Faculty News

An op-ed by Research Scholar Robert Frank cited Prof. William Baumol's Cost Disease

Excerpt from The New York Times -- "Some of that [higher education tuition] growth has resulted from a phenomenon called Baumol’s disease, after the economist William J. Baumol, who described it in a 1965 article he wrote with William G. Bowen. The basic idea is that while productivity gains have made it possible to assemble cars with only a tiny fraction of the labor that was once required, it still takes four musicians nine minutes to perform Beethoven’s String Quartet No. 4 in C minor, just as it did in the 19th century."

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