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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.
In 1935, it took over the former Squire Law Library, adjoining the Geological Museum, and in the early 1960s relocated once again to its present home on the Sidgwick Site. The Marshall Library is housed within the Austin Robinson Building (which is home to the Faculty of Economics ), designed by Hugh Casson .
Arthur Cecil Pigou (1877–1959) In 1920 Alfred Marshall's student Arthur Cecil Pigou (1877–1959) published Wealth and Welfare , which insisted on the possibility of market failures , claiming that markets are inefficient in the case of economic externalities , and the state must interfere to prevent them.
He explained that firms operate at less than full capacity due to falling demand curves and maximization of profits at a certain output level. Robinson highlights the limitations and simplifications made in Pigou's analysis, particularly in terms of assumptions about demand conditions and the concept of price policy in manufacturing industries. [1]
An example sometimes cited is a subsidy for the provision of flu vaccines and the public goods (such as education and national defense), research & development, etc. [6] [7] Pigouvian taxes are named after English economist Arthur Cecil Pigou (1877–1959), who also developed the concept of economic externalities.
The Downs–Thomson paradox (named after Anthony Downs and John Michael Thomson), also known as the Pigou–Knight–Downs paradox (after Arthur Cecil Pigou and Frank Knight), states that the equilibrium speed of car traffic on a road network is determined by the average door-to-door speed of equivalent journeys taken by public transport or the next best alternative.
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The Pigou effect was first popularised by Arthur Cecil Pigou in 1943, in The Classical Stationary State an article in the Economic Journal. [4] He had proposed the link from balances to consumption earlier, and Gottfried Haberler had made a similar objection the year after the General Theory's publication. [5]