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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Pigou was, in fact, not directly concerned in this book with the same problems as Chamberlin and Joan Robinson. There were also a variety of smaller books of essays and lectures; as well as some elementary and pedagogic writings of lesser importance.

But to his Cambridge contemporaries Pigou was best known as cecjl leading figure in the Union Debating Society, where from his first term he made his mark and was outstanding as an orator, in a generation of brilliant speakers.

HET: Arthur C. Pigou

In this phase of his life he was very far from being the recluse he became in later years. Seligman, Main Currents in Modern Economics: He was never, as an economist, 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 economic policy making. 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 the end, his most lasting contribution was to point out that, as long as wage and price flexibility exists, the value of assets, the rathur 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. 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.


Pigou was generally critical of Keynesian macroeconomics and developed the idea of the Pigou effect on real money pigouu to argue that the economy would be more self-stabilizing than Keynes proposed.

Pigou, Arthur Cecil

The report of the last body was the prelude to the much criticised restoration of the gold standard at the old parity of exchange. If ccil could invent exceptions, the exceptions would seem, to anyone of his Victorian uprightness, a case of special pleading.

Inevitably, as presented by Pigou, those ideas took ceccil form of their own. And in the same way, something of the vigor and domination departed from his writing, distinguished as it still remained.

Arthur Cecil Pigou |

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.

Historical Commission of the Bavarian Academy of Sciences.

Views Read Edit View history. Pigou made his name inwhen he leaped headlong into the famous Tariff Reform debate raging in Britain. Whether Keynes artbur have achieved a radical rethinking of economics without wounding, as he did, Pigou and Robertson, among others, is a question that will be eternally debated. Wikinews 0 entries edit. A Cambridge Alumni Database. Like Marshall, Pigou felt that the study of economics could be justified only as a means of improving human society. Appropriate taxes and subsidies could, however, make private and social net products equal, thus leading each individual to behave in a way that maximizes social welfare.

Arthur Cecil Pigou

It is interesting to go back to that book, not ceil for its matter but also for its method, which remained characteristic of Pigou throughout his life and which deeply impressed his pupils. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia. Discover some of the most interesting and trending topics of American Academy of Arts and Sciences.


This page was last edited on 15 Decemberat His approach came immediately under severe attack from Robbins and Knight. He was professor of political economy at Cambridge from to In defense of Marshall, Pigou was prepared, if necessary, to sacrifice himself.

Increasingly, over these years, Pigou retreated into pugou ordered life of a recluse. Cite this article Pick a style below, and copy the text for your bibliography. Fellow of the British Academy. To deny this is to wreck, not merely Welfare Economics, but the whole apparatus of practical thought.

He emphasized the multiplicity of the causes of unemployment and argued that it results from a complicated system cecjl interrelated factors. Those who came to it when it had acquired middle-aged embonpoint would do well to restudy it in its slimmer, more youthful, and more rapidly moving form. He used statistics but rarely, and only to establish or to indicate the order of magnitude of some relevant fact.

That he had read and absorbed a great deal is evident. You can make it easier for us to review and, hopefully, publish your contribution by keeping a few points in mind.

Cecio the end of the war he reluctantly accepted a post in the Board of Tradebut showed little aptitude for the work. Around Buttermere he invented and pioneered new rock climbs. Contact our editors with your feedback.

Pigou himself in was a liberal —neither an extreme radical nor a socialist.