Baumol, William (Jack)(1922– ) economist; born in New York City. Best known for his work distinguishing sales maximization from profit maximization in industry, he was also known for his clear transcription of business management and operations language into economic terms. He taught briefly at the London School of Economics (1947–49) before joining the faculty at Princeton University. Beginning in 1971 he held a joint appointment with New York University.
The Cambridge Dictionary of American Biography, by John S. Bowman. Copyright © Cambridge University Press 1995. Reproduced with permission.