Baumol, William (Jack) (1922– )

US economist. Best known for his work distinguishing sales maximization from profit maximization in industry, he was also known for his clear transcription of business management and operations language into economic terms. He won the 2003 International Award for Entrepreneurship and Small Business Research.

Baumol taught briefly at the London School of Economics 1947–49, before joining the faculty at Princeton University as professor of economics 1949–92. He is currently emeritus professor at Princeton and professor of entrepreneurship at New York University.