William J. Baumol

William J. Baumol was an influential American economist known for his work on various economic theories, including entrepreneurship, productivity, and the role of innovation in economic growth. He introduced the concept of "Baumol's Cost Disease," which explains how wages in certain industries can rise even when productivity does not, leading to higher costs in sectors like services. Baumol emphasized the importance of creative entrepreneurs in driving economic progress and advocated for policies that support innovation and competition. His insights have shaped modern economic thought and understanding of how different sectors interact within the economy.