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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.
Pigouvian taxes are named after English economist Arthur Cecil Pigou (1877–1959), who also developed the concept of economic externalities. William Baumol was instrumental in framing Pigou's work in modern economics in 1972.
In economics, the Pigou effect is the stimulation of output and employment caused by increasing consumption due to a rise in real balances of wealth, particularly during deflation. The term was named after Arthur Cecil Pigou by Don Patinkin in 1948.
Early monetary theorists Alfred Marshall, Arthur Cecil Pigou, and Keynes were based at University of Cambridge. [6] Pigou and Keynes were associated with the constituent King's College (chapel shown above). [7] Macroeconomics descends from two areas of research: business cycle theory and monetary theory.
Influential theories have been the ability theory presented by Arthur Cecil Pigou [2] and the benefit theory developed by Erik Lindahl. [3] [4] There is a later version of the benefit theory known as the "voluntary exchange" theory. [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.
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.
Arthur Pigou had previously developed the concept of economic externalities in a publication of 1920 [15] in which he proposed that what is now referred to as a Pigouvian tax equal to the negative externality should be used to bring the outcome within a market economy back to economic efficiency. [13]