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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About Jim Rose

Utopia - you are standing in it promotes a classical liberal view of the world and champion the mass flourishing of humanity through capitalism and the rule of law. The origin of the blog is explained in the first blog post at https://utopiayouarestandinginit.wordpress.com/2014/03/12/why-call-my-blog-utopia-you-are-standing-in-it/

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