William Jack Baumol

The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

Baumol, William Jack

 

Born Feb. 26, 1922, in New York. American economist. Specialist in the application of mathematical methods to economics research. Received the degree doctor of philosophy from the University of London in 1949. Worked in the Department of Agriculture of the USA from 1942 to 1943 and in 1946. Instructor (1949) and professor (1952) at Princeton University.

Baumol worked out basic principles for optimization and calculation of optimums through the use of different kinds of programming, worked out mathematical simulation problems for microeconomic and macroeconomic processes, determined potentialities for using electronic computers in economic calculations, and studied other questions. Idealizing capitalism, Baumol considered it possible to “adjust” its development by perfecting methods for the mathematical simulation of economic processes.

WORKS

Economic Dynamics: An Introduction. New York, 1951.
Welfare Economics and the Theory of the State. [London], 1951. Second edition: Cambridge, 1965.
Business Behavior, Value and Growth. New York, 1959.
Economic Theory and Operations Analysis, 2nd ed. Englewood Cliffs, 1965. In Russian translation: Ekonomicheskaia teoriia i issledovanie operatsii. Moscow, 1965. (Bibliography, pp. 480–485.)
The Stock Market and Economic Efficiency. New York, 1965.

V. G. SARYCHEV

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
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William Jack Baumol is among the most influential economists in the world.