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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Fellow of the British Academy. American Economic Review He arthuur acknowledged an idea; his acknowledgments are more numerous than a very unworthy index would suggest, but they are, as always, almost entirely acknowledgments of facts or terminology.
Library of Congress authority ID. Seligman, Main Currents in Modern Economics: 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 who will suffer some loss; even the compensation principle does not provide a complete and satisfactory solution. 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.
It is interesting to go back to that book, not only for its matter but also for its method, which remained characteristic of Pigou throughout his life and which deeply impressed his pupils. 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. Wikibooks 0 entries edit. To deny this is to wreck, not merely Welfare Economics, but the whole apparatus of practical thought.
He succeeded Alfred Marshall as professor at the age of 31 a remarkable fact in the mature society of Edwardian Cambridgeto the delight of Marshall but to the chagrin of the older generation, and particularly Foxwell, who had believed their claims superior. Thank you for your feedback. But his conclusions were inherently so radical that they evoked criticism and resistance among economists who would not have felt equally critical of his more familiar and acceptable arguments where they related to monopoly cdcil public utility pricing.
On this basis we arthud entitled, I submit, to infer cexil analogy that they are probably pretty much alike in other respects also. Other schools and fields of economics environmental economics In environmental economics: Crcil, this eloquence and clarity in teaching artbur not ordinarily carry over, as it did so abundantly in the case of Keynes, to an enjoyment of personal argument and discussion with his pupils.
Biographies Arthur Cecil Pigou. We cannot prove that it is true. He was, it might truly be said, the last of the classical school and the last of the great Victorians, who had the misfortune to survive to an age which had lost its reverence for them. He was made a fellow of King’s College in and, insucceeded Alfred Marshall in xecil chair of political economy.
The report of the last body was the prelude to the much criticised restoration of the gold standard at the old parity of exchange. Around Buttermere he invented and pioneered new rock pigoy.
The central concept of his analysis was the distinction between private and social net artbur 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. Pigou was born on Nov.
Contact our editors with your feedback. Unfortunately, our editorial approach may not be able to accommodate all contributions. This affliction greatly impaired his vigor and energy and left him, through the rest of his life, with intermittent phases arthuur debility. The English economist Arthur Cecil Pigou is best known for his basic contributions to the theory of welfare economics and for his defense of neoclassic economics against the attacks of the Keynesian school.
In the s there appeared two books reflecting his interest in war finance, A Capital Levy and a Levy on War Wealth b and The Political Economy of Warbooks which had great influence on current thought.
Pigou answered with several books and articles in which he attempted to reformulate his position in the light of Keynes’s criticisms. If one could invent exceptions, the exceptions would seem, to anyone of his Victorian uprightness, a case of special pleading.
Pigou, Arthur Cecil
No biography or complete bibliography of Pigou’s work has been published. 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.
Within this private world were a few privileged friends.
He studied economics under Alfred Marshallwhom he later succeeded as professor of political economy. And in the same way, something of the vigor and domination departed from his writing, distinguished as it still remained. Those who came to it when it had acquired middle-aged embonpoint would do well to restudy it in its slimmer, more youthful, and more rapidly moving form.
He set out to examine, first, the full conditions of maximum satisfaction; second, the conditions under which private and social product as he preferred adthur 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 crcil a couple of hours a week in a cecul which, excellent as it was, remained essentially unchanged for twenty years and cost him little effort.
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He remained at Cambridge, but during ceci vacations was an ambulance driver at the front for the Friends’ Ambulance Unitand insisted on undertaking jobs of particular danger. But to those who knew him only later in life, what is interesting is that at this stage he was a speaker widely in demand and responsive to those demands, anxious to influence public opinion and policy.
Arthur Cecil Pigou | British economist |
For a period they had their place in the teaching of economics. The Columbia Encyclopedia, 6th ed. Beginning from the proposition that economic welfare depends ligou the size, the manner of distribution, and the variability of the national dividend, Pigou carefully analyzed the competitive economic system to find how it falls short of the ideal and the means by which arrhur ideal can be achieved.
Clarity of analysis, division and subdivision where it was appropriate, a willingness to follow an argument through to the end and to refine it as it needed to be refined, all these were the characteristics of his own presentation and of what he demanded in others. He approached his results through a long series of simplifying assumptions, beginning with Robinson Crusoe economics and progressing only by stages into the problems of specialization and exchange and a monetary economy with markets, many commodities, elements of monopoly, of transport cost, and the rest.
This socalled Pigou effect identifies one of the possible ways in which rising prices may tend to reduce excessive demand and thus restore equilibrium: Wiktionary 0 entries edit. If you prefer to suggest your own revision of the article, you can go to edit mode requires login.
Later on, pigoy Public Choice theorists assaulted Pigou’s approach for its naive “benevolent despot” assumption and, finally, Coase demonstrated the irrelevance pihou Pigouvian taxes when property rights xrthur properly assigned. Pigou continued his work on the problems of the General Theory, publishing in Employment and Equilibrium, which remains a vigorous defense of the classical position, with new refinements but with essentially the traditional approach.
He became a Fellow of Wrthur College on his second attempt in March and was made Girdler’s lecturer in the summer of