Knowledge Handler

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Location: Independence, Ohio, United States

Librarian at Indiana Wesleyan University's Cleveland Education Center.

Thursday, May 11, 2017

Baumol's "Cost Disease" and the Price of Education

Timothy Lee explains William Baumol's economic theory, called cost disease , which explains why personnel-intensive services such as education are becoming more expensive than material goods which can be produced by automation. It is a problem of scaling and values.

-DD

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