William Baumol RIP

" I also love his defense of theory, where if he is very lucky, his initial intuition “turn[s] out to be totally wrong. Because when I turn out to be totally wrong, that’s when the best ideas come out. Because if my intuition was right, it’s almost always going to be simple and straightforward. When my intuition turns out to be wrong, then there is something less obvious to explain.” Every theorist knows this: formalization has this nasty habit of refining our intuition and convincing us our initial thoughts actually contain logical fallacies or rely on special cases! " from William Baumal: A truly productive entrepreneurship The article is a bit obtuse. One of his contributions 'cost disease' more clearly explained in William Baumol, whose famous economic theory explains the modern world, has died. Several Posts in MR about William Baumol