May 2017: Entrepreneurship as a Way out for PR

The Legacy of Dr. William Baumol to US

This Pulse is a tribute to a great economist and a great man, as well as a friend, who recently passed away. For many years, Dr. William Baumol and his wife enjoyed spending time at their Luquillo beach apartment from December thru March. Most of all, I remember his common-sense explanations and the clarity with which he could explain a complex theory and write in impeccable style for all of us followers to learn. His insights, particularly those on innovative entrepreneurship, are at the heart of the solution to PR’s ongoing economic woes. William was also a man of action, being instrumental in obtaining a Mellon grant to fund “The Economics of Status in Puerto Rico” together with a group of local economists. To this day, this research is one of the best empirical and comprehensive works on the subject. Filling his void will be difficult and, yes, I will miss the conversations and enthusiasm that he never hesitated to share. Let this Pulse stand as testimony of one of his many great ideas, one that could definitely help shape a way out for PR. Hasta siempre.