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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London School of Economics and Political Science. Above all the early version possessed a beauty of architectural design and construction that was lost as new extensions were added over the years.
Pigou, Arthur Cecil
I have always believed that this was the sad but necessary cost of the revolution of thought. It could not be claimed for him that he ever possessed the practical administrative abilities cedil carried Keynes, Walter Layton, Hubert Henderson, and others of the Cambridge economists of that generation rapidly into positions of authority and responsibility. He loved mountains and climbing, and introduced climbing to many friends, such as Wilfrid Noyce and others, who became far greater climbers.
A neglected aspect of Pigou’s work is his analysis of a range cecli labour-market phenomena studied by subsequent economists, including collective bargainingwage rigidityinternal labour marketssegmented labour market, and human capital.
Another source of bad luck was John Maynard Keynes decision to use Pigou as the “straight man” in his polemics. The King’s College Library catalog lists almost 30 books and over pamphlets and articles. Then, copy and paste the text into your bibliography or works cited list. He was almost certainly thinking in terms of minor, marginal changes within the framework of a liberal society. The Cambridge economists of the s owed to Keynes their sense of the importance of the economic issues and their sense of urgency to achieve essential reforms; but it was primarily pugou Pigou and also, in later years, to Dennis Robertson and others that they owed their arthyr in the disciplines of economic reasoning.
He studied economics under Alfred Marshallwhom he later succeeded as professor of political economy. 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. In appeared Unemployment, a small, popular book in which Pigou, following the thinking of that time, attributed unemployment principally to lack of flexibility of wage rates.
The rest of Pigou’s life atrhur spent occasionally counterattacking e. 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 cefil 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. Whether Keynes could have achieved a radical rethinking of economics without wounding, as he did, Pigou and Robertson, among others, is a question that will be arhhur debated.
Arthur Cecil Pigou – Wikidata
Copyright The Columbia University Press. 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.
All structured data 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. His idea, now known as the Pigouvian tax, is to force producers to pay a tax equal to the external damage caused by their production decisions in order to allow…. 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.
While Pigou, as his working life continued, gradually acquired the habits of mathematical economics, he was not by instinct and training a mathematical economist. When Pigou asked for something to be published in the Economic Journal, which at that time Keynes and I edited, Keynes would accept it without demur but would seek to persuade Pigou to agree to minor changes on points where he believed that subsequent discussion might show Pigou to be wrong.
Wikiquote 1 entry edit. He served as a member of the committee on currency and foreign exchange and of the royal commission on income tax He emphasized the multiplicity of the causes of unemployment and argued that it results from a complicated system of interrelated factors.
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.
But modern economics would have been very different without him. Arthur Cecil Pigou —professor of political economy at Cambridge University from tois today best known for his contributions to the theory of economic welfare. Like Marshall, Pigou felt that the study of economics could be justified only as a means of improving human society. From the piogu s onward, Pigou withdrew, save for brief exceptions and an occasional letter to The Times, from taking part in national affairs and devoted himself more and more completely to Cambridge.
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We admired Pigou; after a lecture we would sometimes shyly ask him a question, and he would answer, either jocularly or even more shyly. Please try again later. In the General TheoryKeynes held up Pigou’s Theory of Unemployment as the example of everything that was wrong with Neoclassical macroeconomics. There was a problem with your submission.
These he loved, with these he illustrated problems in his lectures, and a keen and to these he hurried away when term ended. 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.
From Wikipedia, the free encyclopedia. Pigou applied his economic analysis to a number of other problems, including tariff policy, unemploymentand public finance. He came to economics through the study of philosophy and ethics under the Moral Science Tripos.
Virtual International Authority File. Pigou was born inthe eldest son of Clarence Pigou and his wife, Nora, at Beachlands, Ryde, in the Isle of Wightthe family home of his mother. In Pigou published The Theory of Unemployment, a book that was held in great esteem by orthodox economists.
Beginning from the proposition that economic welfare depends upon 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 the ideal can be achieved. He ended his schooldays as the first boy on the modern side to be head of the school. With such a family background it was rather a matter of course that Pigou should be sent, like his father, to Harrow, but it was his own very considerable abilities that won him an entrance scholarship.
It is not easy to place Pigou in the theogony of economists. Into this private world few women were admitted; the exceptions in later life were the wives of his climbing friends and other women who knew him in that life.