Cost Disease

Baumol's cost disease, also known as the Baumol effect, is the rise of wages in jobs that have experienced little or no increase in labor productivity, in response to rising salaries in other jobs that have experienced higher productivity growth. The phenomenon was described by William J. Baumol and William G. Bowen in the 1960s[1][2] and is an example of cross elasticity of demand. https://en.wikipedia.org/wiki/Baumol%27s_cost_disease

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