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Baumol's%20disease,%20the%20cost%20disease
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Usage Comment
Though initially used to describe the performing arts, Baumol's cost disease has been applied to other industries affected by productivity lag, such as healthcare and education.
Term Reference
"The Economics of Art and Culture." Second Edition. Eds. James Heilbrun and Charles M. Gray. Cambridge University Press, 2001.
Definition Reference
1. Throsby, David. "art, economics of." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 27 February 2015 <http://www.dictionaryofeconomics.com/article?id=pde2008_E000224> doi:10.1057/9780230226203.0062 2. "Baumol's cost disease." Wikipedia. 27 February 2015 <http://en.wikipedia.org/wiki/Baumol's_cost_disease> 3. "The Economics of Art and Culture." Second Edition. Eds. James Heilbrun and Charles M. Gray. Cambridge University Press, 2001.
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