Faculty News

Prof. William Baumol's "cost disease" research is featured

Excerpt from Le Monde -- "Baumol's cost disease" has since been diagnosed in many fields, including education and healthcare. In a recent book on the continuing relevance of his discovery, Baumol says that the quantity of labour required to produce these services is difficult to reduce. He distinguishes two sectors. In the first, goods and services can be easily automated, and as machines have replaced humans, the amount of labour required to produce each additional unit has fallen."

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