▁Eastern ▁Europe . ▁ ▁Ba um ol ▁studied ▁at ▁the ▁City ▁College ▁of ▁New ▁York ▁and ▁was ▁awarded ▁his ▁b ach elor ' s ▁degree ▁in ▁ 1 9 4 2 . ▁After ▁college , ▁he ▁served ▁in ▁the ▁U . S . ▁Army ▁in ▁World ▁War ▁II ▁and ▁later ▁worked ▁for ▁the ▁Department ▁of ▁Agricult ure ▁as ▁an ▁econom ist . ▁ ▁Education ▁ ▁He ▁was ▁initially ▁denied ▁entry ▁to ▁the ▁doctor al ▁studies ▁at ▁the ▁London ▁School ▁of ▁Econom ics ▁and ▁was ▁instead ▁admitted ▁to ▁the ▁Master ' s ▁program . ▁After ▁witness ing ▁his ▁deb ating ▁skills ▁at ▁Lord ▁Lion el ▁Rob b ins ' ▁sem in ars , ▁he ▁was ▁within ▁weeks ▁switched ▁to ▁the ▁doctor al ▁program ▁and ▁also ▁admitted ▁to ▁the ▁fac ulty ▁as ▁an ▁Ass istant ▁L ect urer . ▁His ▁Ph . D . ▁or al ▁exam ▁last ed ▁five ▁hours . ▁ ▁Te aching ▁ ▁While ▁a ▁professor ▁at ▁Pr inc eton ▁University ▁he ▁super vised ▁some ▁gradu ate ▁students ▁who ▁would ▁eventually ▁become ▁very ▁well - known ▁econom ists , ▁including ▁Bur ton ▁M alk iel , ▁William ▁G . ▁Bow en , ▁and ▁Harold ▁T af ler ▁Sh api ro . ▁ ▁Research ▁ ▁Among ▁his ▁better - known ▁contributions ▁are ▁the ▁theory ▁of ▁contest able ▁mark ets , ▁the ▁Ba um ol - T ob in ▁model ▁of ▁transactions ▁demand ▁for ▁money , ▁Ba um ol ' s ▁cost ▁disease , ▁which ▁discuss es ▁the ▁rising ▁costs ▁associated ▁with ▁service ▁indust