By Nahid Aslanbeigui, Guy Oakes
The British economist Arthur Cecil Pigou (1877-59) reconceptualized economics as a concept of monetary welfare and a common sense of coverage research. Misconceptions of his paintings abound. This publication, an essay in demystification and the 1st analyzing of the total Pigouvian oeuvre, stresses his pragmatic and historicist premises.
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Additional info for Arthur Cecil Pigou
On 19 March 1903, Marshall wrote Pigou that he had read his article, accepted its main point, and agreed that he should have introduced qualifications along the lines Pigou suggested. In his defence, he claimed that he had always assumed that the demand price of a group serves as an approximate measure of satisfaction only if consumers with ‘The Most Brilliant Young Man I Know’ 37 different incomes and sensibilities are uniformly distributed throughout the group. It was also necessary to assume that effects of changes in fashion include changes in the capacity of articles of consumption to mark distinctions significant to consumers (Marshall 1996b, 7).
As befitted the selection of his successor, the electors were men of distinction. J. Balfour was a former Conservative prime minister. Lord Courtney of Penwith had been a Member of Parliament for 24 years and served as financial secretary of the Treasury in Gladstone’s government. Francis Y. Edgeworth, a highly original economist and prolific scholar, was the Drummond Professor of Political Economy at Oxford and editor of the Economic Journal (EJ), the most prestigious British publication in economics.
I am coming to Cambridge to-morrow’, he wrote his father eight days before the election, ‘and will bring two volumes of Pigou with me; I can’t find the “Riddle of [the] Tariff” [Pigou 1903e] and think it must be at Harvey Rd [the Keynes residence]’ (22/5/1908, JMK/PP/45/168). In the first Board meeting he attended as professor, Pigou allocated £200 per year of his stipend for instruction in economics, recommending that it cover lectureships for Maynard and Walter Layton in the coming academic year (6/3/1908, CUA/Min.