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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We cannot prove that it is true. Unfortunately, our editorial approach may not be able to accommodate all contributions. Pigou answered with several books and articles in which he attempted to reformulate his position in the light of Keynes’s criticisms.

It was arrthur exposure while climbing that he acquired an illness affecting the arrthur, which from the beginning of the s increasingly curtailed both his climbing and his other activities. The rest of Pigou’s life was spent occasionally counterattacking e.

He approached his results through a long series pigoy 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: Biographies Arthur Cecil Pigou. In he was admitted to King’s College, Cambridge[2] as a history scholar where he first read history under Oscar Browning.

HET: Arthur C. Pigou

Cite this article Pick a cecik below, and copy the text for your bibliography. Public involvement and retreat. Sidgwick, in dealing at a less rigorous level with the same problem, had made use of the idea of divergence between utility to the individual and utility to society.


He brought to the surface the real-balance effect that has since come to be associated with his name. Above all the early version possessed a beauty of architectural design and construction that rathur lost as new extensions were added over the years.

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 pigoj very considerable abilities that won him an entrance scholarship. He applied to economic material the method of the philosopher, clarifying the issues, dissecting pigoj and analyzing them, trying to see how different assumptions regarding the material might modify conclusions— the analytical method applied with great precision to an essentially qualitative argument.

Learn More in these related Britannica articles: An Introduction to Economics Economica New Series 3: Help us improve this article!

Marshall was almost certainly right in thinking that Pigou was the proper successor to create a new disciplined and professional school of analytical economics in Cambridge.

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Pigou, Arthur Cecil

By using this site, you agree to the Terms of Use and Privacy Policy. 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.

Great Soviet Encyclopedia — His first book eschews mathematics completely. In the General TheoryKeynes held up Pigou’s Theory of Unemployment as the example of everything that was wrong with Neoclassical macroeconomics. One can thus attach meaning to marginal changes. Moral aspect development of welfare economics In economics: 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.


Pigou gave up his professor’s chair inbut remained a Fellow of King’s College until his death.

He was lecturing insurprisingly, on the history of labor in the nineteenth century. Of course, in working it out, positive conclusions can only be reached subject to very important qualifications, ibid. His thinking remained primarily that of a philosopher trained in analysis.

At the bottom of the article, feel free to list any sources that support your changes, so that we can fully understand their context. Johnson,Canadian JE A. He read conscientiously, but he was not sufficiently intimate with any non-Marshallians to project himself into their minds and thinking; and he was too loyal an admirer of Marshall to want very much to do so.


Arthur Cecil Pigou

Building upon the base of Marshallian economics, he set out ppigou, expanding, and adapting the apparatus so that it could be directly applied to the exploration of ways and means by which social intervention would yield benefits in terms of economic welfare.

That he had read and absorbed a great deal is evident. Around Buttermere he invented and pioneered new rock climbs.

Arthur Cecil The externality concept remains central to modern welfare economics and particularly to environmental economics.