many efficiency-based ratios assuming uniform outputs) presents theoretic quandaries. Baumol contributed greatly to this area of economic theory. The 2006 Annual Meetings of the American Economic Association held a special session in his name, and honoring his many years of work in the field of entrepreneurship and innovation, where 12 papers on entrepreneurship were presented. The Baumol Research Centre for Entrepreneurship Studies at Zhejiang Gongshang University is named after William Baumol. In 2003, Baumol received the Global Award for Entrepreneurship Research "[f]or his persistent effort to give the entrepreneur a key role in mainstream economic theory, for his theoretical and empirical studies of the nature of entrepreneurship, and for his analysis of the importance of institutions and incentives for the allocation of entrepreneurship." The British news magazine, The Economist published an article about William Baumol and his lifelong work to develop a place in economic theory for the entrepreneur (March 11, 2006, pp 68), much of which owes its genesis to Joseph Schumpeter. They note that traditional microeconomic theory normally holds a place for 'prices' and 'firms' but not for that (seemingly) important engine of innovation, the entrepreneur. Baumol is given credit for helping to remedy this shortcoming: "Thanks to Mr. Baumol's own painstaking efforts, economists now have a bit more room for entrepreneurs in their theories." William Baumol's book, The Microtheory of Innovative Entrepreneurship is the first formal theoretical analysis of the role of innovative entrepreneurs. Textbooks Baumol wrote several textbooks in economics, including an introductory textbook with Alan Blinder titled Macroeconomics: Principles and Policy. His economics textbook on operations research was internationally well-received: In the 1960s and 1970s, nearly every economics department offered a course in operations research methods in economics, and the usual textbook used was Economic Theory and Operations Analysis by W. J. Baumol. An entire generation of economics students was familiar with this book .... Professional and philanthropic interests Baumol was a trustee of Economists for Peace and Security. Baumol was known for his interests in the economics of art, including the economics of the performing arts. Death Baumol died on May 4, 2017 at the age of 95. Major publications "Community Indifference", 1946, RES "A Community Indifference Map: A construction", 1949, RES. "A Formalization of Mr. Harrod's Model", 1949, EJ. "The Analogy between Producer and Consumer Equilibrium Analysis", with Helen Makower, 1950, Economica. Economic Dynamics, with R. Turvey, 1951. "The Transaction Demand for Cash: