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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Hamilton,IJEthicsp. In defense of Marshall, Pigou was prepared, if necessary, to sacrifice himself. Wikivoyage 0 entries edit.

Pigou, Arthur Cecil

Then, copy and paste the text into your bibliography or works cited list. Arthur Cecil We cannot vecil that it is true. Johnson,Canadian JE A.

That he had read and absorbed a great deal is evident. He started from two existing ideas, to be found, in the Cambridge tradition, in the work of Marshall and of Sidgwick. Your contribution may be pibou edited by our staff, and its publication is subject to our final approval.

Professor Pigou is a classical economist; therefore the classical economists have committed these sins! It is not easy to place Pigou in fecil theogony of economists. Pigou applied his economic analysis to a number of other problems, including tariff policy, unemploymentand public finance.

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 the Alps he achieved most of what is possible to the best.


Educated at Harrow and King’s College, Cambridge, he compiled a brilliant record that included numerous prizes. But byMarshall’s preferences had changed and he secured Pigou’s appointment to the chair, creating much bitterness with Foxwell.

Arthur Cecil Pigou | British economist |

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 to Pigou and also, in later years, to Dennis Robertson and others that they owed their training in the disciplines of economic reasoning.

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.

Towards the end of the war he reluctantly accepted a post in the Board of Tradebut showed little aptitude for the work. To deny this is to wreck, not merely Welfare Ccil, but artbur whole apparatus of practical aethur.

Copyright The Columbia University Press. But it made curiously little impression on contemporary economics, either in Cambridge, elsewhere in England, or in America, and it now seldom receives detailed study. In particular, Pigou is responsible for the famous distinction between private and social marginal products and costs and the idea that governments can, via a mixture of taxes and subsidies, correct such market failures – or “internalize the externalities”.

Retrieved from ” https: In those two lectures, even more moving to hear than to read, he said, in effect, that he had come to feel, with the passage of time, that he had failed to appreciate some of the important things which Keynes had been trying to argue in the General Theory and that he had been oversevere in his Economica review. An illness affecting his heart developed in the early s, however, and this affected his vigour, curtailing his climbing and leaving him with phases of debility for the rest of his life.


Arthur Cecil Pigou – Wikidata

No biography or complete bibliography of Pigou’s work has arthug published. He consumed all that was written in economics, seeking always realistic illustrations for quotation in his own work, and in addition he devoured every detective story available.

Son of an army officer, A. While Pigou, as his working life continued, gradually acquired the habits of mathematical economics, he was not by instinct and training a mathematical economist. In all practical affairs we act on that supposition.

Arthur Cecil Pigou

The burden is the other way. But we do not need to do so. It was in that Pigou published the book which, in retrospect, is the most important of his works— Wealth and Welfare, as it was called in its first edition. His clothes progressively became more and pigku those of a hermit, and one never knew in what sartorial disarray or in what superannuated castoffs he would next appear.