Performing Arts, the Economic Dilemma: A Study of Problems Common to Theater, Opera, Music and Dance. Front Cover. William J. Baumol, William G. Bowen. W.J. Baumol and W.G. Bowen Performing Arts. The Economic Dilemma. A study of Problems common to Theater, Opera, Music and Dance. we called the “cost disease of the performing arts,” with its profoundly . with analogous pertinent attributes (see, e.g., Baumöl and Bowen, ; Blaug,. .
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He was a prolific author of more than eighty pwrforming 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. Baumol was considered a candidate for the Nobel Prize in Economics for and Thomson Reuters cited him as a potential recipient in but he died without receiving the prize.
Ats was born in the South Bronx. His parents, Solomon and Lillian, were both immigrants from Eastern Europe. Baumol studied at the City College of New York and was awarded his bachelor’s degree in After college, he served in the U. 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.
While a professor at Princeton University he supervised some graduate students who would eventually become very well-known economists, including Burton MalkielWilliam G. Bowenand Harold Tafler Shapiro.
Among his better-known contributions are the theory of contestable marketsthe Baumol-Tobin model of transactions demand for money, Baumol’s cost diseasewhich discusses the rising costs associated with service industries, Baumol’s sales revenue maximization model  and Baumop taxes. William Baumol also contributed to the transformation of the field of financeand published contributions to the areas of efficiency of capital marketsportfolio theoryand capital budgeting.
The place of the disruptive innovations and innovative entrepreneurs in traditional economic theory which describes many efficiency-based ratios assuming uniform outputs presents theoretic quandaries. Baumol contributed greatly to this area of economic theory.
The Annual Meetings of the American Economic Association held a special bwen in his name, and honoring his many years of work in the field of entrepreneurship and innovation,  where 12 bwumol on entrepreneurship were presented.
InBaumol received the Global Award for Entrepreneurship Research  “[f]or pertorming persistent effort to give the entrepreneur a key role in mainstream economic performijg, for his theoretical and empirical studies of the nature of entrepreneurship, and for his analysis pefrorming the importance of institutions and incentives for the allocation of entrepreneurship.
The British news 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,pp 68much of which owes its genesis to Joseph Schumpeter.
They note that traditional microeconomic theory normally 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: Baumol’s own painstaking efforts, pefforming now have a bit more room for entrepreneurs in their theories. William Baumol’s book, The Microtheory of Innovative Entrepreneurship  is the first formal theoretical analysis of the role of innovative entrepreneurs.
Baumol wrote several textbooks in economics, including an introductory textbook with Alan Blinder titled Macroeconomics: Baumol was a trustee of Economists for Peace and Security. Baumol was known for his interests in the economics of art, including the economics of the performing arts. Baumol died on May 4, at the age of Foundations of public economics. Non-convexities also appear in Baumol’s theory of contestable gowen Fundamentals of public economics.
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Retrieved February 3, American Academy of Arts and Sciences. Retrieved May 28, Retrieved April 13, Business Behavior, Value and Growth. An Entrepreneurial Economist on the Economics of Entrepreneurship”. Retrieved October 14, The Theory of environmental policy Second ed. Essays in Honour of William J Baumol. Retrieved 23 December The American Economic Association. Retrieved August 5, Global Award for Entrepreneurship Research.
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William Baumol – Wikipedia
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