William Baumol

William Baumol is a Professor of Economics and the Harold Price Professor of Entrepreneurship at New York University. He is also a Professor of Economics Emeritus at Princeton University. In 2013, he was considered a candidate for the Nobel Prize in Economics and is among the most influential economists in the world according to IDEAS/RePEc. He has a BSS from the College of the City of New York and a Ph.D. from the London School of Economics.

Some of his most important contributions to the field of economics are the theory of contestable markets, the Baumol-Tobin model of transactions demand for money, Baumol’s cost disease, Baumol’s sales revenue maximization modeland Pigou taxes. Additionally, his research on environmental economics recognized the fundamental role of non-convexities in causing market failures. He has also written on areas of efficiency of capital markets, capital budgeting, and portfolio theory.

Representative Publications

Baumol, William J. “Entrepreneurial Enterprises, Large Established Firms and Other Components of the Free-Market Growth Machine.” Small Business Economics 23.1 (2004): 9-21

Baumol, William J. “Toward a Theory of Public Enterprise.” Atlantic Economic Journal 12.1 (1984): 13-20

Baumol, William J., and David F. Bradford. “Optimal Departures From Marginal Cost Pricing.”The American Economic Review 60.3 (1970): 265-283.

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