Word: baumol
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Dates: during 1960-1969
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...Twentieth Century Fund's Performnig Arts: The Economic Dilemma, the national audience for all of the performing arts is less than four per cent of the population, eighteen years of age and older. Although these figures have to be adjusted sightly for the theatre audience alone, the authors (Baumol and Bowen) concluded...
...performing arts," the study unsurprisingly concludes, "financial crisis is a way of life." This crisis, contrary to most notions, is not caused by bungling management, featherbedding stage unions, overpriced prima donnas or "ice" (boxoffice funds sluiced away to scalpers); such factors are only "peripheral," according to William J. Baumol and William G. Bowen, the Princeton economists who wrote the report. The root problem is the built-in technological liability of the live performing arts...