This brings us back to William Baumol and his point about the difference between invention and innovation.

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In the 1960s the economists William Baumol and William Bowen identified the productivity problem at the root of the rising relative cost of higher education.

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This is at the heart of a lot of the work of William Baumol, trying to untangle what it is that makes some societies innovate furiously, others not so much.

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