William Baumol's Books

Superfairness

Applications and Theory

By: William J. Baumol,Dietrich Fischer

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Superfairness

Applications and Theory

By: William J. Baumol,Dietrich Fischer

With his characteristic acuteness and lucidity, William Baumol, one of America's foremost economists, tackles the problem of equity considerations in welfare economics by applying the novel "superfairness" criterion to the distribution of resources, product, income, and wealth that arises from economic decisions.

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294

Publisher

MIT Press

Published Date

ISBN 10

0262521318

ISBN 13

9780262521314

The Free-Market Innovation Machine

Analyzing the Growth Miracle of Capitalism

By: William J. Baumol

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The Free-Market Innovation Machine

Analyzing the Growth Miracle of Capitalism

By: William J. Baumol

Why has capitalism produced economic growth that so vastly dwarfs the growth record of other economic systems, past and present? Why have living standards in countries from America to Germany to Japan risen exponentially over the past century? William Baumol rejects the conventional view that capitalism benefits society through price competition--that is, products and services become less costly as firms vie for consumers. Where most others have seen this as the driving force behind growth, he sees something different--a compound of systematic innovation activity within the firm, an arms race in which no firm in an innovating industry dares to fall behind the others in new products and processes, and inter-firm collaboration in the creation and use of innovations. While giving price competition due credit, Baumol stresses that large firms use innovation as a prime competitive weapon. However, as he explains it, firms do not wish to risk too much innovation, because it is costly, and can be made obsolete by rival innovation. So firms have split the difference through the sale of technology licenses and participation in technology-sharing compacts that pay huge dividends to the economy as a whole--and thereby made innovation a routine feature of economic life. This process, in Baumol's view, accounts for the unparalleled growth of modern capitalist economies. Drawing on extensive research and years of consulting work for many large global firms, Baumol shows in this original work that the capitalist growth process, at least in societies where the rule of law prevails, comes far closer to the requirements of economic efficiency than is typically understood. Resounding with rare intellectual force, this book marks a milestone in the comprehension of the accomplishments of our free-market economic system--a new understanding that, suggests the author, promises to benefit many countries that lack the advantages of this immense innovation machine.

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333

Publisher

Princeton University Press

Published Date

ISBN 10

1400851637

ISBN 13

9781400851638

Macroeconomics

Principles and Policy

By: William J. Baumol,Alan Stuart Blinder

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Macroeconomics

Principles and Policy

By: William J. Baumol,Alan Stuart Blinder

MACROECONOMICS: PRINCIPLES AND POLICY, 12, International Edition teaches the principles of economics, including current economic situations, and is an essential resource for faculty and students looking for a solid introduction using policy-based information for examples and applications.

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Page Count

449

Publisher

Cengage Learning

Published Date

ISBN 10

0538453648

ISBN 13

9780538453646

Microeconomics

Principles and Policy

By: William J. Baumol,Alan S. Blinder

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Microeconomics

Principles and Policy

By: William J. Baumol,Alan S. Blinder

Since introducing the aggregate supply/aggregate demand model as a fundamental tool for learning economics in the first edition of their textbook, William Baumol and Alan Blinder have, for over two decades, led the teaching and learning of economic with their authoritative and timely discussion of the field. Now in its eighth edition 2001 Update, Microeconomics: Principles and Policy remains a time-tested tool in teaching and learning the ever-evolving field of economics.

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568

Publisher

South Western Educational Publishing

Published Date

ISBN 10

0030268567

ISBN 13

9780030268564

Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity

By: William J. Baumol,Robert E. Litan,Carl J. Schramm

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Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity

By: William J. Baumol,Robert E. Litan,Carl J. Schramm

In this important book, William J. Baumol, Robert E. Litan, and Carl J. Schramm contend that the answers to these questions lie within capitalist economies, though many observers make the mistake of believing that "capitalism" is of a single kind. Writing in an accessible style, the authors dispel that myth, documenting four different varieties of capitalism, some "Good" and some "Bad" for growth. The authors identify the conditions that characterize Good Capitalism--the right blend of entrepreneurial and established firms, which can vary among countries--as well as the features of Bad Capitalism. They examine how countries catching up to the United States can move faster toward the economic frontier, while laying out the need for the United States itself to stick to and reinforce the recipe for growth that has enabled it to be the leading economic force in the world. This pathbreaking book is a must read for anyone who cares about global growth and how to ensure America's economic future.

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333

Publisher

Yale University Press

Published Date

ISBN 10

0300134797

ISBN 13

9780300134797

Global Trade and Conflicting National Interests

By: Ralph E. Gomory,William J. Baumol

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Global Trade and Conflicting National Interests

By: Ralph E. Gomory,William J. Baumol

Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. In this book Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. Trade today is dominated by manufactured goods, rapidly moving technology, and huge firms that benefit from economies of scale. This is very different from the largely agricultural world in which the classical theories originated. Gomory and Baumol show that the new and significant conflicts resulting from international trade are inherent in modern economies.Today improvement in one country's productive capabilities is often attainable only at the expense of another country's general welfare. The authors describe why and when this is so and why, in a modern free-trade environment, a country might have a vital stake in the competitive strength of its industries.

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Page Count

216

Publisher

MIT Press

Published Date

ISBN 10

0262545802

ISBN 13

9780262545808

Economics

Principles and Policy : 2001 Update

By: William J. Baumol,Alan S. Blinder

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Economics

Principles and Policy : 2001 Update

By: William J. Baumol,Alan S. Blinder

Since introducing the aggregate supply/aggregate demand model as a fundamental tool for learning economics in the first edition of their textbook, William Baumol and Alan Blinder have, for over two decades, led the teaching and learning of economics with their authoritative and timely discussion of the field. Now in its eighth edition, Economics; Principles and Policy, 2001 Update remains a time-tested tool in teaching and learning the ever-evolving field of economics.

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856

Publisher

Cengage Learning

Published Date

ISBN 10

0030268397

ISBN 13

9780030268397

Microtheory

Applications and Origins

By: William J. Baumol

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Microtheory

Applications and Origins

By: William J. Baumol

This volume of seventeen previously published essays by William J. Baumol brings together work on the theory of contestable markets, welfare theory, antitrust, pricing, and the history of economic thought. Written between 1971 and 1983, they have sparked productive extensions and criticism in microeconomic theory and provide an engaging intellectual history of one of the leading figures in the field of economics. Baumol introduces each of the book's four parts, presenting his subsequent views on the subjects covered in the reprinted articles, including some important amendments.The book opens with an autobiographical essay that presents the intellectual climate of economics in the 1940s in which Kenneth Arrow, Frank Hahn, Martin Shubik, Otto Eckstein, and Gary Becker were beginning their careers. Baumol's introductory essays to the book's major sections take up the threads from this autobiographical piece and follow them to the development of concepts central to economic theory, applications, and methodology.Three essays in the first part provide an underpinning for the theory of contestable markets. In the second part five essays explore issues in welfare economics such as the role of diminishing and increasing returns may play the role of symmetric obstacles to Pareto optimality. Essays in the third part range from regulation and antitrust to urban economics to the Phillips curve and the pitfalls of using, in the analysis of real issues, dual values derived from linear models when the underlying reality is nonlinear. Those in the concluding part focus on the history of economic ideas such as the Smithian versus Marxian view of business morality and the social interest, the Marxian concept of value transformation, the iron law of wages, and Say's law.William J. Baumol is Professor of Economics by joint appointment at Princeton University and New York University.

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332

Publisher

MIT Press

Published Date

ISBN 10

0262022451

ISBN 13

9780262022453

Perfect Markets and Easy Virtue

Business Ethics and the Invisible Hand

By: William J. Baumol,Sue Anne Batey Blackman

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Perfect Markets and Easy Virtue

Business Ethics and the Invisible Hand

By: William J. Baumol,Sue Anne Batey Blackman

This book examines the effects of the market mechanism on economies and societies. It argues that perfect competition has a tendency to promote adulteration of products and a general deterioration in quality. It also contends that it is very difficult for competitive firms to behave in socially desirable ways - being kind to the environment, contributing to worthy social programmes, handling redundancy humanely. The book goes on to propose ways in which these flaws might be remedied without subverting the market mechanism.

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134

Publisher

Wiley-Blackwell

Published Date

ISBN 10

1557862486

ISBN 13

9781557862488

Economics: Principles & Policy

By: William J. Baumol,Alan S. Blinder,John L. Solow

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Economics: Principles & Policy

By: William J. Baumol,Alan S. Blinder,John L. Solow

Master today's principles of economics and gain an understanding of current economic issues and their importance as Baumol/Blinder/Solow's ECONOMICS: PRINCIPLES AND POLICY, 14E provides a solid introduction to economics using policy-based examples and applications. Written by several of today's most respected economists, this book is one of the most up-to-date economics choices on the market -- incorporating data and issues as recent as 2018. The authors combine the right level of rigor and detail to clarify even the most complicated economic concepts. An entirely new chapter closes the book by delving into some of the most important issues confronting the U.S. economy today. Throughout this edition, well-developed examples, intriguing puzzles and meaningful economic issues provide an excellent balance of theory to application while keeping you engaged and intrigued. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

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Page Count

864

Publisher

Cengage Learning

Published Date

ISBN 10

1337696323

ISBN 13

9781337696326

Toward an Evolutionary Regime for Spectrum Governance

Licensing or Unrestricted Entry?

By: William J. Baumol,Dorothy Robyn

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Toward an Evolutionary Regime for Spectrum Governance

Licensing or Unrestricted Entry?

By: William J. Baumol,Dorothy Robyn

A Brookings Institution Press and American Enterprise Institute publication The federal government's approach to regulating the spectrum remains largely administrative, causing major inefficiency and waste. Ironically, just as the FCC has begun to use market mechanisms, some people are pushing to treat spectrum as a common resource open to all entrants. Commons proponents maintain that with new, interference-avoiding technology, licensing is becoming unnecessary and impractical. In this brief study, noted economist William J. Baumol evaluates two options for spectrum governance—a tradable license (market) approach and a commons approach. He compares the practicality of each in terms of six key issues: interference, adequacy of investment in innovation, monopoly power, preservation of diversity, service to rural areas, and the tension between vested interests and the need for adaptable arrangements. Baumol demonstrates that, while neither approach is ideal, a commons regime has severe shortcomings. Above all, he emphasizes the importance of impermanence in the granting of licenses to preserve the flexibility to adapt to unforeseen technological and other developments.

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Brookings Institution Press

Published Date

ISBN 10

0815708483

ISBN 13

9780815708483

Macroeconomics: Principles & Policy

By: William J. Baumol,Alan S. Blinder,John L. Solow

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Macroeconomics: Principles & Policy

By: William J. Baumol,Alan S. Blinder,John L. Solow

Master today's principles of macroeconomics and gain an understanding of current economic issues and their importance as Baumol/Blinder/Solow's MACROECONOMICS: PRINCIPLES AND POLICY, 14E provides a solid introduction to macroeconomics using policy-based examples and applications. Written by several of today's most respected economists, this book is one of the most up-to-date macroeconomics choices on the market -- incorporating data and issues as recent as 2018. The authors combine the right level of rigor and detail to clarify even the most complicated macroeconomics concepts. An entirely new chapter closes the book by delving into some of the most important issues confronting the U.S. economy today. Throughout this edition, well-developed examples, intriguing puzzles and meaningful macroeconomics issues provide an excellent balance of theory to application while keeping you engaged and intrigued. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

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Page Count

464

Publisher

Cengage Learning

Published Date

ISBN 10

1337794988

ISBN 13

9781337794985

The Microtheory of Innovative Entrepreneurship

By: William J. Baumol

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The Microtheory of Innovative Entrepreneurship

By: William J. Baumol

An authoritative look at the microeconomics of entrepreneurship Entrepreneurs are widely recognized for the vital contributions they make to economic growth and general welfare, yet until fairly recently entrepreneurship was not considered worthy of serious economic study. Today, progress has been made to integrate entrepreneurship into macroeconomics, but until now the entrepreneur has been almost completely excluded from microeconomics and standard theoretical models of the firm. The Microtheory of Innovative Entrepreneurship provides the framework for introducing entrepreneurship into mainstream microtheory and incorporating the activities of entrepreneurs, inventors, and managers into standard models of the firm. William Baumol distinguishes between the innovative entrepreneur, who comes up with new ideas and puts them into practice, and the replicative entrepreneur, which can be anyone who launches a new business venture, regardless of whether similar ventures already exist. Baumol puts forward a quasi-formal theoretical analysis of the innovative entrepreneur's influential role in economic life. In doing so, he opens the way to bringing innovative entrepreneurship into the accepted body of mainstream microeconomics, and offers valuable insights that can be used to design more effective policies. The Microtheory of Innovative Entrepreneurship lays the foundation for a new kind of microtheory that reflects the innovative entrepreneur's importance to economic growth and prosperity.

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263

Publisher

Princeton University Press

Published Date

ISBN 10

1400835224

ISBN 13

9781400835225

Downsizing in America

Reality, Causes, and Consequences

By: William J. Baumol,Alan S. Blinder,Edward N. Wolff

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Downsizing in America

Reality, Causes, and Consequences

By: William J. Baumol,Alan S. Blinder,Edward N. Wolff

In the 1980s and early 1990s, a substantial number of U.S. companies announced major restructuring and downsizing. But we don't know exactly what changes in the U.S. and global economy triggered this phenomenon. Little research has been done on the underlying causes of downsizing. Did companies actually reduce the size of their workforces, or did they simply change the composition of their workforces by firing some kinds of workers and hiring others? Downsizing in America, one of the most comprehensive analyses of the subject to date, confronts all these questions, exploring three main issues: the extent to which firms actually downsized, the factors that triggered changes in firm size, and the consequences of downsizing. The authors show that much of the conventional wisdom regarding the spate of downsizing in the 1980s and 1990s is inaccurate. Nearly half of the large firms that announced major layoffs subsequently increased their workforce by more than 10 percent within two or three years. The only arena in which downsizing predominated appears to be the manufacturing sector-less than 20 percent of the U.S. workforce. Downsizing in America offers a range of compelling hypotheses to account for adoption of downsizing as an accepted business practice. In the short run, many companies experiencing difficulties due to decreased sales, cash flow problems, or declining securities prices reduced their workforces temporarily, expanding them again when business conditions improved. The most significant trigger leading to long-term downsizing was the rapid change in technology. Companies rid themselves of their least skilled workers and subsequently hired employees who were better prepared to work with new technology, which in some sectors reduced the size of firm at which production is most efficient. Baumol, Blinder, and Wolff also reveal what they call the dirty little secret of downsizing: it is profitable in part because it holds down wages. Downsizing in America shows that reducing employee rolls increased profits, since downsizing firms spent less money on wages relative to output, but it did not increase productivity. Nor did unions impede downsizing. The authors show that unionized industries were actually more likely to downsize in order to eliminate expensive union labor. In sum, downsizing transferred income from labor to capital-from workers to owners

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332

Publisher

Russell Sage Foundation

Published Date

ISBN 10

1610440315

ISBN 13

9781610440318

The Elusive Quest for Growth

Economists' Adventures and Misadventures in the Tropics

By: William R. Easterly

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The Elusive Quest for Growth

Economists' Adventures and Misadventures in the Tropics

By: William R. Easterly

Why economists' attempts to help poorer countries improve their economic well-being have failed. Since the end of World War II, economists have tried to figure out how poor countries in the tropics could attain standards of living approaching those of countries in Europe and North America. Attempted remedies have included providing foreign aid, investing in machines, fostering education, controlling population growth, and making aid loans as well as forgiving those loans on condition of reforms. None of these solutions has delivered as promised. The problem is not the failure of economics, William Easterly argues, but the failure to apply economic principles to practical policy work. In this book Easterly shows how these solutions all violate the basic principle of economics, that people—private individuals and businesses, government officials, even aid donors—respond to incentives. Easterly first discusses the importance of growth. He then analyzes the development solutions that have failed. Finally, he suggests alternative approaches to the problem. Written in an accessible, at times irreverent, style, Easterly's book combines modern growth theory with anecdotes from his fieldwork for the World Bank.

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441

Publisher

MIT Press

Published Date

ISBN 10

0262260654

ISBN 13

9780262260657

Designing the New American University

By: Michael M. Crow,William B. Dabars

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Designing the New American University

By: Michael M. Crow,William B. Dabars

Intro -- Contents -- Preface, by Michael M. Crow -- Acknowledgments -- Introduction: Solving for X with U -- 1 American Research Universities at a Fork in the Road -- 2 The Gold Standard in American Higher Education -- 3 The Varieties of Academic Tradition -- 4 Discovery, Creativity, and Innovation -- 5 Designing Knowledge Enterprises -- 6 A Pragmatic Approach to Innovation and Sustainability -- 7 Designing a New American University at the Frontier -- Conclusion: Toward More New American Universities -- Bibliography -- Index -- A -- B -- C -- D -- E -- F -- G -- H -- I -- J -- K -- L -- M -- N -- O -- P -- R -- S -- T -- U -- W -- Z.

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