This comprehensive study is a collection of original articles that view the current state of knowledge of the convergence hypothesis. The hypothesis asserts that at least since the Second World War, and perhaps for a considerable period before that, the group of industrial countries was growing increasingly homogeneous in terms of levels of productivity, technology and per capita incomes. In addition, there was general catch up toward the leader, with gradual erosion of the gap between the leader country, the U.S., throughout most of the pertinent period, and that of the countries lagging...
This comprehensive study is a collection of original articles that view the current state of knowledge of the convergence hypothesis. The hypothesis a...
In this book, Professors Baumol and Oates provide a rigorous and comprehensive analysis of the economic theory of environmental policy. They present a formal, theoretical treatment of those factors infuencing the quality of life. By covering both the theory of externalities and its application to environmental policy, the authors have retained the basic structure and organization of the first edition, which has become a standard reference in the field. In this edition, however, they have updated their analysis to incorporate recent research in enviromental economics.
In this book, Professors Baumol and Oates provide a rigorous and comprehensive analysis of the economic theory of environmental policy. They present a...
Eytan Sheshinski Robert J. Strom William J. Baumol
How much credit can be given to entrepreneurship for the unprecedented innovation and growth of free-enterprise economies? In this book, some of the world's leading economists tackle this difficult and understudied question, and their responses shed new light on how free-market economies work--and what policies most encourage their growth.
The contributors take as their starting point William J. Baumol's 2002 book The Free-Market Innovation Machine (Princeton), which argued that independent entrepreneurs are far more important to growth than economists have traditionally...
How much credit can be given to entrepreneurship for the unprecedented innovation and growth of free-enterprise economies? In this book, some of th...
Stephen M. Goldfeld Lilli A. Gordon William J. Baumol
The original impetus for this research was provided several years ago by a request to assist Counsel for Fidelity Management and Research Corporation in analyzing the mutual fund industry, with particular emphasis on money market mutual funds. We were asked to focus our efforts on the mechanism by which the advisory fees of mutual funds are determined. This request arose out of litigation that challenged the level of advisory fees charged to the shareholders of the Fidelity Cash Reserve Fund. Subsequently, we were asked to provide similar assistance to Counsel for T. Rowe Price Associates...
The original impetus for this research was provided several years ago by a request to assist Counsel for Fidelity Management and Research Corporation ...
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...
The federal government's approach to regulating the spectrum remains largely administrative, causing major inefficiency and waste. Ironically, just...
Regulation Misled by Misread Theory changes how we think about economics. Standard economics has long held that firms can price discriminate only when they have monopoly power. Antitrust authorities and other regulators are thus tempted to use the existence of price discrimination as one indicator that a firm should possibly be subject to government investigation. In this monograph Professor Baumol shows that price discrimination not only exists in competitive markets but sometimes is a crucial feature of them. Baumol concludes by urging regulators to tread carefully when applying theory to...
Regulation Misled by Misread Theory changes how we think about economics. Standard economics has long held that firms can price discriminate only when...
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.
This book examines the effects of the market mechanism on economies and societies. It argues that perfect competition has a tendency to promote adulte...
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 are widely recognized for the vital contributions they make to economic growth and general welfare, yet until fairly recently entrepr...
