December 31, 2019

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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But it was enshrined in the more fundamental belief that if you could not find it in Marshall, it was because Marshall had had to write for the general reader and not because the idea would have been anything new to Marshall.

Arthur Cecil Pigou

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 artuur. It was an oddly tolerant and mutually admiring relationship, which never came near to reaching the misery of the cleft between Robertson and Keynes.

Arthyr his early days he lectured on a variety of subjects outside economics. Professor Pigou is a classical economist; therefore the classical economists have committed these sins!

Increasingly, over these years, Pigou retreated into the ordered life of a recluse.

His ccil conscience created problems for him when war came inas was the case with many of his Cambridge contemporaries. Indeed, in this and his subsequent works,one can properly credit Pigou for launching the ‘policy arm’ of Cambridge Neoclassicismturning its theoretical musings into a public science of practical policy relevance, reminiscent of the role played by Classical economists earlier in the century. Thus, Pigou was on the defensive—principally, I think, because of Marshall; while he had a great sense of authority as professor, he was not a vain man, and as subsequent events showed, he was not unprepared to admit that he had been in the wrong.


And indeed the wounds were never as severe: In later editions Pigou slightly modified his actual presentation of the argument for increased welfare with less inequality of income, but the essentials remained the same. 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 ceci are fixed in money terms, will rise as wages and prices fall, reducing the propensity to save and, consequently, increasing the propensity to consume.

Wiktionary 0 entries edit. Nov 14, See Article History. Royal Netherlands Academy of Arts and Sciences. All structured arthjr from the main, property and lexeme namespaces is available under the Creative Commons CC0 License ; text in the other namespaces is available under the Creative Commons Attribution-ShareAlike License ; additional terms may apply.

Economic Thought since It was through exposure while climbing that he acquired an illness affecting the heart, which from the beginning of the s increasingly curtailed both his climbing and his other activities.

In there followed The Economics of Stationary States. Thus, indignantly, he imagined Keynes making the following attack: We cannot prove that it is true.

Because each style has its own formatting nuances that arthuur over time and not all information is available for every reference entry or article, Encyclopedia.

Occasionally he would ask privileged pupils and friends David Champernowne for example to help him with mathematical or other analysis and accept from them criticism and suggestions. Biographies Arthur Cecil Pigou. He admitted that certain conclusions rested on assumptions that could not be proved, but he believed that these assumptions accorded best with the available evidence.


In later years he withdrew from national affairs and devoted himself to more academic economics and writing weighty letters to The Times on problems of the day.

Arthur Cecil Pigou – Wikipedia

But Pigou’s luck soon ran out. If he believed, rather than proved, that a transfer from richer to poorer was likely to increase welfare, it was, one suspects, partly because he was the sort of person he was. He studied economics under Alfred Marshallwhom he later succeeded as professor of political economy.

Pigou developed a taxation method for dealing with the goods suffering from externalities. RydeIsle of WightEngland. Pigou argued that negative externalities costs imposed should be offset by a tax, while positive externalities should be offset by a subsidy. Although still young he was then 36he was not prepared to undertake military service that entailed an obligation to destroy human life.

He also served on the Royal Commission on Income Tax —20 and on two pgou on the currency —19; — Later on, the Public Choice arthjr assaulted Pigou’s approach for its naive “benevolent despot” assumption and, finally, Coase demonstrated the irrelevance of Pigouvian taxes when cecio rights are properly assigned.