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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. 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 recipient in 2014, but he died without receivin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baumol's Cost Disease
Baumol's cost disease, also known as the Baumol effect, is the rise of wages in jobs that have experienced little or no increase in labor productivity, in response to rising salaries in other jobs that have experienced higher productivity growth. The phenomenon was described by William J. Baumol and William G. Bowen in the 1960s and is an example of cross elasticity of demand. The rise of wages in jobs without productivity gains derives from the requirement to compete for workers with jobs that have experienced productivity gains and so can naturally pay higher salaries, just as classical economics predicts. For instance, if the retail sector pays its managers 19th-century-style wages, retail managers may decide to quit to get jobs in the automobile sector, where wages are higher because of higher labor productivity. Thus, retail managers' salaries increase not due to labor productivity increases in the retail sector but due to productivity and corresponding wage increases in ot ... [...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. 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 recipient in 2014, but he died without receivin ... [...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 # Access to the same level of technology (to incumbent firms and new entrants) A perfectly contestable market is not possible in real life. Instead, the degree of contestability of a market is talked about. 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 Capital L ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baumol–Tobin Model
The Baumol–Tobin model is an economic model of the transactions demand for money as developed independently by William Baumol (1952) and James Tobin (1956). The theory relies on the tradeoff between the liquidity provided by holding money (the ability to carry out transactions) and the interest forgone by holding one’s assets in the form of non-interest bearing money. The key variables of the demand for money are then the nominal interest rate, the level of real income that corresponds to the number of desired transactions, and the fixed transaction costs of transferring one’s wealth between liquid money and interest-bearing assets. The model was originally developed to provide microfoundations for aggregate money demand functions commonly used in Keynesian and monetarist macroeconomic models of the time. Later, the model was extended to a general equilibrium setting by Boyan Jovanovic (1982) and David Romer (1986). For decades, debate raged between the students of Baumo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomics
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lionel Robbins
Lionel Charles Robbins, Baron Robbins, (22 November 1898 – 15 May 1984) was a British economist, and prominent member of the economics department at the London School of Economics (LSE). He is known for his leadership at LSE, his proposed definition of economics, and for his instrumental efforts in shifting Anglo-Saxon economics from its Marshallian direction. He is famous for the quote, "Humans want what they can't have." Early life Robbins was born in Sipson, west of London, the son of Rowland Richard Robbins (1872–1960), known as Dick, and his wife Rosa Marion Harris; his father was a farmer, a member of Middlesex County Council involved also in the National Farmers' Union, and the family was Strict Baptist. His sister Caroline became a noted Professor of History at Bryn Mawr College. Robbins was educated at home, at Hounslow College (a preparatory school) and at Southall County School. He went to University College London in October 1915, beginning an Arts degr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Schumpeter
Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian-born political economist. He served briefly as Finance Minister of German-Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. Schumpeter was one of the most influential economists of the early 20th century, and popularized the term " creative destruction", which was coined by Werner Sombart. Early life and education Schumpeter was born in Triesch, Habsburg Moravia (now Třešť in the Czech Republic, then part of Austria-Hungary) in 1883 to German-speaking Catholic parents. Both of his grandmothers were Czech. Schumpeter did not acknowledge his Czech ancestry; he considered himself an ethnic German. His father owned a factory, but he died when Joseph was only four years old. In 1893, Joseph and his mother moved to Vienna. Schumpeter was a loyal suppo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Tobin
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored dependent variables, the well-known tobit model. Along with fellow neo-Keynesian economist James Meade in 1977, Tobin proposed nominal GDP targeting as a monetary policy rule in 1980. Tobin received the Nobel Memorial Prize in Economic Sciences in 1981 for "creative and extensive work on the analysis of financial markets and their relations to expenditure decisions, employment, production and prices." Outside academia, Tobin was w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
London School Of Economics
, mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 million (2020–21) , chair = Susan Liautaud , chancellor = The Princess Royal(as Chancellor of the University of London) , director = The Baroness Shafik , head_label = Visitor , head = Penny Mordaunt(as Lord President of the Council ''ex officio'') , students = () , undergrad = () , postgrad = () , city = London , country = United Kingdom , coor = , campus = Urban , free_label = Newspaper , free = '' The Beaver'' , free_label2 = Printing house , free2 = LSE Press , ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Princeton University
Princeton University is a private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the nine colonial colleges chartered before the American Revolution. It is one of the highest-ranked universities in the world. The institution moved to Newark in 1747, and then to the current site nine years later. It officially became a university in 1896 and was subsequently renamed Princeton University. It is a member of the Ivy League. The university is governed by the Trustees of Princeton University and has an endowment of $37.7 billion, the largest endowment per student in the United States. Princeton provides undergraduate and graduate instruction in the humanities, social sciences, natural sciences, and engineering to approximately 8,500 students on its main campus. It offers postgraduate degrees through the Princeton Schoo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of Agriculture
The United States Department of Agriculture (USDA) is the federal executive department responsible for developing and executing federal laws related to farming, forestry, rural economic development, and food. It 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 Tom Vilsack, who has served since February 24, 2021. Approximately 80% of the USDA's $141 billion budget goes to the Food and Nutrition Service (FNS) program. 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomson Reuters
Thomson Reuters Corporation ( ) is a Canadian multinational media conglomerate. The company was founded in Toronto, Ontario, Canada, where it is headquartered at the Bay Adelaide Centre. Thomson Reuters was created by the Thomson Corporation's purchase of the British company Reuters Group in April 2008. It is majority-owned by The Woodbridge Company, a holding company for the Thomson family. History Thomson Corporation The forerunner of the Thomson company was founded by Roy Thomson in 1934 in Ontario, as the publisher of '' The Timmins Daily Press''. In 1953, Thomson acquired the '' Scotsman'' newspaper and moved to Scotland the following year. He consolidated his media position in Scotland in 1957, when he won the franchise for Scottish Television. In 1959, he bought the Kemsley Group, a purchase that eventually gave him control of the '' Sunday Times''. He separately acquired the '' Times'' in 1967. He moved into the airline business in 1965, when he acquire ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
