In some repects Pigou, even if imprecise, at least was on the side of the angels: 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.
But it was primarily through Pigou that the Marshallian tradition was handed down and became the Cambridge school of economics. But he conceived of the development of an economy, not as more or less steady, dictated by continuous technical progress and capital accumulation, but rather as a set of steps— stationary states that are disturbed by spasmodic changes in technology, in accumulation, or in other factors.
Now, if we take random groups of people of the same race and brought up in the same country, we find that in many features that are comparable by objective tests they are on the average pretty much alike; and, indeed, for fundamental characters we need not limit ourselves to people of the same race and country.
And in Pigou, eight years after retirement, asked some of us who 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.
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.
His talents in sports allowed him to be approved of by many at a time in history where athletics was looked at as being more important than academics. Wealth and Welfare, This affliction greatly impaired his vigor and energy and left him, through the rest of his life, with intermittent phases of debility.
Thus, indignantly, he imagined Keynes making the following attack: Throughout this period 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 In the reactions of the s he has probably been more underrated than any other economist of first distinction.
But one wonders whether some of this work, with its emphasis on variations of harvests, on variations of the rates of invention and of consumer stock-building of newly invented durables, and on other nonmacroeconomic factors, may not be overdue for rediscovery and adaption to newer macroeconomic theories.
From the early s 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.
He wrote a theory of welfare that was applicable in practice.
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.
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. In the s there appeared two books reflecting his interest in war finance, A Capital Levy and a Levy on War Wealth b and The Political Economy of Warbooks which had great influence on current thought.
Pigou was, in fact, not directly concerned in this book with the same problems as Chamberlin and Joan Robinson. He really never gained any expertise in the subject until he began teaching it in But to those who knew him only later in life, what is interesting is that at this stage he was a speaker widely in demand and responsive to those demands, anxious to influence public opinion and policy.
He loved mountains and climbing, and introduced climbing to many friends, such as Wilfrid Noyce and others, who became far greater climbers.
Principles and Methods of Industrial Peace. | Arthur Cecil Pigou [An updated version of this biography can be found at Arthur Cecil Pigou in the 2nd edition.] A rthur C. Pigou, a British economist, is best known for his work in welfare economics.
Arthur Cecil Pigou The English economist Arthur Cecil Pigou () is best known for his basic contributions to the theory of welfare economics and for his defense of neoclassic economics against the attacks of the Keynesian school.
The Background of Arthur Cecil Pigou a Professor of Political Economy. 1, words. 2 pages. George Washington: A Neutral and Impartial Leader. words. 1 page. A Biography of Sandro Botticelli an Italian Artist. words. 1 page. The Early Childhood of Adolf Hitler.
2, words. 7 pages. Arthur Cecil Pigou, (born November 18,Ryde, Isle of Wight, England—died March 7,Cambridge, Cambridgeshire), British economist noted for his studies in welfare economics.
Educated at King’s College, Cambridge, Pigou was considered one of Alfred Marshall’s best students. Background Arthur Cecil Pigou, commonly known as A.C. Pigou, is best known today for his work in welfare economics. He made a large contribution to the theory of economic prosperity.
Pigou, Arthur Cecil. Assessment. WORKS BY PIGOU. SUPPLEMENTARY BIBLIOGRAPHY. Arthur Cecil Pigou (–), professor of political economy at Cambridge University from tois today best known for his contributions to the theory of economic welfare.The background of arthur cecil pigou