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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Retrieved from ” https: Contact our editors with your feedback. National Library of Greece ID. For a period they had their place in the teaching of economics. On this basis we are entitled, I submit, to infer by analogy that they are probably pretty much alike in other respects also.

He was never, as an qrthur, 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 atrhur policy making. In the reactions of the s he has probably been more underrated than any other economist of first distinction.

Arthur Cecil Pigou – Wikipedia

No biography or complete bibliography of Pigou’s arthyr has been published. Holding the Cambridge professorship from toArthur Cecil Pigou personified the “Cambridge Neoclassicals” – the heart of the Marshallian orthodoxy in the first third of the century. That he had read and absorbed a great deal is evident. He rejected the idea of a progression from perfect competition to monopoly through a chain of closer and less close substitutes.

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. American Academy of Arts and Sciences. In his later years he gradually cwcil more of srthur recluse, emerging occasionally from his rooms to give lectures or to take a walk.


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.

A new set of environmental conditions would imply a transition which, he emphasized, lay outside the scope of the book toward a new stationary state. CambridgeCambridgeshireEngland. It affected Pigou doubly. There were also a variety of smaller books of essays and lectures; as well as some elementary and pedagogic writings of lesser importance.

To this injury was added insult inwhen Pigou petitioned for exemption from military service in World War I, on account that there was “no one” at Cambridge able to replace him Foxwell was still lecturing there.

Wikibooks 0 entries edit. Further Reading No biography or complete bibliography of Pigou’s work has been published. 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.

This is very far from the form of argument of the modern, arthut minded economist. Xecil 28 entries edit. At the bottom of the article, feel free to list any sources that support your changes, so that we can fully understand their context.

If you were pigouu with him, you had to satisfy him that what you proposed was a completely just solution of the problem in hand. And in Pigou, eight years after retirement, asked some of us who were then running the economics faculty at Cambridge whether he might have a couple of lectures in which to say certain cecl about the General Theory. By using this site, you agree to the Terms of Use and Privacy Policy.

Xecil first book eschews mathematics completely.


From the early 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. He is not, in that sense, to be ranked with Smith, Ricardo, Marshall, or Keynes, if one thinks only of the British school. Pigou had pigok principles, and these gave him some problems in World War I. Being the Burney Essay for He worked incessantly and regularly at his books.

He studied economics under Alfred Marshallwhom he later succeeded as professor of political economy. Through Marshall’s efforts, Pigou began lecturing in economics himself inbecame a fellow of King’s in and won the coveted Adam Smith Prize in British economist Arthur C.

Pigou, Arthur Cecil

Son of an army officer, A. Pigou set himself the question of the way in which equilibrium is reached in a stationary state, defined rigorously as one in which the population, its quality and age and sex distribution, its stock of equipment, technology, and tastes, are all fixed.

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.

We welcome suggested improvements to any of our articles. Later on, the Public Choice theorists assaulted Pigou’s approach for its naive “benevolent despot” assumption and, finally, Coase demonstrated the irrelevance of Pigouvian taxes when property rights are properly assigned.