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William J. Baumol in 1981. His work influenced not only generations of economists but also policy makers, including the architects of the Clinton administration's health care initiative.
Theresa Zabala/The New York Times
William J. Baumol
Died on May 4, 2017 at age 95
Professor Baumol, who taught for decades at both Princeton University and New York University, identified what has come to be known as Baumol’s cost disease, a critically important economic insight that explains why the cost of services, like haircuts and college educations, rises faster than the cost of goods, like T-shirts.
Notable Deaths 2017
Remembering Mary Tyler Moore, Chuck Berry, Jerry Lewis, David Rockefeller, Trisha Brown, Glen Campbell, Dick Gregory, Edith Windsor, Sam Shepard, Tom Petty and many others who died this year.