About the Authors

William J. Baumol, Ph.D.

William BaumolWilliam Baumol is Harold Price Professor of Entrepreneurship and academic director of the Berkley Center for Entrepreneurial Studies in the Stern School of Business, New York University, and senior economist and professor emeritus at Princeton University. He also serves as senior advisor to the president and chief executive officer of the Kauffman Foundation. Baumol has been president of four professional economics societies: the American Economic Association, the Association of Environmental and Resource Economists, the Eastern Economic Association, and the Atlantic Economic Society. He is also an elected member of the U.S. National Academy of Sciences and the American Philosophical Society. He was awarded the Accademia Nazionale dei Lincei’s 2005 International Antonio Feltrinelli Prize – Italy’s highest scientific and cultural award. The recipient of eleven honorary degrees and the author of more than forty books and hundreds of professional articles, Baumol’s fields of specialization include economic growth, entrepreneurship and innovation, industrial organization, antitrust economics and regulation, and economics of the arts. He earned his bachelor’s degree from the College of the City of New York and his Ph.D. from the University of London.

Robert Litan, Ph.D.

Robert LitanRobert Litan is vice president of Research and Policy at the Kauffman Foundation. Litan has been affiliated with The Brookings Institution for nearly 20 years, first as a Senior Fellow and since 1996 as director of Economic Studies and holder of Cabot Family Chair in Economics. At Brookings, he led a team of economists monitoring the global economy and seeking answers to economic policy issues in the U.S. and around the world. The group’s rigorous, independent research was designed to increase the public's understanding of how the economy works and how to make it better. During his time with Brookings, Litan authored or co-authored more than 25 books and 200 articles for professional journals and magazines. He co-founded and serves as the Director of the AEI-Brookings Joint Center on Regulatory Studies. Litan has had a distinguished career in public service. He served on the staff of the Council of Economic Advisers (1977-79), as Deputy Assistant Attorney General in the Antitrust Division of the Justice Department (1993-95), and Associate Director of the Office and Management and Budget (1995-96). He also has been a consultant to the Treasury Department on financial policy issues. Litan received his B.S. degree in Economics, graduating summa cum laude, from the Wharton School Department of Finance at the University of Pennsylvania; his J.D. from Yale Law School; and both a Master of Philosophy and Ph.D. in Economics from Yale University.

Carl J. Schramm, Ph.D.

Carl Schramm Hailed as the "evangelist of entrepreneurship" by The Economist, Carl Schramm leads America's largest foundation dedicated to advancing entrepreneurial success. He is recognized as one of the world’s foremost thinkers on the role and importance of entrepreneurship to a nation’s economic stability and growth. In 2007, U.S. Secretary of Commerce Carlos Gutierrez tapped Schramm to chair the Department of Commerce’s Measuring Innovation in the 21st Century Economic Advisory Committee. Schramm’s recent books, Good Capitalism, Bad Capitalism, with Robert Litan and William Baumol, and The Entrepreneurial Imperative, are regarded as emerging classics, providing new insight into the American and international economies. Trained as an economist and lawyer, with experience in business, public policy and academia, Schramm has led the Kauffman Foundation to develop innovative programs aimed at transforming entrepreneurship education, the technology transfer process, the availability of seed capital for entrepreneurs, and economic research. He has been a professor at The Johns Hopkins University, an executive in the health insurance industry, and the cofounder and founder of a number of companies in the health care finance and information technology areas. He is a Batten Fellow at the University of Virginia's Darden School of Business, a member of the Council on Foreign Relations, a fellow of the Royal Society of Arts, and the 2005 recipient of the University of Rochester’s George Eastman Medal. Mr. Schramm’s work has appeared in publications including Foreign Affairs, The Wall Street Journal, USA Today, Newsweek, and Inc.