Baumol's Cost Disease: The Arts and Other Victims
William J. Baumol, Ruth Towse
E. Elgar, Jan 1, 1997 - Business & Economics - 527 pages
'Baumol is probably recognised more for his contribution to the economics of the performing arts than of scholarly communications. His observation of information technology is rarely cited when it should be. Even his sometime co-author, William G. Bowen, seems unaware of Baumol's diagnosis of the cost disease in academic libraries. Hopefully, the present volume will help remedy this gap.' - Albert Henderson, Publishing Research Quarterly '. . . there is value in having a set of significant and widely dispersed papers in one volume and the collection will clearly be a useful addition to reading lists on courses in cultural economics. . .' - Alan Hutton, the Economic Journal Baumol's Cost Disease is the inevitable escalation of the real costs that occur in labour-intensive industries like the arts, health care and education. the labour costs in these industries tend to increase at the same rate as other industries, but their scope for utilizing labour-saving technical progress is either small or non-existent.
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activities actors analysis annual artistic attendance audience average Baumol box office Broadway Broadway theatre budget calculated cent constant contract contribution cost disease Cost of Performance cost per concert cost per performance decline demand dollars earnings economic economists effect estimate example expansion path expenditures expenses fact figures funds growth rate income industry inflation labor force Lionel Robbins live performance major orchestras manufacturing mass media million Mozart's musical musicians natural monopoly off-Broadway opera organizations outlays output overall percent performing arts period Philharmonic price index price level Princeton problems production possibility frontier productivity Proposition publisher purchasing rate of increase real cost relative reported result sector shows sources subsidy suggests Table theater ticket prices tion TKTS Unbalanced Growth unit USSR volume wages welfare economics wholesale price wholesale price index York York Philharmonic York University