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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 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.
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]
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]
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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 ...
Note: The surname Pigou forms part of the terms Pigou Club and Pigouvian tax, both derived from the name of the English economist Arthur Cecil Pigou. Pigou is an English surname of Huguenot derivation. The Pigou family originated from Amiens in France. The name was related to pique or pike, and the Pigou arms consist of three pike heads.
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.