William Baumol: Truly Productive Entrepreneurship

A Fine Theorem

It seems this weblog has become an obituary page rather than a simple research digest of late. I am not even done writing on the legacy of Ken Arrow (don’t worry – it will come!) when news arrives that yet another product of the World War 2 era in New York City, an of the CCNY system, has passed away: the great scholar of entrepreneurship and one of my absolute favorite economists, William Baumol.

But we oughtn’t draw the line on his research simply at entrepreneurship, though I will walk you through his best piece in the area, a staple of my own PhD syllabus, on “creative, unproductive, and destructive” entrepreneurship. Baumol was also a great scholar of the economics of the arts, performing and otherwise, which were the motivation for his famous cost disease argument. He was a very skilled micro theorist, a talented economic historian, and a deep…

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