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
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.
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.
Member, Board of Trustees, Joint Council on Economic Education
Member, Advisory Committee, Center for Entrepreneurial Studies, Graduate
School of Business Administration, New York University
Member, Board of Directors, Theater Development Fund
Member, National Science Foundation review panel for Science and Technology
Member, Advisory Board, Fishman-Davidson Center for the Study of the Service
Sector, Wharton School, University of Pennsylvania
Member, National Academy of Sciences
Correspondent, Committee on Human Rights, National Academy of Sciences
Member, Committee on the National Institute for the Environment, National
Academy of Sciences
Member, Board of Consultants, Economia, Revista Quadrimestral
Member, American Academy of Arts and Sciences
Member, Executive Committee, V.P. (1966-67), American Economic Association
Past President, American Economic Association (1981), Association of
Environmental and Resource Economists (1979), Eastern Economic Association
(1978-79), Atlantic Economic Society (1985)
Past Chairman and Member, Economic Policy Council, State of New Jersey
Past Vice President, American Association of University Professors
Past Vice President, AAUP (1968-70) and Chairman, Committee on Economic
Status of the Profession (1962-70)
Various times on Boards of Editors for American Economic Review,
Kyklos, Journal of Economic Literature, Management Science, Economic Notes
(Italy), Journal of Economic Education, Impresa e Concorrenza
(Italy) THESIS: Theory and History of Economic and Social Institutions
and Structures (USSR)
Director, Consultants in Industry Economics, Inc.
Frequent consultant to government and industry, in U.S. and many other
Economic Dynamics (with R. Turvey), 1951, 1959, 1970
Welfare Economics and the Theory of the State, 1952, 1965.
Economic Processes and Policies (with L.V. Chandler), 1954
Business Behavior, Value and Growth, 1959, 1966
What Price Economic Growth?, (with Klaus Knorr), 1961
Economic Theory and Operations Analysis, 1961, 1965, 1972,
The Stock Market and Economic Efficiency, 1965
Performing Arts: The Economic Dilemma (with W.G. Bowen),
Precursors in Mathematical Economics: An Anthology (with S.M.
Portfolio Theory: The Selection of Asset Combinations, 1970
Economics of Academic Libraries (with M. Marcus), 1973
The Theory of Environmental Policy (with W.E. Oates), 1975,
Selected Economic Writings of William J. Baumol, E.E.
Bailey, ed., 1976
Economics, Environmental Policy, and the Quality of Life
(with W.E. Oates and S.A. Batey Blackman), 1979
Economics: Principles and Policy (with A.S. Blinder), 1979,
1982, 1985, 1987, 1991 and 1994
Public and Private Enterprise in a Mixed Economy (editor),
Contestable Markets and the Theory of Industry Structure
(with R.D. Willig and J.C. Panzar), 1982, 1987
Inflation and the Performing Arts (editor with H. Baumol),
Productivity Growth and U.S. Competitiveness (editor with K.
Superfairness: Applications and Theory, 1986
Microtheory: Applications and Origins, 1986
The Information Economy and the Implications of Unbalanced Growth
(with L. Osberg and E.N. Wolff), 1989
Productivity and American Leadership: The Long View (with
S.A. Batey Blackman and E.N. Wolff), 1989
The Economics of Mutual Fund Markets: Competition vs. Regulation
(with S.M. Goldfeld, L.A. Gordon and M.F. Koehn), 1990
Perfect Markets and Easy Virtue: Business Ethics and the Invisible
Hand (with S.A. Batey Blackman), 1991
Entrepreneurship, Management and the Structure of Payoffs,
Toward Competition in Local Telephony (with Gregory Sidak),
Convergence of Productivity: Cross-National Studies and Historical
Evidence (ed. with R.R. Nelson & E.N. Wolff), 1994
Transmission Pricing and Stranded Costs in the Electric Power
Industry (with Gregory Sidak), 1995
Assessing Educational Practices: The Contribution of Economics
(ed. with W.E. Becker), 1995
Microeconomics: Principles and Policy (ed. with A.S.
Plus some 400 articles published in professional journals.
New York University,
Dept. of Economics, 269 Mercer St.,
New York, NY 10003.
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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
Baumol is a trustee of the Economists for Peace and Security.