The work of Dr. William Baumol, Summit Academic Associate and Professor of economics at the NYU Stern School of Business, was recently featured in a Wall Street Journal article: "Inside the Fight Over Productivity and Wages."
In assessing worker productivity gains, the author discusses a phenomenon known as Baumol's cost disease, described by Dr. Baumol and Dr. Bowen in the 1960s. Baumol’s cost disease (or Baumol Effect) illustrates how service industries are cost-disadvantaged because they do not experience the same productivity growth as the rest of the economy.
The Summit Team congratulates Dr. Baumol on his continuing contributions to the field of labor economics!
William Baumol, Ph.D., is an internationally recognized Economist. He has made significant contributions to many fields, including monetary and labor economics. Dr. Baumol is a professor of economics and academic director at the Berkley Center for Entrepreneurial Studies at New York University’s Stern School of Business. He is also a Professor of economics, emeritus, and Senior Economist at Princeton University. Dr. Baumol serves as an Academic Associate for Summit. Click here for a list of his published books.