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William Baumol, Rip

William Baumol

By Matthew McCaffrey

William Baumol, quondam professor of economic science at Princeton together with NYU, has passed away at the historic menses of 95. Throughout his long career he contributed to many fields inwards economics, together with he leaves behind an influential torso of inquiry on numerous topics relating to conception together with economical growth. He volition generally probable endure remembered past times Austrians, however, for his repeated calls to economists for to a greater extent than inquiry on the travel of the entrepreneur—calls that, sadly, create got gone generally unanswered.

Baumol was not

an Austrian every bit such, but he did make a publish of contributions to economic science that Austrians create got seriously, specially inwards the patch of entrepreneurship. In particular, his 1990 paper, “Entrepreneurship: Productive, Unproductive, together with Destructive” is usually cited inwards Austrian circles, together with remains i of the nearly influential contributions to the patch of economic science together with institutions. In it, Baumol provides a concise explanation of how institutions channel entrepreneurial talent inwards society. As he explains, for many centuries together with inwards many unlike countries, miserable institutions, specially inwards government, rewarded “unproductive” entrepreneurship inwards areas similar politics piece penalizing “productive” entrepreneurship inwards service to consumers. As a result, conception together with increase were uncommon together with standards of living were depression for nearly of human history. (For those interested inwards exploring this piece of occupation further, I’ve written a survey of Baumol’s declaration together with its influence, which tin endure found here, together with I’ve likewise applied his declaration to an entrepreneurial episode inwards economical history, here.)

In addition, much of Baumol’s other inquiry is likewise relevant inwards i agency or around other for contemporary Austrians, including his piece of occupation on “contestable markets,” which he developed every bit a to a greater extent than realistic option to the perfect rival model. As Mateusz Machaj explains, at that topographic point are opportunities for Austrians to revise together with refine Baumol’s theory of contestable markets inwards monastic tell to exercise it every bit a solid put down for agreement entrepreneurial rival together with the effects of authorities intervention.

On around other note, Austrians create got oft suggested Baumol every bit a potential contender for the Nobel Prize, an respect he never managed to receive. In fact, many argued that the prize would endure jointly respect to Baumol together with State of Israel Kirzner for their private contributions on the topic of entrepreneurship. Now that Baumol has passed away, however, this item pairing is non to be. Yet it’s worth noting that Baumol’s chances of receiving a Nobel, at to the lowest degree inwards the past times few years, were increasingly slim. At the historic menses of 95, he was already older than whatever previous winner, including economist Leonid Hurwicz, who, at 90, remains the oldest Nobel laureate inwards whatever category. It’s hence probable that Baumol’s 2nd had passed.

In whatever case, Baumol volition sure enough endure remembered every bit a lively vocalization inwards the economic science profession, specially through his vital travel inwards supporting the written report of entrepreneurship, non to cite his master copy contributions to that study. He deserves to endure listed amid the nearly influential entrepreneurship scholars inwards the history of economics, along alongside Richard Cantillon, Jean-Baptiste Say, Frank Knight, Ludwig von Mises, and, specially inwards Baumol’s case, Joseph Schumpeter.

The higher upwards originally appeared at Mises.org.

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