Last week economist William Baumol perished on the chronilogical age of 95. His death was universally mourned by people in the economics community, lots of whom shared the view he had passed before finding a much-deserved Nobel Prize. One of us (Robert) had the great privilege of working with him, befriending him, or being able to regularly witness his economic wisdom, during his later years. Of Baumol’s many contributions to economics, the favourite is cost…
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