William Baumol
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William Baumol (born February 26 1922) is a Princeton University economics professor (although he is also affiliated with New York University (NYU)) who has written extensively about labor market and other economic factors that affect the economy.
Among his better-known contributions are the theory of contestable markets, the Baumol-Tobin model of transactions demand for money and Baumol's cost disease.
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). 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."
Positions and Awards
William Baumol was President of the American Economic Association for 1981.External link
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