# Professor William Baumol's legacy and contributions to the field of economics are highlighted

1 Faculty News May 10, 2017 ![The New York Times Logo](/sites/default/files/styles/246w/public/assets/images/uat_027320.jpg?itok=W8xBr66g)>

Excerpt from [The New York Times](https://www.nytimes.com/2017/05/10/business/economy/william-baumol-dead-economist-coined-cost-disease.html?_r=0) -- "Professor [Baumol](http://www.stern.nyu.edu/faculty/bio/william-baumol), who taught for decades at both Princeton University and New York University, identified what has come to be known as Baumol’s cost disease. This so-called affliction is actually a critically important economic insight that explains why the cost of services, like haircuts and college educations, rises faster than the cost of goods, like T-shirts."

[Read more](https://www.nytimes.com/2017/05/10/business/economy/william-baumol-dead-economist-coined-cost-disease.html?_r=0)