Etymology

Baumol effect

Today it means: A theorem stating that there is a tendency for wages in jobs that have experienced little or no increase in labor productivity to rise in response to rising wages in other jobs that did experience high productivity growth. Full definition →

Ask AI about its historyChatGPTClaudePerplexityGoogle AIGrok

The story

Introduced by William J. Baumol.

Etymology from Wiktionary, CC BY-SA 4.0.