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The price-tax conditions necessary to sustain the Pareto optimality of a competitive market solution under the assumed convexity conditions are tanta… - William Baumol
" "The price-tax conditions necessary to sustain the Pareto optimality of a competitive market solution under the assumed convexity conditions are tantamount to standard Pigovian rules, with neither taxes imposed upon, nor compensation paid to, the victims of externalities.
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About William Baumol
William Jack Baumol (February 26, 1922 - May 4, 2017) was an American economist, who was a Professor of economics at New York University and Professor Emeritus at Princeton University. He wrote extensively about labor market and other economic factors that affect the economy, and his research interests included "economic growth, entrepreneurship and innovation, industrial organization, antitrust economics and regulation, and economics of the arts" (source: stern.nyu.edu).
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William Jack Baumol
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William J. Baumol
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Additional quotes by William Baumol
How much do you think it costs to go to college? Most people are likely to answer by adding together their expenditures on tuition, room and board, books, and the like, and then deducting any scholarship funds they may receive. Suppose that amount comes to $15,000.
Economists keep score differently. They first want to know how much you would be earning if you were not attending college. Suppose that salary is $20,000 per year. This may seem irrelevant, but because you give up these earnings by attending college, they must be added to your tuition bill. You have that much less income because of your education. On the other side of the ledger, economists would not count all of the university’s bill for room and board as part of the costs of your education. They would want to know how much more it costs you to live at school rather than at home. Economists would count only these extra costs as an educational expense because you would have incurred these costs whether or not you attend college. On balance, college is probably costing you much more than you think. And, as we will see later, taking opportunity cost into account in any personal planning will help you to make more rational decisions.
The basic hypothesis is that, while the total supply of entrepreneurs varies among societies, the productive contribution of the society's entrepreneurial activities varies much more because of their allocation between productive activities such as innovation and largely unproductive activities such as rent seeking or organized crime. This allocation is heavily influenced by the relative payoffs society offers to such activities. This implies that policy can influence the allocation of entrepreneurship more effectively than it can influence its supply. Historical evidence from ancient Rome, early China, and the Middle Ages and Renaissance in Europe is used to investigate the hypotheses.
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