This text remains a proven leader in the world of economics. Since introducing the aggregate supply/ aggregate demand model as a fundamental tool for learning economics over two decades ago, in this edition William J. Baumol and Alan S. Blinder continue their long tradition of equipping students with the knowledge and tools they need to apply modern economics to their world. Hallmark features include one of the strongest policy treatments on the market and a careful and in-depth focus on the most important economic tools students should retain after the course is over.
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William J. Baumol was born February 26, 1922, in an area of New York City that has since come to be known as Fort Apache. He received his BSS at the College of the City of New York in 1942 and his Ph.D. at the University of London in 1949. He is Professor of Economics and Director of the C.V. Starr Center for Applied Economics at New York University and Professor Emeritus at Princeton University. He is a frequent consultant to the management of major firms in a wide variety of industries in the United States and other countries, as well as to a number of governmental agencies. In several fields, including the telecommunications and electric utility industries, current regulatory policy is based on his explicit recommendations. Among his many contributions to economics are research on the theory of the firm, the contestability of markets, the economics of the arts and other services--the "cost disease of the services" is often referred to as "Baumol's disease"--and productivity convergence among nations. In addition to economics, he taught a course in wood sculpture at Princeton for about 20 years. He has been president of the American Economic Association, and three other professional societies. He is an elected member of the National Academy of Sciences, created by the U.S. Congress, and of the American Philosophical Society, founded by Benjamin Franklin. He is also on the board of trustees of the National Council on Economic Education, and of the Theater Development Fund. He is the recipient of nine honorary degrees. Baumol is the author of 30 books and hundreds of journal and newspaper articles, and his writings have been translated into more than a dozen languages.
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