This paper presents a classical-Keynesian one sector model of labor-constrained growth that explains secular stagnation as the result of structural change. Structural change is defined as an exogenous increase in the employment share of stagnant activities, which exhibit no or low labor...

This paper explores the following hypotheses on the appropriate education for innovating entrepreneurship: a) breakthrough inventions are contributed disproportionately by independent inventors and entrepreneurs, while large firms focus on cumulative, incremental (and often invaluable)...

The centerpiece of Volume 40B of Research in the History of Economic Thought and Methodology is a symposium on the work of William Baumol, edited by Erwin Dekker. The symposium includes contributions from Alex Tabarrok, Jochen Hartwig and Hagen M. Krämer, Alexandre Chirat, Victor A. Beker,...

The conventional wisdom is that the surge in productivity growth which has surged in the United States over the past 15 years has been attributed almost wholly to advances in the production and use of information technology. While this is certainly evident from the statistics, a driving force...

In this paper we confirm the universality of steadily rising education expenditures among OECD nations, as predicted by “Baumol and Bowen’s cost disease,” and show that this trajectory of costs can be expected to continue for the foreseeable future. However, we find that while the level of...

Imagine this: a mere century ago, the purchasing power of an average American was one-tenth of what it is today. But what will it take to sustain that growth through the next century? And what can be said about economic growth to aspiring nations seeking higher standards of living for their...