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Rise of salaries in jobs that have seen little rise of productivity
In economics, the Baumol effect, or Baumol's cost disease, first described by William J. Baumol and William G. Bowen in the 1960s, is the tendency for
Baumol_effect
American economist (1922–2017)
and several hundred journal articles. He is the namesake of the Baumol effect. Baumol wrote extensively about labor market and other economic factors
William_Baumol
Branch of economics
growth contributes to increasing health care cost according to the Baumol effect. Ageing#Health care demand Gross domestic product § Further criticisms
Health_economics
percentage of GDP. It does not include private expenditure on education. Baumol effect – Rise of salaries in jobs that have seen little rise of productivity
List of countries by spending on education as percentage of GDP
List_of_countries_by_spending_on_education_as_percentage_of_GDP
Process of reduction of industrial activity
average rate of industrial profit therefore declines in the longer term. Baumol effect Brownfield land Center for Labor and Community Research Comparative
Deindustrialization
patterns as a result of rising incomes, as well as the Baumol effect, also referred to as Baumol's cost disease. It is highly possible for both of these
Structural_transformation
Prevention of disease and promotion of well-being
growth contributing to increased health care expenditure due to the Baumol effect and regulations. Lower cost-effectiveness thresholds can make make health
Health_care
Form of government regulation on professions or vocations for compensation
the first US state to recognize out-of-state occupational licenses. Baumol effect Employment protection legislation Labor economics Labour market flexibility
Occupational_licensing
Academic discipline
heightened academic study of the relationship of class size and achievement. Baumol effect – Rise of salaries in jobs that have seen little rise of productivity
Education_economics
Economic theory of universities
played only a minor role in rising higher education costs while the Baumol effect dominated. Martin, Robert E. (July 2009). "The Revenue-to-Cost Spiral
Revenue_theory_of_cost
1999 book by Frances Stonor Saunders
cxii–cxv. JSTOR 27549263. Isaacs 1999, p. 32. Gow, p. 848. Baumol & Baumol 2001, p. 73. Baumol & Baumol 2001, p. 75. Romano, Carlin (3 March 2006). "Cold-War
Who_Paid_the_Piper?
Devaluation of money's purchasing power
Journal of Political Economy, Vol. 82, No. 3, May/June 1974, pp. 598–606. Baumol, William J. and Alan S. Blinder, Macroeconomics: Principles and Policy,
Inflation
Concept in economics
(p. 810). Baumol linked the definition to the mathematical concept of subadditivity; specifically, subadditivity of the cost function. Baumol also noted
Natural_monopoly
Subfield of cultural economics concerned with the economic implications of museums
began to decline and operational costs increased, partly due to the Baumol effect—a phenomenon where costs rise even if productivity remains unchanged
Economic_theory_of_museums
Cost and financial issues in education beyond high school
high dependence upon skilled labor. According to the theory of the Baumol effect, a general economic trend is that productivity in service industries
Higher education financing issues in the United States
Higher_education_financing_issues_in_the_United_States
Care and supervision of children
media related to Child care. Adult daycare center After-school activity Baumol effect – Rise of salaries in jobs that have seen little rise of productivity
Child_care
contemporary economics of culture most often takes as its starting point Baumol and Bowen's seminal work on the performing arts, which argues that reflection
History of schools of economic thought on arts and culture
History_of_schools_of_economic_thought_on_arts_and_culture
Ideological faction within the Democratic Party
bipartisan fiscal advisors attempted to apply structural models such as the Baumol effect ("cost disease"), where "all such services would face unavoidably cumulative
New_Democrats_(United_States)
Tax on activity generating negative externalities
(1877–1959), who developed the concept of economic externalities. William Baumol was instrumental in framing Pigou's work in modern economics in 1972. In
Pigouvian_tax
Graph of how much of something a consumer would buy at a certain price
variants on multiple regression. The issue with this approach, as outlined by Baumol, is that only one point on a demand curve can ever be observed at a specific
Demand_curve
Economic and political term
technological innovation or increased trade. Arthur Okun, and separately William Baumol, for example, have used the term to refer to the flow of the benefits of
Trickle-down_economics
Branch of economics
marginal utility. Key academic works in cultural economics include those of Baumol and Bowen (Performing Arts, The Economic Dilemma, 1966), of Gary Becker
Economics of the arts and literature
Economics_of_the_arts_and_literature
Proposed law of Economics
to August Bebel. London. Retrieved October 13, 2010 – via Marxists.org. Baumol, William J. (May 1983). "Marx and the Iron Law of Wages". The American Economic
Iron_law_of_wages
Goods or services provided without payment
Allyn A. (1923). Outlines of Economics (4th ed.). Macmillan. pp. 651–652. Baumol, William (1952). Welfare Economics and the Theory of the State. Cambridge
Free_of_charge
Involuntary termination of employment of an employee due to business concerns
Statistics. Archived from the original on 6 May 2009. Retrieved 20 October 2010. Baumol, William J.; Blinder, Alan S.; Wolff, Edward N. (2003). Downsizing in America:
Layoff
Proposed concept to describe an economic pattern
related to Baumol's cost disease, which is an alternative hypothesis for why costs go up in sectors with slower productivity growth. While Baumol's cost disease
Cost_disease_socialism
Concept in economics
example of an economic model that is based on such considerations is the Baumol-Tobin model. In this model an individual receives her income periodically
Demand_for_money
Failure to accurately perceive the amount of government expenditure
quantify fiscal illusion empirically for almost 70 democracies since 1960. Baumol's cost disease Money illusion Puviani, Amilcare (1897). "Teoria della illusione
Fiscal_illusion
System in which parties engage in transactions according to supply and demand
and that public interest would dictate more spatial dispersion. William Baumol provided in his 1977 paper the current formal definition of a natural monopoly
Market_(economics)
Internal inefficiency of a firm
567–582. doi:10.2307/3323510. ISSN 0276-8739. JSTOR 3323510. S2CID 154531463. Baumol, William J. (2010). The Microtheory of Innovative Entrepreneurship (Student ed
X-inefficiency
Model of long-run economic growth
model (assuming poor countries have not yet reached their steady state). Baumol attempted to verify this empirically and found a very strong correlation
Solow–Swan_model
Simple polynomial map exhibiting chaotic behavior
Bibcode:1982PhRvA..26.2117J. doi:10.1103/PhysRevA.26.2117. S2CID 119466337. Baumol, William J.; Benhabib, Jess (February 1989). "Chaos: Significance, Mechanism
Logistic_map
Type of inflation
Competition Law & Economics. 14 (2): 292–310. doi:10.1093/joclec/nhy008. Baumol, William J. (1979). "Quasi-Permanence of Price Reductions: A Policy for
Food_inflation
Composer and musician (1756–1791)
Compositions (2nd ed.). Routledge. ISBN 978-1-135-86850-5. Baumol, William J., and Hilda Baumol. "On the economics of musical composition in Mozart's Vienna"
Wolfgang_Amadeus_Mozart
Economic system
Lange model Market economy Price mechanism George J. Stigler, William J. Baumol. "Price system". Encyclopædia Britannica. Retrieved 2 January 2018. "I Am
Price_system
American economist and Nobel Laureate (born 1943)
together with Christopher A. Sims for their "empirical research on cause and effect in the macroeconomy". Sargent previously held a joint appointment at New
Thomas_J._Sargent
Deliberately undercutting prices to eliminate competition
decisions. William Baumol proposed a long-term rule seeking to avoid full reliance on cost-based tests to determine predatory pricing. Baumol's rule involves
Predatory_pricing
American econometrician and macroeconomist (1942–2026)
Sciences in 2011. The award cited their "empirical research on cause and effect in the macroeconomy". Sims was born in Washington, D.C., the son of Ruth
Christopher_A._Sims
Someone working in the care-oriented career field
began to rise in the 1940s, in concurrence with World War II. William Jack Baumol first used the term pink collar in his 1967 article "Macroeconomics of Unbalanced
Pink-collar_worker
Production scheduling model
quantity) can be determined in a similar fashion. A version of the model, the Baumol-Tobin model, has also been used to determine the money demand function,
Economic_order_quantity
Turkish-American economist (born 1967)
economists who have been touted as possible Nobel winners include William Baumol, William Nordhaus, Esther Duflo and Daron Acemoglu. "Paul Romer and William
Daron_Acemoglu
Design and implementation of tax policy maximizing social welfare
correct incentives for individuals to work at their optimal level. William J. Baumol and David F. Bradford in their article "Optimal Departures from Marginal
Optimal_tax
Overview of and topical guide to industrial organization
Cournot Heinrich Freiherr von Stackelberg Jean Tirole Joseph Bertrand William Baumol Cost-of-production theory of value Factors of production Publications on
Outline of industrial organization
Outline_of_industrial_organization
or Is It?". Federal Reserve Bank of St. Louis. Retrieved 13 June 2010. Baumol, William J., and Blinder, Alan S. Macroeconomics: Principles and Policy
Economics terminology that differs from common usage
Economics_terminology_that_differs_from_common_usage
Accumulation of unsold goods
businesses maintain to support their production and distribution activities. Baumol, William J., and Alan Blinder Blinder, Alan S., Macroeconomics: Principles
Inventory_investment
Canadian economist and Nobel Laureate (1932–2021)
Mundell was also known for the Mundell–Fleming model and Mundell–Tobin effect. Mundell was born Robert Alexander Mundell on October 24, 1932, in Kingston
Robert_Mundell
Imposed cost or benefit in economics
Costs – by K. William Kapp. London: Routledge. ISBN 978-1-138-77547-3. Baumol, W. J. (1972). "On Taxation and the Control of Externalities". American
Externality
Thought experiments
Econometrica 10(1), January 1942, 1-25: coins the term "correspondence principle". Baumol, William J., Economic Dynamics, Macmillan Co., 3rd edition, 1970. "U-M Weblogin"
Comparative_statics
Mathematical representation of economic system
change in what is posited will seriously affect the conclusions." (William Baumol, Econometrica, 26 see: Economics on the Edge of Chaos Archived 2004-12-13
Economic_model
Economic theory
al. criticized this along the same lines as Bain's definition. In 1981, Baumol and Willig gave the definition "An entry barrier is anything that requires
Barriers_to_entry
American economist (1938–2022)
presentations on the topic to AT&T executives and advisors including William Baumol and Alfred E. Kahn, with whom she would later go on to collaborate. In 1977
Elizabeth_Bailey
Engaging in risky financial transactions
resultants of the speculative force acting alone, and directed by reasoning. Baumol, William J. (1957). "Speculation, Profitability, and Stability". The Review
Speculation
Group of macroeconomic theories
entire effect of a change in investment. But under his Chapter 15 model a change in the schedule of the marginal efficiency of capital has an effect shared
Keynesian_economics
Spending in excess of revenue
Surging Inflation". reason.com. Reason. Retrieved March 17, 2022. William J. Baumol, Alan S. Blinder (2005). Economics: Principles and Policy. Thomson South-Western
Deficit_spending
Cost advantages obtained via scale of operation
(1980), pp. 82–83; Pratten (1991), pp. 16–17. Morroni (2006), pp. 169–170. Baumol (1961), p. 1. Morroni (2006), pp. 170–171. "Economies of Scale - Definition
Economies_of_scale
French economist (1911–2010)
He also described the transaction demand for money rule before William Baumol and James Tobin He was also responsible for early work in Behavioral economics
Maurice_Allais
University (PhD, economics) Yale University Tobin tax, Tobit model, Tobin's q, Baumol–Tobin model 1982 George Stigler (1911–1991) United States "for his seminal
List of Nobel Memorial Prize laureates in Economic Sciences
List_of_Nobel_Memorial_Prize_laureates_in_Economic_Sciences
Economic policy relating to housing markets
Retrieved 2019-09-18. "Rent Control". Clark Center Forum. Retrieved 2024-05-29. Baumol, William J; Blinder, Alan S. (1994). Economics Principles and Policy (6th ed
Rent control in the United States
Rent_control_in_the_United_States
American economist and statistician (1912–2006)
embedded radically changed. This modification, however, had a significant effect on Friedman's own approach, so, as a result, the theory of the Friedmanian
Milton_Friedman
Political ideology
Center published a report about "cost-disease socialism", expanding on Baumol's cost disease, citing examples in healthcare, higher education, housing
Supply-side_progressivism
Concept in market economics
newschool.edu. Archived from the original on 2011-07-23. Retrieved 2012-05-26. Baumol, William J. (1999). "Retrospectives: Say's Law". Journal of Economic Perspectives
Say's_law
History of the development of microeconomics as a study
defined the axioms necessary for rational behavior using utility; William Baumol provided in his 1977 paper the current formal definition of a natural monopoly
History_of_microeconomics
Economic system based on private ownership
capitalist economies to grow is one of their most characteristic properties. Baumol, William J. (2004). The Free-Market Innovation Machine: Analyzing the Growth
Capitalism
American academic and Nobel Laureate (1916–2001)
Wayback Machine, at philosophy.princeton.edu accessed 2014-Oct-13 William J. Baumol (1979). "On The Contributions of Herbert A. Simon to Economics". The Scandinavian
Herbert_A._Simon
Employment practice
Day" Capital: Volume 1, 1867. Cooper 1983, p. 68. Alan Blinder and William Baumol 1993, Economics: Principles and Policy, Harcourt Brace Jovanovich, San Diego
Shift_work
Regulations to reduce increases in housing rents
agreement that rent control makes housing problems worse in the long run." Baumol, William J.; Blinder, Alan S. (1994). Economics Principles and Policy (6th ed
Rent_control
Touring natural habitats while minimizing environmental impact
national park project". The Guardian. 26 November 2020. Retrieved 27 May 2022. Baumol, W.J.; Oates, W.E. (1977). Economics, environmental policy, and quality
Ecotourism
American economist and Nobel Laureate (born 1945)
of the economic anomalies that he had identified, such as the endowment effect. From 1978 to 1995, he was a faculty member at the SC Johnson College of
Richard_Thaler
High inflation, low economic growth, and high unemployment
Performance, and Policy. New York City: W.W. Norton. ISBN 0-393-95398-X. Baumol, William J.; Blinder, Alan S. (2015). "Ch. 10 Bringing in the Supply Side:
Stagflation
Application of economics in a business
Managerial Economics Theory, Applications, and Cases, 7th Edition. Norton. Baumol, William J. (1961). "What Can Economic Theory Contribute to Managerial Economics
Managerial_economics
Theories relating to firms' roles in the economy
behavioral theories. Managerial theories of the firm, as developed by William Baumol (1959 and 1962), Robin Marris (1964) and Oliver E. Williamson (1966), suggest
Theory_of_the_firm
Form of market-based economy
LCCN 2010012135. Archived from the original on 2023-01-18. Retrieved 2022-03-11. Baumol, William J. (2014). The Free-Market Innovation Machine: Analyzing the Growth
Free_market
Unemployment caused by technological change
Sanders: It's time for a 4-day work week". CNN. Retrieved 21 April 2026. Baumol, William J. (2000). "Leontief's Great Leap Forward: Beyond Quesnay, Marx
Technological_unemployment
Postwar academic movement in economics
as a foundation. However, in the area of money demand, Tobin(1956) and Baumol (1952) each made a unique contribution from the perspective of an inventory
Neoclassical_synthesis
British economist (1904–1989)
mainstreamed the now-standard distinction between the substitution effect and the income effect for an individual in demand theory for the 2-good case. It generalised
John_Hicks
between inequality and growth is relatively small. NYU economist William Baumol found that substantial inequality does not stimulate growth because poverty
Effects of economic inequality
Effects_of_economic_inequality
Type of social dilemma
and Social Psychology. 66 (4): 688–698. doi:10.1037/0022-3514.66.4.688. Baumol, William (1952). Welfare Economics and the Theory of the State. Cambridge
Collective_action_problem
Market failure benefitting non-paying users
hazard Parasitism (social offense) Prisoner's dilemma Tragedy of the commons Baumol, William (1952). Welfare Economics and the Theory of the State. Cambridge
Free-rider_problem
Person who portrays a character in a production
the original on April 20, 2017. Retrieved April 21, 2017. Oates, Mary I.; Baumol, William J. (March 1972). "On the Economics of the Theater in Renaissance
Actor
British economist (1883–1946)
first professional economics article in The Economic Journal, about the effect of a recent global economic downturn on India. He founded the Political
John_Maynard_Keynes
American economist (1921–2016)
maint: periodical has ISBN (link) Schelling, Thomas C. (2007). "Greenhouse Effect". In Henderson, David R. (ed.). Concise Encyclopedia of Economics (1st ed
Thomas_Schelling
Austrian-American economist (1883–1950)
popular authors of the day argued that large businesses had a negative effect on the standard of living of ordinary people. Contrary to this prevailing
Joseph_Schumpeter
American economist and Nobel Laureate (1918–2002)
standard econometric technique. His "q" theory of investment (Tobin 1969), the Baumol–Tobin model of the transactions demand for money (Tobin 1956), and his model
James_Tobin
Austrian economist and philosopher (1899–1992)
LSE in the 1930s and 1940s include Arthur Lewis, Ronald Coase, William Baumol, CH Douglas, John Kenneth Galbraith, Leonid Hurwicz, Abba Lerner, Nicholas
Friedrich_Hayek
Canadian economist
has been increasing, and attributed this improvement to the protective effect of safety net programs. Her work on health care has focused on differences
Janet_Currie
American economist (1915–1987)
revenue, higher marginal tax rates. The historic tax cut and its positive effect on the economy has often been cited as motivation for more recent tax cuts
Walter_Heller
American economist (born 1953)
producing the "home market effect", which would later feature in his work on the new economic geography. The home market effect "states that, ceteris paribus
Paul_Krugman
Aspect of consumer behavior
Cite journal requires |journal= (help); Missing or empty |title= (help) Baumol; Ide (1956). {{cite journal}}: Cite journal requires |journal= (help); Missing
Consumer_confusion
British-American economist (born 1945)
attainment. Additionally, they found that contemporaneous resources had no effect on mortality rates and that, instead, worsening labor market opportunities
Angus_Deaton
American statistician and econometrician (1895–1973)
1016/0022-0531(72)90148-2. MR 0449575. Pages 106, 110–137, 172, and 248: Baumol, William J.; Oates, Wallace E.; with contributions by V. S. Bawa and David F
Harold_Hotelling
Mobilization of the civilian population as part of contentious policies
Deric. Thousand Oaks: Pine Forge Press. ISBN 9781412980401. OCLC 648922054. Baumol, William J. (1952). Welfare economics and the theory of the state. Harvard
Mass_mobilization
Branch of conflict economics
Inflation, and National Decline. Berkeley, CA: University of California Press. Baumol, William J. (1990). "Entrepreneurship: Productive, Unproductive, and Destructive
Peace_economics
American economist (1867–1947)
include the Fisher equation, the Fisher hypothesis, the international Fisher effect, the Fisher separation theorem and Fisher market. Fisher was perhaps the
Irving_Fisher
Absence of government restriction on international trade
and Policy at LSE (2025) online. "Global Enabling Trade Index". William Baumol and Alan Blinder, Economics: Principles and Policy, p. 722. Brakman, Steven;
Free_trade
Canadian-American economist and diplomat (1908–2006)
Across six broadcasts, he explored the economics of production and the effect large corporations could have over the state. In the print edition of The
John_Kenneth_Galbraith
English economist (1900–1978)
developed independently by later scholars (such as the Balassa–Samuelson effect). Harrod was born in London to businessman Henry Dawes Harrod and novelist
Roy_Harrod
Average measure of the efficiency of production
the solutions?". Medium. Retrieved 2019-12-03. Alan Blinder and William Baumol 1993, Economics: Principles and Policy, Harcourt Brace Jovanovich, San Diego
Productivity
Russian-British economist (1903–1982)
condition. Lerner improved the calculations made by Wilhelm Launhardt on the effect of terms of trade. Lerner developed the concept of distributive efficiency
Abba_P._Lerner
American economist
through approximately August 2007. Demand for housing was both a cause and effect of the rapidly expanding shadow banking system, which helped fund the shift
Hyman_Minsky
Italian-American economist and Nobel Laureate (1918–2003)
imposition of a so-called "inflation tax," which ostensibly has the same effect on permanent income as explicit taxation. Nonetheless, they acknowledged
Franco_Modigliani
travel, tourism, insurance
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travel, tourism, insurance