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Arthur Cecil Pigou (/ ˈ p iː ɡ uː /; 18 November 1877 – 7 March 1959) was an English economist.As a teacher and builder of the School of Economics at the University of Cambridge, he trained and influenced many Cambridge economists who went on to take chairs of economics around the world.
The Pigou–Dalton principle (PDP) is a principle in welfare economics, particularly in cardinal welfarism. Named after Arthur Cecil Pigou and Hugh Dalton, it is a condition on social welfare functions. It says that, all other things being equal, a social welfare function should prefer allocations that are more equitable. In other words, a ...
From an economic aspect, congestion is a negative externality, for drivers can affect other drivers' costs of travel, such as costs of time, miles, or gasoline. [28] Therefore, in 1920 A. C. Pigou published the first edition of The Economics of Welfare and tried to solve the congestion problem.
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. [ 1 ] The principles of welfare economics are often used to inform public economics , which focuses on the ways in which government intervention can improve social welfare .
Arthur Cecil Pigou; The Economics of Welfare, 4th ed. 1932; Description: Pigou was one of the most influential economists that dealt with Welfare economics. He developed the idea of Pigovian tax. Importance: Topic creator, breakthrough, influence
Book X: A World of Monopolies - This book moves away from the theory of value and delves into the Economics of Welfare. It connects the analysis of monopoly value with the work of Pigou on welfare economics. The book raises ethical questions and explores the implications of a world dominated by monopolies.
Public interest theory is a part of welfare economics. It emphasizes that regulation should maximize social welfare and that regulation should follow a cost/benefit analysis to determine whether the increased social welfare outweighs the regulatory cost. The following costs can be distinguished: [citation needed] Formulation and implementation ...
Pigou worked on the theory of welfare economics and the quantity theory of money. Hawtrey and Robertson developed the Cambridge cash balance approach to theory of money and influenced the trade cycle theory. Until the 1930s, John Maynard Keynes was also influencing the theoretical concepts of the Cambridge school. The key characteristic of the ...