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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.
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.
Pigou, on the other hand, presented a logical system where perfect competition occurs when firms produce at a level where marginal cost equals price. He explained that firms operate at less than full capacity due to falling demand curves and maximization of profits at a certain output level.
South Campus (site Sud): originally the École Nationale Supérieure des Travaux Publics, now the civil engineering and mining schools. Dorms are on this campus. North Campus (site Nord): originally the Institut Agricole de Bouaké and École Nationale Supérieure d’Agronomie, now the agronomy, continuing education, and doctoral schools.
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.
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]
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.
A pollution tax that reduces pollution to the socially "optimal" level would be set at such a level that pollution occurs only if the benefits to society (for example, in form of greater production) exceeds the costs. This concept was introduced by Arthur Pigou, a British economist active in the late nineteenth through the mid-twentieth century ...