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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Internet URLs are the best. He was a leading exponent of the theory that economic waste due to unemployment, poor health, and poor housing is a responsibility of society, which should bear the costs.
Arthur Cecil Pigou – Wikiquote
The central concept of his analysis was the distinction between private and social net product—private product being the product that accrues to the individual making a decision concerning production, and social net product being the net product that accrues to society as a result of the decision. He was almost certainly thinking in terms of minor, marginal changes within the framework of a liberal society.
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He was a foreign honorary pigiu of the American Academy of Arts and Sciencesa foreign member of the Accademia dei Linceiand an honorary resident of the International Economic Committee. But even with the addition of the compensation principle, these discussions have tended to leave untouched a large number of real cases in which as in the case of redistributional taxation the poorer may be supposed to benefit at the expense of the richer aarthur will suffer some loss; even the compensation principle does not provide a complete and satisfactory solution.
Library of Congress authority ID. He was a lecturer at University College, London, and at Cambridge. Biographies Arthur Cecil Pigou. ;igou he conceded that one cannot hope to establish absolute magnitudes of total utility or to be able to answer the question which in his Study in Public Finance  he had attempted to answer whether a tax proportioned to total income will inflict equal sacrifice upon everyone, whatever the size of his income.
Moral aspect development of welfare economics In economics: Wikiquote 1 entry edit. Within this private world were a few privileged friends. The Columbia Encyclopedia, 6th ed.
Taxation observations of business cycles In business cycle: His powerful conscience created problems for him when war came inas was the case with many of his Cambridge contemporaries.
To this injury was added insult inwhen Pigou petitioned for exemption from military service in World Pigpu I, on account that there was “no one” at Cambridge able to replace him Foxwell was still lecturing there.
International Standard Name Identifier. Wikivoyage 0 entries edit. Some Aspects of the Housing Problem. Cscil was a problem with your submission. And in the same way, something of the vigor and domination departed from his writing, distinguished as it still remained. The King’s College Library eccil lists almost 30 books and over pamphlets and articles.
We admired Pigou; after a lecture we ceecil sometimes shyly ask him a question, and he would answer, either jocularly or even more shyly.
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Help us improve this article! It was an oddly tolerant and mutually admiring relationship, which never came near to reaching the misery of the cleft between Robertson and Keynes. CambridgeCambridgeshireEngland.
The chair had long been promised to former Marshall pupil Herbert S. Pigou’s most enduring contribution was The Economics of Welfare, in which he introduced the concept of externality and the idea that externality problems could be corrected by the imposition of a Pigovian tax. In appeared Unemployment, decil small, popular book in which Pigou, following the thinking of that time, attributed unemployment principally to lack of flexibility ceciil wage rates.
In the end, his most lasting contribution was to point out that, as long as wage and price flexibility exists, the value of assets, the prices of which are fixed in money terms, will rise as wages and prices fall, reducing the propensity to save and, consequently, increasing the propensity to consume. Like Marshall, Pigou felt that the study of economics could be justified only as a means of improving human society.
This book, which appeared shortly after the publication of the ideas developed by Chamberlin and Joan Robinson and makes occasional use of concepts worked out by them, is in another sense very remote from their thinking.
Pigou, Arthur Cecil
But modern economics would have cecill very different without him. He reluctantly served on several public committees, including the Cunliffe Committee and the Royal Commission on Income tax. Above all the early version possessed a beauty of architectural design and construction that was lost as new extensions were added over the years.
He studied economics under Alfred Marshallwhom he later succeeded as professor of political economy.