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                 Guest For  MONDAY FEBRUARY 2, 2009

                                            (Originally aired: 07-12-99)

                                    WILLIAM  BAUMOL  PhD

                            Scholar / Intellectual Extraordinaire

   Author: "Good Capitalism Bad Capitalism and the

                     Economics of Growth and Prosperity"

                                      Professor of Economics 

                              Expert on Microeconomic Theory

                Member: American Philosophical Society

SEARCH:

                  Member: National Academy of Sciences

                                                       Mailing Address:
                                                                 New York University,
                                                      Dept. of Economics, 269 Mercer St.,
                                                                  New York, NY 10003.

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More about: WILLIAM BAUMOL

William Jack 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 IDEAS/RePEc.
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.[1]
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.

-----------------------------------------------------------------------------------------------------------------------

Born February 26, 1922, New York, NY
Married, two children

BSS College of the City of New York, 1942
Ph.D University of London, 1949

1942-1943 and 1946: Junior Economist, U.S. Dept. of Agriculture

1947-49: Assistant Lecturer, London School of Economics

1949-92: Professor of Economics, Princeton University

1992-current: Senior Research Economist and Professor of Economics, Emeritus, Princeton University

1971-current: Professor of Economics and Director, C.V. Starr Center for Applied Economics, New York University

AWARDS & HONORS:

1953 Fellow, Econometric Society

1957-58 Guggenheim Fellow

1960-70 Trustee, Rider College

1965 Honorary LL.D, Rider College (Trustee Emeritus)

1965-66 Ford Faculty Fellowship

1970 Honorary Fellow, London School of Economics

1971 Honorary Doctorate, Stockholm School of Economics

1973 Honorary Doctor of Humane Letters, Knox College

1973 Honorary Doctorate, University of Basel

1975 John R. Commons Award, Omicron Delta Epsilon

1975 Townsend Harris Medal, Alumni Association of the City College of New York

1982 Distinguished Fellow, American Economic Association

1984 Distinguished Member, Economic Association of Puerto Rico

1986 Winner, Assoc. of American Publishers Award for Best Book in Business, Management and Economics, Superfairness: Applications and Theory

1987 Recipient, Frank E. Seidman Distinguished Award in Political Economy

1988 Joseph Douglas Green 1895 Professor of Economics, Princeton University

1989 Winner, Assoc. of Am. Publishers Annual Awards for Excellence in Publishing, Honorable Mention in Social Sciences, Productivity and American Leadership: The Long View

1992 Recipient, First Senior Scholar in the Arts and Sciences Award, New York University

1996 Honorary Degree, University of Limburg, Maastricht, Holland

1996 Honorary Professorship, University of Belgrano, Buenos Aires, Argentina

PROFESSIONAL ACTIVITIES:

Member, Committee to set up the Don Patinkin School of Economics, Hebrew University of Jerusalem

Chairman, Harvard University Visiting Committee, Dept. of Economics, 1995

Member, American Philosophical Society

Member, Advisory Board, Insurance Information Institute Press

Chairman, Overseers' Committee to Visit the Dept. of Economics, Harvard University

Member, Advisory Board, Journal of Economic Perspectives

Member, Editorial Board, Journal of Cultural Economics

Principal Investigator, Students at Risk Comm., Inst. for Education & Social Policy

Member, Advisory Committee, World Resources Institute (founding member)

Member, Editorial Advisory Board, Supreme Court Economic Review

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 Research Centers

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 (Portugal)

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 (1967-75)

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 countries.

BOOKS PUBLISHED:

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, 1976

The Stock Market and Economic Efficiency, 1965

Performing Arts: The Economic Dilemma (with W.G. Bowen), 1966

Precursors in Mathematical Economics: An Anthology (with S.M. Goldfeld), 1968

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, 1988

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), 1980.

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), 1984

Productivity Growth and U.S. Competitiveness (editor with K. McLennan), 1985

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, 1993

Toward Competition in Local Telephony (with Gregory Sidak), 1994

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. Blinder), 1996

Plus some 400 articles published in professional journals.

Mailing Address:
New York University,
Dept. of Economics, 269 Mercer St.,
New York, NY 10003.

E-mail: william.baumol@fasecon.econ.nyu.edu

[ Homepage | Faculty Directory | Economics Dept. | C.V. Starr Center ]

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William Baumol

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This article or section needs sources or references that appear in reliable, third-party publications. Primary sources and sources affiliated with the subject of the article are generally not sufficient for a Wikipedia article. Please include more appropriate citations from reliable sources, or discuss the issue on the talk page. This article has been tagged since December 2007.

William Jack 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 IDEAS/RePEc.

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.^[1]

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.

Contents [hide] 1 Major publications 2 Positions and Awards 3 External links 4 References

[edit] Major publications

• "Community Indifference", 1946, RES
• "A Community Indifference Map: A construction", 1949, RES.
• "A Formalization of Mr. Harrod's Model", 1949, EJ.
• "The Analogy between Producer and Consumer Equilibrium Analysis", with Helen Makower, 1950, Economica.
• Economic Dynamics, with R. Turvey, 1951.
• "The Transaction Demand for Cash: An inventory-theoretic approach", 1952, QJE.
• "The Classical Monetary Theory: The outcome of the discussion", with G.S. Becker, 1952, Economica.
• Welfare Economics and the Theory of the State, 1952.
• "Firms with Limited Money Capital", 1953, Kyklos.
• Economic Processes and Policies, with L.V. Chandler, 1954.
• "More on the Multiplier Effect of a Balanced Budget", with M.H. Preston, 1955, AER.
• "Acceleration without Magnification", 1956, AER.
• "Variety in Retailing", with E.A. Ide, 1956 Management Science.
• "Speculation, Profitability and Stability", 1957, REStat.
• "Activity Analysis in One Lesson", 1958, AER.
• "On the Theory of Oligopoly", 1958, Economica.
• "Topology of Second Order Linear Difference Equations with Constant Coefficients", 1958, Econometrica.
• "The Cardinal Utility which is Ordinal", 1958, EJ.
• Business Behavior, Value and Growth, 1959.
• "Integer Programming and Pricing", with R.E. Gomory, 1960, Econometrica.
• Economic Theory and Operations Analysis, 1961.
• "What Can Economic Theory Contribute to Managerial Economics?", 1961, AER.
• "Pitfalls in Contracyclical Policies: Some tools and results", 1961, REStat.
• "The Theory of Expansion of the Firm", 1962, AER.
• "Stocks, Flows and Monetary Theory", 1962, QJE.
• "An Expected Gain-Confidence Limit Criterion for Portfolio Selection", 1963, Management Science.
• "Rules of Thumb and Optimally Imperfect Decisions", with R. E. Quandt, 1964, American Economic Review, 54, p. 23-46
• "Decomposition, Pricing for Decentralization and External Economics", with T.Fabian, 1964, Management Science.
• "On the Performing Arts: the anatomy of their economic problems", with W.G. Bowen, 1965, AER.
• "Investment and Discount Rates Under Capital Rationing", with R.E.Quandt, 1965, EJ.
• "Informed Judgement, Rigorous Theory and Public Policy", 1965, Southern EJ.
• The Stock Market and Economic Efficiency, 1965.
• Performing Arts: the economic dilemma, 1966.
• "The Ricardo Effect in Point-Input, Point-Output Case", 1966, Essays in Mathematical Economics in Honor of Oskar Morgenstern.
• "Macroeconomics of Unbalanced Growth: The anatomy of urban crisis", 1967, AER.
• "Calculation of Optimal Product and Retailer Characteristics", 1967, JPE.
• "The Firm's Optimal Debt-Equity Combination and the Cost of Capital", with B.G. Malkiel, 1967, QJE.
• "Error Produced by Linearization in Mathematical Programming", with R. Bushnell, 1967, Econometrica.
• "The Dual of Nonlinear Programming and its Economic Interpretation", with M.L.Balinski, 1968, RES.
• "Entrepreneurship in Economic Theory", 1968, May, American Economic Review
• "On the Social Rate of Discount", 1968, AER.
• "On the Discount Rate for Public Projects", 1969, Analysis and Evaluation of Public Expenditures.
• "Input Choices and Rate-of-Return Regulation: An overview of the discussion", with A.K.Klevorick, 1970, Bell JE.
• "Optimal Departures from Marginal Cost Pricing", with D.F. Bradford, 1970, AER.
• "The Economics of Athenian Drama", 1971, QJE.
• Environmental protection, International Spillovers and Trade, 1971.
• "On the Economics of the Theatre in Renaissance London" with Mary Oates, 1972, Swedish JE.
• "The Dynamics of Urban Problems and its Policy Implications", 1972, in Preston and Corry, editors, Essays in Honor of Lord Robbins.
• "Taxation and the Control of Externalities", 1972, AER.
• "Detrimental Externalities and Non-Convexity of the Production Set", with D.F. Bradford, 1972, Economica.
• "The Transformation of Values: What Marx 'Really' Meant", 1974, JEL.
• The Theory of Environmental Policy, with W.E.Oates, 1975.
• Economics, Environmental Policy and Quality of Life, with W.E.Oates and S.A. Batey Blackman 1979.
• Contestable Markets and the Theory of Industry Structure, with J.C. Panzar and R.D. Wilig, 1982
• Microtheory: Applications and origins, 1986
• Superfairness: Application and theory, with D. Fischer, 1986
• "The Optimal Cash Balance Proposition: Maurice Allais' Priority", with J. Tobin, 1989, JEL
• Productivity and American Leadership: The long view, with S.A. Batey Blackman and E.N. Wolff, 1989.
• Perfect Markets and Easy Virtue: Business ethics and the invisible hand, with S.A. Batey Blackman, 1992
• Entrepreneurship, Management and the Structure of Profit, 1993.
• Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity, co-authored with Robert Litan and Carl J. Schramm, 2007

[edit] Positions and Awards

• William Baumol was President of the American Economic Association for 1981.
• 1953 Fellow, Econometric Society
• 1957-58 Guggenheim Fellow
• 1960-70 Trustee, Rider College
• 1965 Honorary LL.D, Rider College (Trustee Emeritus)
• 1965-66 Ford Faculty Fellowship
• 1970 Honorary Fellow, London School of Economics
• 1971 Honorary Doctorate, Stockholm School of Economics
• 1973 Honorary Doctor of Humane Letters, Knox College
• 1973 Honorary Doctorate, University of Basel
• 1975 John R. Commons Award, Omicron Delta Epsilon
• 1975 Townsend Harris Medal, Alumni Association of the City College of New York
• 1982 Distinguished Fellow, American Economic Association
• 1984 Distinguished Member, Economic Association of Puerto Rico
• 1986 Winner, Assoc. of American Publishers Award for Best Book in Business, Management and Economics, Superfairness: Applications and Theory
• 1987 Recipient, Frank E. Seidman Distinguished Award in Political Economy
• 1988 Joseph Douglas Green 1895 Professor of Economics, Princeton University
• 1989 Winner, Assoc. of Am. Publishers Annual Awards for Excellence in Publishing, Honorable Mention in Social Sciences, Productivity and American Leadership: The Long View
• 1992 Recipient, First Senior Scholar in the Arts and Sciences Award, New York University
• 1996 Honorary Degree, University of Limburg, Maastricht, Holland
• 1996 Honorary Professorship, University of Belgrano, Buenos Aires, Argentina

[edit] External links

• Baumol home page
• IDEAS/RePEc

[edit] References

1. ^ Baumol, W.J. (1972), ‘On Taxation and the Control of Externalities’, American Economic Review, 62 (3), 307-322.

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