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Baumol’s law Quick reference
A Dictionary of Economics (5 ed.)
...Baumol’s law The assertion that over time the size of the public sector will increase as a proportion of the economy. The basic hypotheses driving this result are that the public sector (i) is labour-intensive relative to the private sector, and (ii) cannot increase productivity by substituting capital for labour. For example, hospitals need a minimum number of doctors per patient. The labour market links public and private sector wages, so wage increases in the private sector become cost increases for the public sector. If public sector and private sector output...
Baumol's law
Baumol, William Jack (1922) Reference library
The Biographical Dictionary of American Economists
...These penchants of Baumol came together in his textbook Economic Theory and Operations Analysis (first published in 1961 , revised three times, and translated into many languages) which exposed large numbers of students in many fields to the insights of microeconomics in terms they could integrate into their own analytic frameworks. Baumol also co-wrote with Alan Blinder the best selling economics textbook Economics: Principles and Policy ( 1979 , 10th edn., 2005 ). In his contributions to the theory of the firm, Baumol displays a fascination with...
Williamson, Oliver Eaton (1932) Reference library
The Encyclopedia of the History of American Management
...rather than profits or sales. Economic research at the time allowed the possibility of a conflict of interest between shareholders and managers. Consequently, several authors offered theories of economic behaviour that modified the classic assumption of profit maximization. Baumol ( 1959 ) suggested that companies maximize sales, whereas Marris ( 1964 ) argued in favour of maximization of a balanced rate of growth of the company. Williamson's article and subsequent book The Economics of Discretionary Behavior ( 1964 ) suggested another innovative...
Malthus, Thomas Robert (1766–1834) Reference library
The Biographical Dictionary of British Economists
...that long-run equilibrium notions were relevant to the explanation of price, but this radical move was not followed at the time. Malthus opposed what has come to be described as Say’s Law: that supply creates its own demand. This broad notion has itself been interpreted in several different ways (Baumol 1999 ; Blaug 1992 ; Sowell 1972 ). Malthus rejected versions of Say’s Law that proposed that the demand for commodities would alone and automatically provide a motive for sufficient investment and production to satisfy such demand, or that investment and...
Viner, Jacob (1892–1970) Reference library
The Biographical Dictionary of American Economists
...Trade and Economic Development (1952). The Long View and the Short (1958). The Role of Providence in the Social Order (1972). Religious Thought and Economic Society (1978). Essays on the Intellectual History of Economics , ed. Douglas Irwin (1991). Further Reading Baumol, William , ‘ Jacob Viner at Princeton, ’ Journal of Political Economy (1972), vol. 80, no. 1, pp. 12–15. Blaug, Mark , Great Economists Since Keynes (1985). Bloomfield, Arthur I. ‘ On the Centenary of Jacob Viner's Birth: A Retrospective View of the Man and His Work, ’ Journal...
Music Industry Reference library
F. M. Scherer
The Oxford Encyclopedia of Economic History
...would enhance the noble patron's prestige. With more musicians employed, there was an increased probability that a few individuals of extraordinary creative genius would emerge, gravitating to the most affluent or most progressive courts. Surveying this historical epoch, Baumol and Baumol (1994) argue that Obviously, economic and political conditions cannot create talent, but they certainly can either inhibit it or provide opportunities for its exercise. Our main hypothesis … suggests that the political division of the Holy Roman Empire and the Habsburg...
Economics and Social Welfare Reference library
Encyclopedia of Social Work (20 ed.)
... are those that make up a larger percentage of larger incomes (Baumol & Blinder, 1991 ). In theory, the income tax in the United States is a progressive tax because the higher one's income, the bigger the percentage of one's income has to be paid in taxes. In practice, the rich can often use loopholes to lower their tax bill, resulting in the income tax being less progressive in reality than it is in theory. Regressive taxes are those that make up a larger percentage of smaller incomes (Baumol & Blinder, 1991 ). Social Security, for example, is financed by...
Consumption Reference library
Sue Bowden, Ian Blanchard, Lee A. Craig, and Olle Krantz
The Oxford Encyclopedia of Economic History
...and communication technology (ICT)—mean a radical change from an industrial society to something new is not at all clear. Therefore, the present society is sometimes also considered a neo-industrial society. Bibliography Baumol, William J. The Case for Subsidizing the Arts . Challenge 38 (September/October 1995), 52–56. Baumol, William J. , and William G. Bowen Performing Arts: The Economic Dilemma , New York, 1966. Bryson, J. R. , and P. W. Daniels Service Industries in the Global Economy , vols. 1 and 2. Cheltenham, U.K., 1998. Elfring, Tom ....
Tobin, James (1918–2002) Reference library
The Biographical Dictionary of American Economists
...given perfect credit markets, so that only the present discounted value of expected lifetime income matters, not current income). Tobin ( 1956 ), like William Baumol in 1952 , modeled the transactions demand for money in terms of an optimizing trade-off between transactions costs from selling bonds for money and foregone interest from holding part of wealth as money instead of bonds. Baumol and Tobin ( 1989 ) later reported their discovery that the resulting square-root rule had already been published in 1947 by Maurice Allais (the 1988 Nobel...
Environmental Economics Reference library
Encyclopedia of Global Change
...1992). Baumol and Oates ( 1975 ) formulated the least-cost theorem for pollution charges, pointing out that real-world pollution problems involve a combination of environmental quality standards and enabling instruments. Given certain assumptions, pollution charges are the least-cost method of achieving an exogenously set standard. More recently, other economic incentive instruments have been championed. The idea of marketable permits was first formulated by Dales in the 1960s and was extensively analyzed subsequently. When some of the Baumol-Oates...
USA Reference library
John P. Bunker, Emery B. Dowell, Ralph W. Schaffarzich, and George Dunea
The Oxford Companion to Medicine (3 ed.)
...appreciated that newly developed ‘high-tech’ medicine is inherently costly. Less well understood are why the costs of medical care, even after adjusting for its increased potential, have risen more rapidly than in many other aspects of the economy. The American economist William Baumol , in his 1995 Office of Health Economics Annual Lecture in London, explained why the costs of medical care, a labor intensive enterprise, can be expected to rise more rapidly than elsewhere in the economy. Automation and computerization in manufacture, agriculture, transport,...
True Cost Economics Reference library
William E. REES
Berkshire Encyclopedia of Sustainability
...; Natural Capitalism ; Performance Metrics ; Triple Bottom Line Further Reading Baumol, William J. , & Oates, Wallace E. (1988). The theory of environmental policy (2nd ed.). New York: Cambridge University Press. Bauwens, Michel . (2009, August 9). True cost economics manifesto. Retrieved August 26, 2009, from http://blog.p2pfoundation.net/the-true-cost-economics-manifesto/2009/08/09 Coase, Ronald H. (1960). The problem of social cost. Journal of Law and Economics , 1 (3), 1–44. Retrieved August 31, 2009, from ...
Regulation Reference library
Thomas S. Ulen, Thomas S. Ulen, Thomas S. Ulen, Thomas S. Ulen, and Thomas S. Ulen
The Oxford Encyclopedia of Economic History
...different pollutants in parts of California. See also Antitrust ; Energy Regulation ; Environment , subentry on Environmental Policies and Regulation ; and Regulation , subentries on Control of Entry and Exit , Control of Prices , and Control of Quantity . Bibliography Baumol, William J. , and Wallace Oates . The Theory of Environmental Policy . 2d ed. Cambridge, 1988. Vietor, Richard H. K. Government Regulation of Business. In The Cambridge Economic History of the United States , vol. 3, The Twentieth Century, edited by Stanley L. Engerman and...
Green Taxes Reference library
Janet E. MILNE
Berkshire Encyclopedia of Sustainability
...Europe (pp. 147–214). Oxford, U.K.: Oxford University Press. Baumol, William J. , & Oates, Wallace E. (1988). The theory of environmental policy (2nd ed.). Cambridge, U.K.: Cambridge University Press. Cadman, James ; Evans, Suzanne ; Holland, Mike ; & Boyd, Richard . (2005). Proposed plastic bag levy—Extended impact assessment (Environment Group Research Report 2005/06). Edinburgh, U.K.: Scottish Executive.. Duff, David . (2008). Carbon taxation in British Columbia. Vermont Law Review , 10 , 85–105. Durning, Alan T. , & Bauman, Yoram . (1998)...
Global Knowledge Society and Information Technology Reference library
Shalini Venturelli
The International Studies Encyclopedia
...distributed rather than centralized information system penetrating across a society would require construction of technological networks for information sharing that are resistant through social usage to institutional commands ( Wasserman and Faust 1994 ; Stein et al. 2001 ; Baumol 2002 ). This argument is borne out for other key instances, most notably the distributive network effects of print technology from the sixteenth to the eighteenth centuries ( Eisenstein 1983 ) still in evidence, and electric communication networks of the late nineteenth century...
A Somatic Marker Perspective of Political Decision Making Reference library
Xavier Noël, Nematolla Jaafari, and Antoine Bechara
The Oxford Encyclopedia of Political Decision Making
...empathy: Eight related but distinct phenomena. In J. Decety & W. Ickes (Eds.), The social neuroscience of empathy (pp. 3–16). Cambridge, MA: MIT Press. Baumol, W. J. , & Friedman, M. (1954). Essays in positive economics. Review of Economics and Statistics , 36 (4), 462. Beasley, J. O. (2004). Serial murder in America: Case studies of seven offenders. Behavioral Sciences & the Law , 22 (3), 395–414. Bechara, A. (2003). Risky business: Emotion, decision-making, and addiction. Journal of Gambling Studies , 19 (1), 23–51. Bechara, A. (2004)...
Mexico Reference library
John H. Coatsworth
The Oxford Encyclopedia of Economic History
...2 vols. Mexico City, 1985. Lustig, Nora . Mexico: The Remaking of an Economy . Washington, D.C., 1992. Maddison, Angus . Explaining the Economic Convergence of Nations, 1820–1989. In Convergence of Productivity: Cross National Studies and Historical Evidence , edited by W. J. Baumol , R. R. Nelson , and E. N. Wolff , 20–61. Oxford, 1994. Maddison, Angus . Explaining the Economic Performance of Nations: Essays in Time and Space . Aldershot, U.K., 1995. Maddison, Angus . Monitoring the World Economy, 1820–1992 . Paris, 1995. Marichal, Carlos . Obstacles to...
Theater Arts Reference library
Tracy C. Davis
The Oxford Encyclopedia of Economic History
.... Milton Keynes, 1986. Baker, Robert Osborne . The International Alliance of Theatrical Stage Employees and Moving Picture Machine Operators of the United States and Canada . Ph.D. diss., University of Kansas, 1933. The only comprehensive study of stagehands' unionization. Baumol, William T. , and William G. Bowen . Performing Arts: The Economic Dilemma . New York, 1966. The classic study of U.S. market forces coinciding with the establishment of the National Endowments. Bernheim, Alfred L. The Business of the Theater: An Economic History of the...
Mercantilist and Realist Perspectives on the Global Political Economy Reference library
Daniel W. Drezner
The International Studies Encyclopedia
...because current events suggest the continuing relevance of mercantilist and realist approaches. In the past decade, prominent mainstream econom-ists have warned about the negative distributional effects of offshore outsourcing for the established great powers ( Gomory and Baumol 2000 ; Samuelson 2004 ; Blinder 2006 ). Public opinion surveys reveal persistent mercantilist attitudes about the global economy in the United States ( Drezner 2008a ) and elsewhere ( Scheve and Slaughter 2004 ). The growth of sovereign wealth funds has triggered heated...
