# An excerpt from Prof. William Baumol's book, The Cost Disease, is featured

1 Faculty News November 1, 2012 ![](/sites/default/files/styles/246w/public/assets/images/con_038549.jpg?itok=1_I6FmUU)>

Excerpt from [Policy Options Magazine](http://www.irpp.org/po/archive/nov12/baumol.pdf) -- "Renowned American economist [William Baumol](http://www.stern.nyu.edu/faculty/bio/william-baumol) was among the first to identify the condition in which industries dependent on personal services — education, the performing arts and health care — prove resistant to productivity gains."

[Read more](http://www.irpp.org/po/archive/nov12/baumol.pdf)