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The Pigou Club is described by its creator, economist Gregory Mankiw, as a “group of economists and pundits with the good sense to have publicly advocated higher Pigouvian taxes, such as gasoline taxes or carbon taxes." [1] A Pigouvian tax is a tax levied to correct the negative externalities (negative side-effects) of a market activity.
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.
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. [ 1 ] The principles of welfare economics are often used to inform public economics , which focuses on the ways in which government intervention can improve social welfare .
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 ...
From an economic aspect, congestion is a negative externality, for drivers can affect other drivers' costs of travel, such as costs of time, miles, or gasoline. [28] Therefore, in 1920 A. C. Pigou published the first edition of The Economics of Welfare and tried to solve the congestion problem.
For publishers, Donald Trump's presidential years were a time of extraordinary sales in political books, helped in part by Trump's legal threats and angered tweets. According to Circana, which ...
The Peterson Institute for International Economics has run the numbers and found that Trump's ideas for 60% duties on China and 10% on other trading partners would lead to a typical middle-class ...
Book X: A World of Monopolies - This book moves away from the theory of value and delves into the Economics of Welfare. It connects the analysis of monopoly value with the work of Pigou on welfare economics. The book raises ethical questions and explores the implications of a world dominated by monopolies.