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Baumol, William J. ( 1922-2017 )

Profesor emérito de Princeton University y del C.V. Starr Center for Applied Economics, de New York University, el cual dirige. Nos llevaría mucho espacio hablar de las contribuciones de éste neoyorquino a la Economía. Por eso, aquí nos centramos en dos áreas que han sido especial objeto de atención: el modelo de Tobin-Baumol y su teoría del crecimiento.

Ideado por James Tobin y reformulado por William Baumol, el modelo matemático de Tobin-Baumol es el ejemplo por excelencia que nos explica la demanda de dinero, con el fin de intercambiarlo por bienes y servicios, teniendo en cuenta a la vez un motivo "especulación".

Señalan éstos autores que mantener dinero en líquido (es decir, en efectivo), tiene un coste de oportunidad, consistente en el monto de intereses que se deja de ganar por no tenerlo colocado en activos. Pero también un aspecto positivo, ya que tener dinero líquido nos permite hacer frente a cualquier transacción de una manera rápida.

Suponiendo que un señor recibe sus ingresos en la cuenta corriente de un banco, cada vez que quiera retirar dinero tendrá unos costes de tiempo empleado y desplazamiento. Por eso no nos debe extrañar que a este modelo se le conozca como... "El Modelo del Coste de la Suela de los Zapatos".

Minimizando una expresión matemática que considera todos éstos costes, se obtiene el número óptimo de veces que al señor le interesa ir al Banco y el saldo promedio de demanda de dinero óptimo.

Esta demanda será mayor cuanto:

  • Mayores sean los costes de acudir al Banco.

  • Mayores sean los pagos que el agente prevé que tendrá que realizar.

  • Menores sean los tipos de interés que se pueden obtener colocando el dinero.

Y el número de veces óptimo que el señor va al Banco depende inversamente de la demanda óptima de dinero.

La otra aportación esencial de Baumol es explicar cómo se genera el crecimiento económico. Apoyándose en autores clásicos, Baumol explica el crecimiento como efecto de la innovación, considerando al empresario una figura clave cuya misión principal no es inventar y ni siquiera la asunción de riesgo, que hoy día correspondería al socio capitalista, sino saber atender las necesidades de los demandantes de forma rápida y adecuada.

El lector interesado en Baumol, también debería consultar sus contribuciones matemáticas, muy interesantes, acerca de la teoría de juegos y programación lineal.

 

Currículum Vitae

(Extraído y adaptado de www.econ.nyu.edu/dept/vitae/baumol.htm)

  • Fecha de Nacimiento: 26 de febrero de 1922
  • Lugar de Nacimiento: New York, NY
  • Estado Civil: Casado, dos hijos

Estudios

  • BSS College of the City of New York, 1942
  • Ph.D University of London, 1949
  • 1942-1943 y 1946: Junior Economist, U.S. Dept. of Agriculture
  • 1947-49: Assistant Lecturer, London School of Economics
  • 1949-92: Professor of Economics, Princeton University
  • 1992-current: Senior Research Economist and Professor of Economics, Emeritus, Princeton University
  • 1971-current: Professor of Economics and Director, C.V. Starr Center for Applied Economics, New York University

Distinciones y honores

  • 1953 Fellow, Econometric Society
  • 1957-58 Guggenheim Fellow
  • 1960-70 Trustee, Rider College
  • 1965 Honorary LL.D, Rider College (Trustee Emeritus)
  • 1965-66 Ford Faculty Fellowship
  • 1970 Honorary Fellow, London School of Economics
  • 1971 Honorary Doctorate, Stockholm School of Economics
  • 1973 Honorary Doctor of Humane Letters, Knox College
  • 1973 Honorary Doctorate, University of Basel
  • 1975 John R. Commons Award, Omicron Delta Epsilon
  • 1975 Townsend Harris Medal, Alumni Association of the City College of New York
  • 1982 Distinguished Fellow, American Economic Association
  • 1984 Distinguished Member, Economic Association of Puerto Rico
  • 1986 Winner, Assoc. of American Publishers Award for Best Book in Business, Management and Economics, Superfairness: Applications and Theory
  • 1987 Recipient, Frank E. Seidman Distinguished Award in Political Economy
  • 1988 Joseph Douglas Green 1895 Professor of Economics, Princeton University
  • 1989 Winner, Assoc. of Am. Publishers Annual Awards for Excellence in Publishing, Honorable Mention in Social Sciences, Productivity and American Leadership: The Long View
  • 1992 Recipient, First Senior Scholar in the Arts and Sciences Award, New York University
  • 1996 Honorary Degree, University of Limburg, Maastricht, Holland
  • 1996 Honorary Professorship, University of Belgrano, Buenos Aires, Argentina

Actividad profesional

  • Member, Committee to set up the Don Patinkin School of Economics, Hebrew University of Jerusalem
  • Chairman, Harvard University Visiting Committee, Dept. of Economics, 1995
  • Member, American Philosophical Society
  • Member, Advisory Board, Insurance Information Institute Press
  • Chairman, Overseers' Committee to Visit the Dept. of Economics, Harvard University
  • Member, Advisory Board, Journal of Economic Perspectives
  • Member, Editorial Board, Journal of Cultural Economics
  • Principal Investigator, Students at Risk Comm., Inst. for Education & Social Policy
  • Member, Advisory Committee, World Resources Institute (founding member)
  • Member, Editorial Advisory Board, Supreme Court Economic Review
  • Member, Board of Trustees, Joint Council on Economic Education
  • Member, Advisory Committee, Center for Entrepreneurial Studies, Graduate School of Business Administration, New York University
  • Member, Board of Directors, Theater Development Fund
  • Member, National Science Foundation review panel for Science and Technology Research Centers
  • Member, Advisory Board, Fishman-Davidson Center for the Study of the Service Sector, Wharton School, University of Pennsylvania
  • Member, National Academy of Sciences
  • Correspondent, Committee on Human Rights, National Academy of Sciences
  • Member, Committee on the National Institute for the Environment, National Academy of Sciences
  • Member, Board of Consultants, Economia, Revista Quadrimestral (Portugal)
  • Member, American Academy of Arts and Sciences
  • Member, Executive Committee, V.P. (1966-67), American Economic Association
  • Past President, American Economic Association (1981), Association of Environmental and Resource Economists (1979), Eastern Economic Association (1978-79), Atlantic Economic Society (1985)
  • Past Chairman and Member, Economic Policy Council, State of New Jersey (1967-75)
  • Past Vice President, American Association of University Professors
  • Past Vice President, AAUP (1968-70) and Chairman, Committee on Economic Status of the Profession (1962-70)
  • Various times on Boards of Editors for American Economic Review, Kyklos, Journal of Economic Literature, Management Science, Economic Notes (Italy), Journal of Economic Education, Impresa e Concorrenza (Italy) THESIS: Theory and History of Economic and Social Institutions and Structures (USSR)
  • Director, Consultants in Industry Economics, Inc.
  • Frequent consultant to government and industry, in U.S. and many other countries.

Libros y artículos de

  • 1946
    • "Community Indifference", RES
  • 1949
    • "A Community Indifference Map: A construction", RES.
    • "A Formalization of Mr. Harrod's Model", EJ.
  • 1950
    • "The Analogy between Producer and Consumer Equilibrium Analysis", con Helen Makower, Economica.
  • 1951
    • Economic Dynamics, con R. Turvey. Otras ediciones: 1959, 1970
  • 1952
    • "The Transaction Demand for Cash: An inventory-theoretic approach", QJE.
    • "The Classical Monetary Theory: The outcome of the discussion", con G.S. Becker, Economica.
    • Welfare Economics and the Theory of the State. Otras ediciones: 1965
  • 1953
    • "Firms with Limited Money Capital", Kyklos.
  • 1954
    • Economic Processes and Policies, con L.V. Chandler.
  • 1955
    • "More on the Multiplier Effect of a Balanced Budgt", con M.H. Preston, AER.
  • 1956
    • "Acceleration without Magnification", AER.
    • "Variety in Retailing", with E.A. Ide, Management Science.
  • 1957
    • "Speculation, Profitability and Stability", REStat.
  • 1958
    • "Activity Analysis in One Lesson", AER.
    • "On the Theory of Oligopoly", Economica.
    • "Topology of Second Order Linear Difference Equations with Constant Coefficients", Econometrica.
    • "The Cardinal Utility which is Ordinal", EJ.
  • 1959
    • Business Behavior, Value and Growth. Otras ediciones: 1966
  • 1960
    • "Integer Programming and Pricing", con R.E. Gomory, Econometrica.
  • 1961
    • Economic Theory and Operations Analysis. Otras ediciones: 1965, 1972, 1976
    • "What Can Economic Theory Contribute to Managerial Economics?", AER.
    • "Pitfalls in Contracyclical Policies: Some tools and results", REStat.
    • What Price Economic Growth?, con Klaus Knorr
  • 1962
    • "The Theory of Expansion of the Firm", AER.
    • "Stocks, Flows and Monetary Theory", QJE.
  • 1963
    • "An Expected Gain-Confidence Limit Criterion for Portfolio Selection", Management Science.
  • 1964
    • "Rules of Thumb and Optimally Imperfect Decisions", AER.
    • "Decomposition, Pricing for Decentralization and External Economics", con T.Fabian, Management Science.
  • 1965
    • "On the Performing Arts: the anatomy of their economic problems", con W.G. Bowen, AER.
    • "Investment and Discount Rates Under Capital Rationing", con R.E.Quandt, EJ.
    • "Informed Judgement, Rigorous Theory and Public Policy", Southern EJ.
    • The Stock Market and Economic Efficiency.
  • 1966
    • Performing Arts: the economic dilemma, con W.G. Bowen.
    • "The Ricardo Effect in Point-Input, Point-Output Case", Essays in Mathematical Economics in Honor of Oskar Morgenstern.
  • 1967
    • "Macroeconomics of Unbalanced Growth: The anatomy of urban crisis", AER.
    • "Calculation of Optimal Product and Retailer Characteristics", JPE.
    • "The Firm's Optimal Debt-Equity Combination and the Cost of Capital", con B.G. Malkiel, QJE.
    • "Error Produced by Linearization in Mathematical Programming", con R. Bushnell, Econometrica.
  • 1968
    • "The Dual of Nonlinear Programming and its Economic Interpretation", con M.L.Balinski, RES.
    • "Entrepreneurship in Economic Theory", AER.
    • "On the Social Rate of Discount", AER.
    • Precursors in Mathematical Economics: An Anthology , con S.M. Goldfeld
  • 1969
    • "On the Discount Rate for Public Projects", Analysis and Evaluation of Public Expenditures.
  • 1970
    • "Input Choices and Rate-of-Return Regulation: An overview of the discussion", con A.K.Klevorick, Bell JE.
    • "Optimal Departures from Marginal Cost Pricing", con D.F. Bradford, AER.
    • Portfolio Theory: The Selection of Asset Combinations
  • 1971
    • "The Economics of Athenian Drama", QJE.
    • Environmental protection, International Spillovers and Trade.
  • 1972
    • "On the Economics of the Theatre in Renaissance London" con Mary Oates, Swedish JE.
    • "The Dynamics of Urban Problems and its Policy Implications", en Preston and Corry, editors, Essays in Honor of Lord Robbins.
    • "Taxation and the Control of Externalities", AER.
    • "Detrimental Externalities and Non-Convexity of the Production Set", con D.F. Bradford, Economica.
  • 1973
    • Economics of Academic Libraries, con M. Marcus
  • 1974
    • "The Transformation of Values: What Marx `Really' Meant", JEL.
  • 1975
    • The Theory of Environmental Policy, con W.E.Oates. Otras ediciones: 1988
  • 1976
    • Selected Economic Writings of William J. Baumol, con E.E. Bailey, ed.
  • 1979
    • Economics, Environmental Policy and Quality of LIfe, con W.E.Oates y S.A. Batey Blackman.
    • Economics: Principles and Policy, con A.S. Blinder. Otras ediciones: 1982, 1985, 1987, 1991 y 1994
  • 1980
    • Public and Private Enterprise in a Mixed Economy (editor)
  • 1982
    • Contestable Markets and the Theory of Industry Structure, con J.C. Panzar y R.D. Wilig. Otras ediciones: 1987
  • 1984
    • Inflation and the Performing Arts (editor con H. Baumol)
  • 1985
    • Productivity Growth and U.S. Competitiveness (editor con K. McLennan)
  • 1986
    • Microetheory: Applications and origins
    • Superfairness: Application and theory, con D. Fischer
  • 1989
    • "The Optimal Cash Balance Proposition: Maurice Allais' Priority", con J. Tobin, JEL
    • The Information Economy and the Implications of Unbalanced Growth, con L. Osberg y E.N. Wolff
    • Productivity and American Leadership: The long view, con S.A. Batey Blackman y E.N. Wolff.
  • 1990
    • The Economics of Mutual Fund Markets: Competition vs. Regulation , con S.M. Goldfeld, L.A. Gordon y M.F. Koehn
  • 1992
    • Perfect Markets and Easy Virtue: Business ethics and the invisible hand, con S.A. Batey Blackman
  • 1993
    • Entrepreneurship, Management and the Structure of Profit.
  • 1994
    • Toward Competition in Local Telephony, con Gregory Sidak
    • Convergence of Productivity: Cross-National Studies and Historical Evidence (ed. con R.R. Nelson & E.N. Wolff)
  • 1995
    • Transmission Pricing and Stranded Costs in the Electric Power Industry, con Gregory Sidak
    • Assessing Educational Practices: The Contribution of Economics (ed. con W.E. Becker)
  • 1996
    • Microeconomics: Principles and Policy (ed. con A.S. Blinder)
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