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My Favourite Books: The Theory of Unemployment

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My Favourite Books: The Theory of Unemployment

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I published a book called The Theory of Umeployment in the year 1933. In the book, I discussed the issue of unemployment from the "money side" and "real side".

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My Favourite Books: Keyne's General Theory - A Retrospective View

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My Favourite Books: Keyne's General Theory - A Retrospective View

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The book was published in the year 1950 and compares two lectures given at Cambridge. The main idea of the book revolves around mathematics.

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My Favourite Books: The Economics of Welfare

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My Favourite Books: The Economics of Welfare

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In my most famous work Economics of Welfare, I discuss the Pigovian Tax. I believe that when private marginal benefit exceed the social marginal benefit, industrialists will not care because it is not causing any harm for them. When a spillover cost like this happens, nobody is willing to change anything because the private corporations feel like this is how they're making money and they'll want to continue. This will result in nobody taking responsibility for the results of production and also an over production. To solve the issue of negative externalities, I recommended to tax the item that is causing an externality. This way, the producers will have to pay extra money to produce the item and therefore will limit and reduce the production of the item. This would effectively make the marginal social benefit and the marginal private benefit the same again, restoring the market back to a healthy equilibrium.

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Hi!! My name is Arthur Pigou and I was born on November 18th 1877. My father was Clarence George Scott Pigou, an army officer, and my mother was Nora Biddel Frances Sophia Lees.  I won a scholarship to Harrow School and in 1896, I was accepted into King's College, Cambridge where I was a history scholar and read under Oscar Browning. There, I won the Chancellor's Gold Metal for English Verse in 1899, the Cobden in 1901, and Adam Smith prizes in 1903. That's how I earned my position as president in the Cambridge Union University.

I started lecturing on economics in 1901 and was made the Girdler's lecturer in the summer of 1904. In 1908, I was elected the professor of political economy at the university of Cambridge where I held the position for 35 years until 1943. I wrote the book The Economists of Welfare in the year 1920 which addressed the idea of externalities and Pigovian Tax. After the book was published, a group of modern economists started a club called the Pigou Club to support the idea of carbon tax.

During the World War I, I was very against military service when it involved destroying and taking human lives which got me in some trouble at times. That's why in my vacation time from teaching at Cambridge, I worked as a driver at the Friend's Ambulance Unit and took on many of the most dangerous jobs to save lives.

I died at the age of 81 on March 7th 1959.

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Alfred Marshall was by far my biggest inspiration, he was my mentor and academic advisor. It was with his original concept of externalities that I used to further develop my own theory, as well as the theory of Pigouvian taxes.

I was also good friends with John Maynard Keynes, and although our ideas may have differed at times, I never let that jeopardize our friendship. I think we both helped to push each other to further develop our economic theories. We've both mentioned each other many times, making comments on one another's theories.

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My most notable contribution to the field of economics would be my develops on the concept of externalities. It was based upon the fact that costs or benefits imposed on others are not considered by the person taking the action. One of the most notable things is that I developed was the idea that taxing negative externalities would fix the problem. Such as carbon tax against pollution. This tax to reduce spillover costs has been named after me, as a Pigouvian Tax. He applied the same concept to subsidies, named a Pigouvian Subsidy

I also developed the idea that increased consumption stimulates production and employment, known as the Pigou Effect.