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
SDG
Metadata
Database
World problems
Type
(F) Fuzzy exceptional problems
Biological classification
N/A
Subject
Content quality
Yet to rate
Language
English
1A4N
J0364
DOCID
12003640
D7NID
149989
Last update
Nov 2, 2022
Official link