William Baumol

Who is William Baumol?:

William Baumol is a professor at New York University and an emeritus professor at Princeton University. His biography states, "His honours and awards include ten honorary degrees, presidency of the American Economic Association, two other professional societies and memebrship in the National Academy of Sciences." His main area of research is in Market Structure and Pricing.

What is William Baumol Most Famous For?:

Students often learn of a phenomenon known as "Baumol's Disease", where the name comes from a paper written by William Baumol. "Baumol theorizes that unlike manufacturing widgets, where productivity often reduces costs, educating students is a labor-intensive process, where costs will always go up." (More info here). Baumol is well known for his prolific writing as he has written over 500 peer-reviewed journal articles and books.

Well-Known Articles Written by William Baumol:

Because Baumol wrote so many articles, no one article stands out. A list of his more famous works is available at IDEAS

Books Written by William Baumol:

Baumol has written many books, including Welfare Economics and the Theory of the State, The Stock Market and Economic Efficiency, and The Theory of Environmental Policy to name a few.

Graduate Students of William Baumol:

I do not know if Baumol had any graduate students who went on to become famous economists.

What Will William Baumol Be Remembered For:

William Baumol will likely be remembered for the sheer number of high quality books and journal articles he has written. His work is not limited to one area of economics as he has made contributions in several fields. Baumol isn't famous for just one or two big ideas.

Why William Baumol May Win the Nobel Prize in 2003:

Baumol may win the Nobel Prize in 2003 as a lifetime achievement award for the great volume of work he has put forward. He would be a deserving and uncontroversial award winner.

Why William Baumol May Not Win the Nobel Prize in 2003:

Unlike Ed Prescott, Baumol isn't associated with one single idea or paper. This may hurt his recognition.

Where Can I Learn More About William Baumol:

Baumol's personal website would be a great place to start. You can even see his paintings!