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grandfather clause (F1, K2)<br />An item in an agreement permitting the retention of laws in conflict with the essence of the agreement. GATT contained such clauses.
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Baumol, William Jack, 1922- (B3)<br />US economist, educated at City College, New York, and London University and a professor at Princeton University from 1954 to 1971. He is famous for his economic analysis of management science, particularly his research conclusion that businesses set out to maximize their sales subject to minimum profit targets. Also, his 'unbalanced growth' model demonstrates that the different opportunities for technical progress in the various sectors of an economy lead to chronic problems in the financing of cities, medical care, educational systems and the performing arts. Recently he has been concerned with the environmental implications of welfare economics and CONTESTABLE MARKETS.<br /><em>Reference</em><br />Baumol, WJ. (1966) Performing Arts, the Economic Dilemma: a Study of Problems Common to Theatre, Opera, Music and Dance, New York: Twentieth Century Fund.<br /> - (1977) Economic Theory and Operations Analysis, 4th edn, Englewood Cliffs, NJ: Prentice Hall.<br /> Baumol, WJ. and Oates, WE. (1975) The Theor y of Environmental Policy, Englewood Cliffs, NJ; London: Prentice Hall. Baumol, WJ., Willig, R.D. and Panzar, L.S. (1982) Contestable Markets and the Theory of Industry Structure, New York: Harcourt Brace Jovanovich.
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