The Cost Disease by William J. Baumol
Why Computers Get Cheaper and Health Care Doesn't
A concise explanation of why costs in labor‑intensive services like health care, education, and the performing arts rise faster than overall inflation: productivity gains are limited, yet wages must keep pace with more productive sectors to retain workers, pushing prices up. It clarifies that rising costs are not necessarily waste or failure but a predictable byproduct of economic progress, meaning such services will take a larger share of GDP even as society grows richer. It outlines implications for public budgets and policy, urging efficiency improvements where possible, realistic expectations about affordability, and targeted funding to sustain quality without undermining access.
- Published
- 2012
- Nationality
- American
- Length
- Medium
- Pages
- 250-300
- Original Language
- English
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- Alternate Titles
- None
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