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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.
Sweezy's first formally published paper on economics was a 1934 article entitled "Professor Pigou's Theory of Unemployment," published in the Journal of Political Economy in 1934. [3] Over the rest of the decade Sweezy wrote prolifically on economics-related topics, publishing some 25 articles and reviews. [3]
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]
Generally Keynesian explanations of the curve held that excess demand drove high inflation and low unemployment while an output gap raised unemployment and depressed prices. [68] In the late 1960s and early 1970s, the Phillips curve faced attacks on both empirical and theoretical fronts.
A. C. Pigou was at the time the sole economics professor at Cambridge. He had a continuing interest in the subject of unemployment, having expressed the view in his popular Unemployment (1913) that it was caused by "maladjustment between wage-rates and demand" [47] – a view Keynes may have shared prior to the years of the General Theory.
The best study of the inflation-unemployment trade-off finds that an increase in unemployment would reduce inflation by about one-third of 1%. Most other studies are in this ballpark.
People looking to save money for a big trip or financial investment may want to make plans around an "extra" paycheck in their pocket.. Employees who get paid on a biweekly basis (every other week ...
The Lucas islands model is an economic model of the link between money supply and price and output changes in a simplified economy using rational expectations.It delivered a new classical explanation of the Phillips curve relationship between unemployment and inflation.