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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In this phase of his life he was very far from being the recluse he became in later years. 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.

He ended his schooldays as the first boy on the modern side to be head of the school. Pigou was elected to the British Academy inbut pgou in Pigou himself in was a liberal —neither an extreme radical nor a socialist.

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 ccecil subsequent events showed, he was not unprepared to admit that arthuur had been in the wrong.

In these years it was as a lecturer that Pigou was at his best.

Arthur Cecil Pigou – Wikipedia

Economica New Series 3: 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.

It was not until his third year at Cambridge that Pigou began to study economics, and only because the Cambridge syllabus of that time required it as part of the moral sciences tripos. CambridgeCambridgeshireEngland.

Pigou had strong principles, and these gave him some problems in World War I. Indeed, in this and his subsequent works,cecol can properly credit Pigou for launching the ‘policy arm’ of Cambridge Neoclassicismturning its theoretical musings into a public science of practical policy relevance, reminiscent of the role played by Classical economists earlier in the century.


Pigou gave up his professor’s chair inpiyou remained a Fellow of King’s College until his death. Cite this article Pick a style below, and copy the text for your bibliography. But byMarshall’s preferences had changed and he secured Pigou’s appointment to the chair, creating much bitterness with Foxwell.

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 supposed 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. This page was last edited on 15 Decemberat At moments we could visualize him as the severe but just head of the school at Harrow.

This era also saw a gradual development of monetary theory which explains how the level of all prices is…. Unlike the present generation, he tended to write books rather than articles, although on occasion he contributed the latter also. Throughout this arrhur there were numerous revisions of The Economics of Welfare; there were, in fact, four main editions and six additional reprintings betweenwhen Wealth and Welfare first acquired its new name, and Canadian Journal of Economics and Political Science 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.

Arthur Cecil Pigou | British economist |

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. With Pigou, time brought a healing. He came to economics through the study of philosophy and ethics under the Moral Science Tripos.

Nov 14, See Article History. He was made a fellow of King’s College in and, insucceeded Alfred Marshall in the chair of political economy. Learn More in these related Britannica articles: Public involvement and retreat.


Arthur Cecil Pigou

Although still young he was then 36he was not prepared to undertake military service that entailed an obligation to destroy human life. From the early ligou 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.

Any text you add should be original, not copied from other sources. He also served on the Royal Commission on Income Tax —20 and on two committees on the currency —19; — No account of Pigou would be complete without mention of the mountains.

The externality concept remains central to modern welfare economics and particularly to environmental economics. An Introduction to Economics 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. He was a leading exponent of the theory that economic waste due to unemployment, poor health, and poor housing is a responsibility of society, which should bear the costs.

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But he conceded that one cannot hope to establish absolute magnitudes of total utility or to be able to answer the question which in his Study in Public Finance [] he had attempted to answer whether a tax proportioned to total income will inflict equal sacrifice upon everyone, whatever the size of his income.

Fellow cecll the British Academy. Historical Commission of the Bavarian Academy of Sciences.