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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The greater part of Wealth and Welfare as originally written, and an ever-increasing part of it as it grew through the various editions of Economics of Welfare, was devoted, in the first place, to the differences between social and private marginal net products arising from imperfect divisibility, to elements of monopoly and similar factors, arrthur to the methods of controlling monopoly and otherwise correcting these divergencies; second, it considered methods of remunerating labor and the practicability and desirability of interference to raise the wages of poorer workers.
Pigou, Arthur Cecil
Thus, indignantly, he imagined Keynes making the following attack: Wealth and Welfare treated rather scantily the whole question of taxation as it involves transfers from the relatively rich to the relatively poor, which later editions of Economics of Welfare treated more fully and systematically. In Pigou cecik The Theory of Unemployment, a book that was held in great esteem by orthodox economists.
Copyright The Columbia University Press. He emphasized the multiplicity of the causes of unemployment and argued that it results from a complicated system of interrelated factors. He satisfied himself, by appeal to evidence based on social inquiries, that the assumption he proposed was a plausible one.
Arthur Cecil Pigou
But even with the addition of the compensation principle, these discussions have tended arfhur leave untouched a large number of real cases in which as in cecip case of redistributional taxation the poorer may be supposed to benefit at artbur expense of the richer who will suffer some loss; even the compensation principle does not provide a complete and satisfactory solution.
He studied economics under Alfred Marshallwhom he later succeeded as professor of political economy. Other schools and fields of economics environmental economics In cexil economics: Any course, he argued, which without compulsion increased efficiency and the volume of the dividend or which increased the proportion of the dividend which was received by poor persons or which without diminishing its volume or injuring its distribution diminished the variability of the dividend would increase economic welfare.
It was not until the coming of Piero Sraffa in the middle s and of such younger lecturers as Joan Robinson and John Hicks in the s that Cambridge escaped from an uncritical acceptance of the Marshallian orthodoxy; but then, and even much later, through Robertson, Guillebaud, and others of us, Cambridge retained its essentially Marshallian tradition.
Arthur Cecil Pigou |
Print this article Print all entries for this topic Cite this xrthur. He ended his schooldays as the first boy on the modern side to be head of the school.
Albert Einstein, German-born physicist who developed the special and general theories of relativity and….
But modern economics would have been very different without him.
Arthur Cecil Pigou | British economist |
And in the same way, something of the vigor and domination departed from his writing, distinguished as cecl still remained.
To him it was just and proper, whatever could or could not be proved about capacity to absorb satisfactions, that the poor should be treated as if they were equal in value and capacity to the rich.
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.
In this phase of his life he was very far from being the recluse he became in later years. The Columbia Encyclopedia, 6th ed.
Discover some of the most interesting and trending topics of 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. A retrospective view This is very far from the form of argument of the modern, statistically minded economist. He was a lecturer at University College, London, and at Cambridge.
He was always a protector and defender of the underdog.
Our editors will review what you’ve submitted, and if it meets our criteria, we’ll add it to the article. Wikinews 0 entries edit. And in Pigou, eight years after retirement, asked some of us ppigou were then running the economics faculty at Cambridge whether he might have a couple of lectures in which to say certain things about the General Theory.