William J. Baumol: Quotes about problems

William J. Baumol was American economist. Explore interesting quotes on problem.
William J. Baumol: 18 quotes0 likes

“This book is… devoted to the study of economic policies to enhance the quality of life. Our willingness to embark on so considerable a subject only reflects our conviction that economists as a body have already made sufficient headway on these problems to make such an undertaking worthwhile.”

William J. Baumol

Preface to first edition.
The theory of environmental policy, 1988

“The notion that our productivity problems reside in "the spirit of entrepreneurship" that waxes and wanes for unexplained reasons is a counsel of despair, for it gives no guidance on how to reawaken that spirit once it has lagged”

William J. Baumol

Source: "Entrepreneurship: Productive, unproductive, and destructive," 1996, p. 5

“When the “environmental revolution” arrived in the 1960s, economists were ready and waiting. The economic literature contained an apparently coherent view of the nature of the pollution problem together with a compelling set of implications for public policy. In short, economists saw the problem of environmental degradation as one in which economic agents imposed external costs upon society at large in the form of pollution. With no “prices” to provide the proper incentives for reduction of polluting activities, the inevitable result was excessive demands on the assimilative capacity of the environment. The obvious solution to the problem was to place an appropriate “price,” in this case a tax, on polluting activities so as to internalize the social costs. Marshall and Pigou had suggested such measures many decades earlier. Moreover, pollution and its control through so-called Pigouvian taxes had become a standard textbook case of the application of the principles of microeconomic theory. Economists were thus ready to provide counsel to policy makers on the design of environmental policy.”

William J. Baumol

Source: The theory of environmental policy, 1988, p. 1