Research
Among his better-known contributions are the theory of contestable markets, the Baumol-Tobin model of transactions demand for money, Baumol's cost disease, which discusses the rising costs associated with service industries, and Pigou taxes. His research on environmental economics recognized the fundamental role of non-convexities in causing market failures.
Read more about this topic: William Baumol
Famous quotes containing the word research:
“The great question that has never been answered and which I have not get been able to answer, despite my thirty years of research into the feminine soul, is “What does a women want?””
—Sigmund Freud (1856–1939)
“The research on gender and morality shows that women and men looked at the world through very different moral frameworks. Men tend to think in terms of “justice” or absolute “right and wrong,” while women define morality through the filter of how relationships will be affected. Given these basic differences, why would men and women suddenly agree about disciplining children?”
—Ron Taffel (20th century)
“Our science has become terrible, our research dangerous, our findings deadly. We physicists have to make peace with reality. Reality is not as strong as we are. We will ruin reality.”
—Friedrich Dürrenmatt (1921–1990)