Faculty News

Prof. William Baumol's theory, "Baumol's Cost Disease," is applied to Broadway

Excerpt from The Atlantic -- "Economist William Baumol famously observed that it's really hard to make a string quartet more efficient, because it's not feasible to replace the live violinist with a robot or with a cheaper Chinese violinist Skyping in from Shanghai. Similarly, you can't perform 'A Long Day's Journey Into Night' with fewer than four principal actors."

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