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William Jack Baumol
William Jack Baumol (February 26, 1922 – May 4, 2017) was an American economist. He was a professor of economics at New York University, Academic Director of the Berkley Center for Entrepreneurship and Innovation, and professor emeritus at Princeton University. He was a prolific author of more than eighty books and several hundred journal articles. He is the namesake of the Baumol effect. Baumol wrote extensively about labor market and other economic factors that affect the economy. He also made significant contributions to the theory of entrepreneurship and the history of economic thought. He is among the most influential economists in the world according to IDEAS/RePEc. He was elected a Fellow of the American Academy of Arts and Sciences in 1971, the American Philosophical Society in 1977, and the United States National Academy of Sciences in 1987. Baumol was considered a candidate for the Nobel Prize in Economics for 2003, and Thomson Reuters cited him as a potential recipi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neo-Keynesian Economics
The neoclassical synthesis (NCS), or neoclassical–Keynesian synthesisMankiw, N. Gregory. "The Macroeconomist as Scientist and Engineer". ''The Journal of Economic Perspectives''. Vol. 20, No. 4 (Fall, 2006), p. 35. is an academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book ''The General Theory of Employment, Interest and Money'' (1936) with neoclassical economics. The neoclassical synthesis is a macroeconomic theory that emerged in the mid-20th century, combining the ideas of neoclassical economics with Keynesian economics. The synthesis was an attempt to reconcile the apparent differences between the two schools of thought and create a more comprehensive theory of macroeconomics. It was formulated most notably by John Hicks (1937), Franco Modigliani (1944), and Paul Samuelson (1948), who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baumol's Cost Disease
In economics, the Baumol effect, also known as Baumol's cost disease, first described by William J. Baumol and William G. Bowen in the 1960s, is the tendency for wages in jobs that have experienced little or no increase in labor productivity to rise in response to rising wages in other jobs that did experience high productivity growth. In turn, these sectors of the economy become more expensive over time, because the input costs increase while productivity does not. Typically, this affects services more than manufactured goods, and in particular health, education, arts and culture. This effect is an example of cross elasticity of demand. The rise of wages in jobs without productivity gains results from the need to compete for workers with jobs that have experienced productivity gains and so can naturally pay higher wages. For instance, if the retail sector pays its managers low wages, those managers may decide to quit and get jobs in the automobile sector, where wages are higher b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contestable Market
In economics, the theory of contestable markets, associated primarily with its 1982 proponent William J. Baumol, held that there are markets served by a small number of firms that are nevertheless characterized by competitive equilibrium, and therefore desirable welfare outcomes, because of the existence of potential short-term entrants.Brock, 1983. p.1055. Theory A perfectly contestable market has three main features: # No entry or exit barriers # No sunk costs # The same level of technology is available to incumbent businesses and new entrants. A perfectly contestable market is not possible in real life. Instead, the degree of contestability can be observed within markets. The more contestable a market is, the closer it will be to a perfectly contestable market. Some economists argue that determining price and output is actually dependent not on the type of market structure (whether it is a monopoly or perfectly competitive market) but on the threat of competition.Critic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baumol - Precursors In Mathematical Economics, 1968 - 5895607
William Jack Baumol (February 26, 1922 – May 4, 2017) was an American economist. He was a professor of economics at New York University, Academic Director of the Berkley Center for Entrepreneurship and Innovation, and professor emeritus at Princeton University. He was a prolific author of more than eighty books and several hundred journal articles. He is the namesake of the Baumol effect. Baumol wrote extensively about labor market and other economic factors that affect the economy. He also made significant contributions to the theory of entrepreneurship and the history of economic thought. He is among the most influential economists in the world according to IDEAS/RePEc. He was elected a Fellow of the American Academy of Arts and Sciences in 1971, the American Philosophical Society in 1977, and the United States National Academy of Sciences in 1987. Baumol was considered a candidate for the Nobel Prize in Economics for 2003, and Thomson Reuters cited him as a potential recip ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of Agriculture
The United States Department of Agriculture (USDA) is an executive department of the United States federal government that aims to meet the needs of commercial farming and livestock food production, promotes agricultural trade and production, works to assure food safety, protects natural resources, fosters rural communities and works to end hunger in the United States and internationally. It is headed by the secretary of agriculture, who reports directly to the president of the United States and is a member of the president's Cabinet. The current secretary is Brooke Rollins, who has served since February 13, 2025. Approximately 71% of the USDA's $213 billion budget goes towards nutrition assistance programs administered by the Food and Nutrition Service (FNS). The largest component of the FNS budget is the Supplemental Nutrition Assistance Program (formerly known as the 'Food Stamp' program), which is the cornerstone of USDA's nutrition assistance. The United Stat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomson Reuters
Thomson Reuters Corporation ( ) is a Canadian multinational corporation, multinational content-driven technology Conglomerate (company), conglomerate. The company was founded in Toronto, Ontario, Canada, and maintains its headquarters at 19 Duncan Street there. Thomson Reuters was created by the Thomson Corporation's purchase of the British company Reuters Group on 17 April 2008. It is majority-owned by the Woodbridge Company, a holding company for the Family tree of Thomson family, Thomson family of Canada. History Thomson Corporation The forerunner of the Thomson company was founded in 1934 by Roy Thomson, 1st Baron Thomson of Fleet, Roy Thomson in Ontario as the publisher of ''The Timmins Daily Press''. In 1953, Thomson acquired the ''The Scotsman, Scotsman'' newspaper and moved to Scotland the following year. He consolidated his media position in Scotland in 1957, when he won the government-granted monopoly, franchise for Scottish Television. In 1959, he bought the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Prize In Economics
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (), commonly referred to as the Nobel Prize in Economics(), is an award in the field of economic sciences administered by the Nobel Foundation, established in 1968 by Sveriges Riksbank (Sweden's central bank) to celebrate its 300th anniversary and in memory of Alfred Nobel. Although the Prize in Economic Sciences was not one of the original five Nobel Prizes established by Alfred Nobel's will, it is considered a member of the Nobel Prize system, and is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Winners of the Prize in Economic Sciences are chosen in a similar manner to and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony. The laureates of the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Academy Of Sciences
The National Academy of Sciences (NAS) is a United States nonprofit, NGO, non-governmental organization. NAS is part of the National Academies of Sciences, Engineering, and Medicine, along with the National Academy of Engineering (NAE) and the National Academy of Medicine (NAM). As a national academy, new members of the organization are elected annually by current members, based on their distinguished and continuing achievements in original research. Election to the National Academy is one of the highest honors in the scientific field in the United States. Member of the National Academy of Sciences, Members of the National Academy of Sciences serve ''pro bono'' as "advisers to the nation" on science, engineering, and medicine. The group holds a congressional charter under Title 36 of the United States Code. Congress legislated and President Abraham Lincoln signed an Act of Congress (1863) establishing the National Academy of Sciences as an independent, trusted nongovernmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Philosophical Society
The American Philosophical Society (APS) is an American scholarly organization and learned society founded in 1743 in Philadelphia that promotes knowledge in the humanities and natural sciences through research, professional meetings, publications, source text, library resources, and community outreach. It was founded by the polymath Benjamin Franklin and is considered the first learned society founded in what became the United States.Philosophical Hall, the society's headquarters and a museum, is located just east of Independence Hall in Independence National Historical Park. In 1965, in recognition of the building's history, it was designated a National Historic Landmark. The society has about 1,000 elected members. As of April 2020, 5,710 members had been inducted since its creation. Through research grants, published journals, the American Philosophical Society Museum, an extensive library, and regular meetings, the society supports a variety of disciplines in the humanitie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Academy Of Arts And Sciences
The American Academy of Arts and Sciences (The Academy) is one of the oldest learned societies in the United States. It was founded in 1780 during the American Revolution by John Adams, John Hancock, James Bowdoin, Andrew Oliver, and other Founding Fathers of the United States. It is headquartered in Cambridge, Massachusetts. Membership in the academy is achieved through a nominating petition, review, and election process. The academy's quarterly journal, '' Dædalus'', is published by the MIT Press on behalf of the academy, and has been open-access since January 2021. The academy also conducts multidisciplinary public policy research. Laurie L. Patton has served as President of the Academy since January 2025. History The Academy was established by the Massachusetts legislature on May 4, 1780, charted in order "to cultivate every art and science which may tend to advance the interest, honor, dignity, and happiness of a free, independent, and virtuous people." The sixty-tw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RePEc
Research Papers in Economics (RePEc) is a collaborative effort of hundreds of volunteers in many countries to enhance the dissemination of research in economics. The heart of the project is a decentralized database of working papers, preprints, journal articles, and software components. The project started in 1997. Its precursor NetEc dates back to 1993. Overview RePEc provides links to over 4,400,000 full-text articles, working papers, books, book chapters and software components. Most contributions are freely downloadable, but copyright remains with the author or copyright holder. It is among the largest internet repositories of academic material in the world. the collected data is leveraged by several services, the main ones being the websites IDEAS and EconPapers for exploration of the bibliographic data, and the RePEc Author Service for author profiles and authority control. Many bibliographic providers also use all or part of the data. Materials to RePEc can be added th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Economic Thought
The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day. This field encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages, Thomas Aquinas argued that it was a Morality, moral obligation of businesses to sell goods at a just price. In the Western world, economics was not a separate discipline, but part of Philosophy and economics, philosophy until the 18th–19th century Industrial Revolution and the 19th century Great Divergence, which accelerated economic growth. Ancient economic thought (before 500 AD) Ancient Greece Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
