William Baumol (born February 26, 1922) is a Princeton University economics professor (although he is also affiliated with NYU) who has written extensively about labor market and other economic factors that affect the economy. February 26 is the 57th day of the year in the Gregorian Calendar. ... 1922 (MCMXXII) was a common year starting on Sunday (see link for calendar). ... Princeton University is a coeducational private university located on an extensive campus in and around suburban Princeton, New Jersey. ... Buyers bargain for good prices while sellers put forth their best front in Chichicastenango Market, Guatemala. ... New York University (NYU) is a large research-oriented university in New York City, and is among the most prestigious post-secondary institutions in the United States. ... Labour economics seeks to understand the functioning of the market for labour. ...

Among his better-known contributions are the theory of contestable markets, the Baumol-Tobin model of transactions demand for money and Baumol's cost disease. Contestable markets refer to a market situation where there are very few, perhaps even only one, firm yet perfectly competitive market outcomes may still be observed (as opposed to expected monopolistic or oligopolostic outcomes). ... Transactions demand is the demand for financial assets, , securities, money or foreign currency. ... Baumols cost disease (also known as the Baumol Effect) is a phenomonon discovered by William J. Baumol and William G. Bowen in the 1960s. ...

The 2006 Annual Meetings of the American Economic Association held a special session in his name, and honoring his many years of work, where 12 papers on entrepreneurship were presented. http://www.aeaweb.org/annual_mtg_papers/2006papers.html The American Economic Association, or AEA, is the oldest and most important professional organization in the field of economics. ... o empreendimento é a prática de começar nova [ [ os organization]]s, particularmente novos [ [ business]]es geralmente em resposta às oportunidades identificadas. ...

The British magazine, The Economist published an article about William Baumol and his lifelong work to develop a place in economic theory for the entrepreneur (March 11, 2006, pp 68). They note that traditional microeconomic theory holds a place for 'prices' and 'firms' but not for that (seemingly) important engine of inovation, the entrepreneur. Baumol is given credit for helping to remedy this shortcoming: "Thanks to Mr. Baumol's own painstaking efforts, economists now have a bit more room for entrepreneurs in their theories." The Economist is a weekly news and international affairs publication of The Economist Newspaper Ltd edited in London, UK. It has been in continuous publication since September 1843. ... It has been suggested that Entrepreneurial mindset be merged into this article or section. ... Microeconomics is the study of the economic behaviour of individual consumers, firms, and industries and the distribution of production and income among them. ...

External link

• Baumol home page