1. World problems
  2. Cost disease of personal services

Cost disease of personal services

  • Baumol's disease

Claim

In certain sectors, notably the performing arts, productivity (in terms of output per person per hour) necessarily does not change over the centuries. If those employed in such sectors are to have anything like a contemporary standard of living, the relative cost of their services will be much greater than it was in centuries past. If a particular service is deemed indispensable, the relative cost of that service will continue to rise to keep pace with the dramatic improvements in productivity in other sectors.

Broader

Narrower

Strategy

Value

Disease
Yet to rate
Costliness
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SDG

Sustainable Development Goal #1: No PovertySustainable Development Goal #3: Good Health and Well-beingSustainable Development Goal #12: Responsible Consumption and Production

Metadata

Database
World problems
Type
(F) Fuzzy exceptional problems
Subject
Content quality
Yet to rate
 Yet to rate
Language
English
Last update
Nov 2, 2022