Arthur Cecil Pigou

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The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

Pigou, Arthur Cecil


Born Nov. 18, 1877, in Ryde, Isle of Wight; died Mar. 7, 1959, in Cambridge. English economist, representative of the Cambridge school of bourgeois political economy.

A student and follower of A. Marshall, Pigou was educated at Cambridge University, where he occupied the chair of political economy from 1908 until 1943. He was a member of the Committee on Currency and Foreign Exchange in 1918-19, the Royal Commission on Income Tax in 1919-20, and the Chamberlain Committee on Currency in 1924-25. The report of the last committee led to a short-lived restoration of the gold standard in Great Britain.

Pigou investigated a variety of economic issues, including tariff policy, cyclical fluctuations in industrial production, employment, and state finances. His Economics of Welfare (1920), which was first published in 1912 as Wealth and Welfare, already contains the seed of the later theory of the welfare state. Pigou’s elaboration of the concept of the economics of welfare helped make the necessity of state intervention in economic life a tenet of bourgeois economics. The bourgeois essence of Pigou’s economic views is especially evident in his approach to unemployment, which he considered a consequence of supposedly excessive wages for workers. Such an interpretation is theoretically unsound and in practice is directed against the interests of the working class.


Industrial Fluctuations. London, 1929.
The Economics of Stationary States. London, 1935.
Employment and Equilibrium. London, 1949.
A Study in Public Finance. London, 1949.


The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
This paper reviews A. C. Pigou's contributions to policy discussions pertaining to war finance across three distinct periods: the early phase of World War I from 1915 to 1916; the final phase of World War I from 1917 to 1918; and the post-war phase from 1919 to 1925.
A. C. Pigou, (1916d, 4) 27 July 1916, Conference on the Reorganisation of Industry.
"A. C. Pigou and the 'Real Purpose' of the 1924-25 Committee on the Currency and Bank of England Note Issues." History of Economic Thought and Policy 2016 (1): 5-19.
"A. C. Pigou, 1877-1959," in Pioneers of Modern Economics in Britain, edited by D.
But, within the economic culture at Cambridge, their main area of research has centred on the life and works of A. C. Pigou, with their jointly authored papers on that topic dating back a decade - and with Aslanbeigui's sole authored papers on Pigou going back to the 1990s.
The Pigou family history is traced, A. C. Pigou's education at Harrow is discussed and his experiences as a university student, resident of King's College, and his election to fellowship at King's are reviewed.
In A. C. Pigou: Journal Articles, edited by David Collard, xi-xxxiii.
'A. C. Pigou 1877-1959', Canadian Journal of Economics and Political Science, 26, pp.
Volume 1 of A. C. Pigou: Collected Economic Writings.
Volume 4 of A. C. Pigou: Collected Economic Writings.