Arthur Cecil Pigou Pigou was a British economist (), disciple of Alfred Marshall, whom he succeeded as a professor at Cambridge. Arthur Cecil Pigou (November 18, – March 7, ) was an English economist. As a teacher and builder of the school of economics at Cambridge. Arthur Cecil Pigou (–), professor of political economy at Cambridge University from to , is today best known for his contributions to the.

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In the Alps he achieved most of what is possible to the best.

Arthur Cecil Pigou

At the bottom of the article, feel free to list any sources that support your changes, so that we can fully understand their context. In particular, Pigou is responsible artnur the famous distinction between private and social marginal products and costs and the idea that governments can, via a mixture of taxes and subsidies, correct such market failures – or “internalize the externalities”.

This is very far from the form of argument of the modern, statistically minded economist. Later on, the Public Choice theorists assaulted Pigou’s approach for its naive “benevolent despot” assumption and, finally, Pigu demonstrated arrhur irrelevance of Pigouvian taxes when property rights are properly assigned. You can make it easier for us to review and, hopefully, publish your contribution by keeping a few points in mind.

The Editors of Encyclopaedia Britannica. Pigou, that is to say, remained to the end a believer in the validity of the welfare economics that he had done so much to create.

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He satisfied himself, by appeal to evidence based on social inquiries, that the assumption he proposed was a plausible one. He was almost certainly thinking in terms of minor, marginal artjur within the framework of a liberal society.

Arthur Cecil Pigou |

Pigou was srthur on Nov. Around Buttermere piguo invented and pioneered new rock climbs. Seligman, Main Currents in Modern Economics: This limitation betrayed him when, first as a member of the Cunliffe Committee of — and later as a member of the Chamberlain Committee of — on currency and Bank of England note issues, he was one of those who recommended an early return to the gold standard at the pre exchange rate—a policy that was to be flagellated by Keynes in his Economic Consequences of Mr.

Arthur Cecil Pigou —professor of political economy at Cambridge University cecjl tois today best known for his contributions to the theory of economic welfare. It follows from the “Pigou effect” that Keynes’s “under-employment equilibrium” is not a true equilibrium but a state of disequilibrium occasioned by inflexible wages and prices. The burden is the other way. The chair had long been promised to former Marshall pupil Herbert S. The Columbia Encyclopedia, 6th ed.

Pigou, Arthur Cecil

A retrospective view Wikipedia 28 entries edit. He set out to examine, first, the full conditions of maximum satisfaction; second, the conditions under which private and social product as he preferred to call them might be different, so that the maximum would not be achieved under a system of private enterprise; and third, the measures which might be taken to bring the two into equality.

He was never, as an economist, quick to see intuitively the order of magnitude and the potential dangers of economic forces, and he was never a person to whom colleagues turned instinctively for advice in the sphere of economic policy making. He was made a fellow of King’s College in and, insucceeded Alfred Marshall in the chair of political economy.


Pigou Robert Browning as a Religious Teacherpigiu Foxwellwho had reluctantly accepted the chair at UCL back inon the promise that he would return to succeed Marshall at Cambridge. His powerful conscience created problems for him when war came inas was the case with many of his Cambridge contemporaries.

Pigou was generally critical of Keynesian macroeconomics and developed the idea of the Pigou effect on real money balances to argue that the economy would be more self-stabilizing than Keynes proposed. And in the same way, something of the vigor and domination departed from his writing, distinguished as it still remained.

These he loved, with these he illustrated problems in his lectures, and cexil keen and to these he hurried away when term ended. He would march out on an afternoon walk to Coton or thereabouts. He began by assuming that individuals are of similar temperament and anticipating the potential criticism that at present rich and poor are temperamentally different, argued that there is pigoy that with greater income equality and with time pihou differences of temperament and taste would disappear.

Antipathy to his conclusions has been much keener and much more continued with regard to his argument that measures to equalize incomes would increase economic welfare.