William Baumol
| William Baumol | |
|---|---|
| Born |
February 26, 1922 New York City |
| Nationality | United States |
| Institution | New York University, Princeton University |
| Field | Microeconomics, industrial organization, entrepreneurship |
| School or tradition |
Neo-Keynesian economics |
| Alma mater |
London School of Economics (Ph.D. 1949) College of the City of New York (B.Sc. 1942) |
| Doctoral advisor |
Lionel Robbins |
| Doctoral students |
Lionel W. McKenzie William G. Bowen Burton Malkiel Harold Tafler Shapiro |
| Influences |
Joseph Schumpeter Arthur Pigou John Maynard Keynes |
| Influenced |
James Tobin Jean Tirole Ha-Joon Chang |
| Contributions |
Baumol-Tobin model Baumol's cost disease Contestable market Theory Sales Revenue Maximization Model |
| Information at IDEAS / RePEc | |
William Jack Baumol (born February 26, 1922) is an American economist. He is a professor of economics at New York University, Academic Director of the Berkley Center for Entrepreneurship and Innovation, and Professor Emeritus at Princeton University. A prolific author of more than eighty books and several hundred journal articles, Baumol has written 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. He was considered a candidate for the Nobel Prize in Economics for 2003, and Thompson Reuters cited him as a potential recipient in 2014.
He was initially denied entry to the doctoral studies at the London School of Economics and was instead admitted to the Master's program. After witnessing his debating skills at Lord Lionel Robbins' seminars, he was within weeks switched to the doctoral program and also admitted to the faculty as an Assistant Lecturer. His Ph.D. oral exam lasted five hours.
While a professor at Princeton University he supervised some graduate students who would eventually become very well-known economists, including Burton Malkiel, William G. Bowen, and Harold Tafler Shapiro.
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, Baumol’s sales revenue maximization model and Pigou taxes. His research on environmental economics recognized the fundamental role of non-convexities in causing market failures.
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