Baumol’s Cost Disease or Baumol Effect [1]. Thanks for mentioning. I think it deserves more air time, especially looking at typical responses (raising price, reducing quality) and the consequences (raising prices raises expectations, triggering more investment causing prices to go up more). How to reduce consequences? Two models that seem to work are volunteer based organizations, such as AA[2] and education organizations coupled with technology, specifically AI, such as Khan Academy's Khanmigo[3]. What does this mean for universities? Lots of terrain to explore looking for sweet spots.[1] There are the standard places to define like Wikipedia. The link I offer here is an A16Z podcast with Marc Andreesen and Vijay Pande where Marc gives an overview about 3 minutes in.
https://a16z.com/podcast/baumols-cost-disease-in-healthcare-...
[2] https://aa.org
[3] https://www.khanmigo.ai
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