Faculty News

Professor Emeritus William Baumol's "cost disease" theory is cited

Excerpt from The New York Times -- "As [Baumol] points out, no matter how fast our computers become or how many people worldwide plug into broadband-Internet access, it will still take roughly 30 minutes for four human beings to play Mozart’s String Quartet No. 14. If your business is playing string quartets for live audiences, there’s a fundamental limit to how much more productive, in raw economic terms, your work can become."

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