Question 1 William Baumol and William Bowen are two economists. Baumol was an economics professor at NYU and his recognized as a prolific and innovative economist. Baumol wrote various research works in the field of the labor market and various economic factors. Bowen was Baumol’s colleague at Princeton during 1960 period and was president of Princeton University. They both had evolved an economic ‘Cost Disease’ theory (Towse 2014). During 60’s the economist tries to understand the concept of arts of economics. Baumol and Bowen referred during that period musicians were not getting highly productive yet various musicians made lot more incomes. They mentioned that rising in the productivity to such arts (Towse 2014). If I were an artist I would definitely establish copyright of my work because it will allow me to record the registration of the work with the legal authority and control the literary and artistic material use of my work. On the other hand without having the copyright protection of my work it would be easy for the other people to exploit my works without paying any compensations or remunerations. References Towse R. (2014). A textbook of cultural economics. Cambridge UK: Cambridge University Press. Lee T. B. (2017). William Baumol whose famous economic theory explains the modern world has died. Retrieved from https://www.vox.com/new-money/2017/5/4/15547364/baumol-cost-disease-explained [...]
You are required to answer 3 short questions (cultural economics) and 10 true/false/multiple choose questions. You have 4 hrs in total, but these questions can be done in 1 hrs normally according to my classmate's record.