Archive - January 20, 2014

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Baumol’s common cold

Baumol’s common cold

Musicians who have had the privilege and pleasure (dubious, in some cases) of discussing the future of professional orchestras with experts of various stripes are all too familiar with Baumol’s Cost Disease. The best description comes from the economist who came up with the concept, William Baumol: Any economic activity affected by it will tend[…]

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