Author : Luca Fiorito
language : en
Publisher: Emerald Group Publishing
Release Date : 2022-09-08
Research In The History Of Economic Thought And Methodology written by Luca Fiorito and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-08 with Business & Economics categories.
Research in the History of Economic Thought and Methodology
Microtheory
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Author : William J. Baumol
language : en
Publisher: MIT Press
Release Date : 1986
Microtheory written by William J. Baumol and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Business & Economics categories.
This volume of seventeen previously published essays by William J. Baumol brings together work on the theory of contestable markets, welfare theory, antitrust, pricing, and the history of economic thought. Written between 1971 and 1983, they have sparked productive extensions and criticism in microeconomic theory and provide an engaging intellectual history of one of the leading figures in the field of economics. Baumol introduces each of the book's four parts, presenting his subsequent views on the subjects covered in the reprinted articles, including some important amendments.The book opens with an autobiographical essay that presents the intellectual climate of economics in the 1940s in which Kenneth Arrow, Frank Hahn, Martin Shubik, Otto Eckstein, and Gary Becker were beginning their careers. Baumol's introductory essays to the book's major sections take up the threads from this autobiographical piece and follow them to the development of concepts central to economic theory, applications, and methodology.Three essays in the first part provide an underpinning for the theory of contestable markets. In the second part five essays explore issues in welfare economics such as the role of diminishing and increasing returns may play the role of symmetric obstacles to Pareto optimality. Essays in the third part range from regulation and antitrust to urban economics to the Phillips curve and the pitfalls of using, in the analysis of real issues, dual values derived from linear models when the underlying reality is nonlinear. Those in the concluding part focus on the history of economic ideas such as the Smithian versus Marxian view of business morality and the social interest, the Marxian concept of value transformation, the iron law of wages, and Say's law.William J. Baumol is Professor of Economics by joint appointment at Princeton University and New York University.
The Microtheory Of Innovative Entrepreneurship
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Author : William J. Baumol
language : en
Publisher: Princeton University Press
Release Date : 2010-07-01
The Microtheory Of Innovative Entrepreneurship written by William J. Baumol and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-01 with Business & Economics categories.
An authoritative look at the microeconomics of entrepreneurship Entrepreneurs are widely recognized for the vital contributions they make to economic growth and general welfare, yet until fairly recently entrepreneurship was not considered worthy of serious economic study. Today, progress has been made to integrate entrepreneurship into macroeconomics, but until now the entrepreneur has been almost completely excluded from microeconomics and standard theoretical models of the firm. The Microtheory of Innovative Entrepreneurship provides the framework for introducing entrepreneurship into mainstream microtheory and incorporating the activities of entrepreneurs, inventors, and managers into standard models of the firm. William Baumol distinguishes between the innovative entrepreneur, who comes up with new ideas and puts them into practice, and the replicative entrepreneur, which can be anyone who launches a new business venture, regardless of whether similar ventures already exist. Baumol puts forward a quasi-formal theoretical analysis of the innovative entrepreneur's influential role in economic life. In doing so, he opens the way to bringing innovative entrepreneurship into the accepted body of mainstream microeconomics, and offers valuable insights that can be used to design more effective policies. The Microtheory of Innovative Entrepreneurship lays the foundation for a new kind of microtheory that reflects the innovative entrepreneur's importance to economic growth and prosperity.
The Free Market Innovation Machine
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Author : William J. Baumol
language : en
Publisher: Princeton University Press
Release Date : 2014-04-24
The Free Market Innovation Machine written by William J. Baumol and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-24 with Business & Economics categories.
Why has capitalism produced economic growth that so vastly dwarfs the growth record of other economic systems, past and present? Why have living standards in countries from America to Germany to Japan risen exponentially over the past century? William Baumol rejects the conventional view that capitalism benefits society through price competition--that is, products and services become less costly as firms vie for consumers. Where most others have seen this as the driving force behind growth, he sees something different--a compound of systematic innovation activity within the firm, an arms race in which no firm in an innovating industry dares to fall behind the others in new products and processes, and inter-firm collaboration in the creation and use of innovations. While giving price competition due credit, Baumol stresses that large firms use innovation as a prime competitive weapon. However, as he explains it, firms do not wish to risk too much innovation, because it is costly, and can be made obsolete by rival innovation. So firms have split the difference through the sale of technology licenses and participation in technology-sharing compacts that pay huge dividends to the economy as a whole--and thereby made innovation a routine feature of economic life. This process, in Baumol's view, accounts for the unparalleled growth of modern capitalist economies. Drawing on extensive research and years of consulting work for many large global firms, Baumol shows in this original work that the capitalist growth process, at least in societies where the rule of law prevails, comes far closer to the requirements of economic efficiency than is typically understood. Resounding with rare intellectual force, this book marks a milestone in the comprehension of the accomplishments of our free-market economic system--a new understanding that, suggests the author, promises to benefit many countries that lack the advantages of this immense innovation machine.
The Theory Of Environmental Policy
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Author : William J. Baumol
language : en
Publisher: Cambridge University Press
Release Date : 1988-02-26
The Theory Of Environmental Policy written by William J. Baumol and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-02-26 with Business & Economics categories.
An analysis of the economic theory of environmental policy and the factors influencing the quality of life. Recent research in environmental economics is incorporated as well as economic incentives for pollution control.