Arthur Cecil Pigou (1877-1959) was an English economist, successor to Alfred Marshall as professor of political economy at Cambridge and a builder of the Cambridge School. He founded welfare economics with The Economics of Welfare (1920), introducing the concept of externalities and the Pigouvian tax as a remedy for market failures such as pollution. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
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Pigou's enduring contribution, The Economics of Welfare (1920), introduced the externality concept and the Pigouvian tax as its remedy; the uncorrected welfare cost of an externality is the deadweight loss this atlas's concept describes. associated-with rather than attributed-to: Pigou generalized and formalized the welfare-cost analysis rather than originating the deadweight-loss concept itself.
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Source Arthur Cecil Pigou (Wikipedia)Lead sentence 1Quote, Lead sentence 1
Arthur Cecil Pigou (; 18 November 1877 – 7 March 1959) was an English economist.
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1. Arthur Cecil Pigou (Wikipedia)
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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.
Infobox, Born field
18 November 1877
Infobox, Died field
7 March 1959
In Group: Marginalist, Neoclassical and Welfare Economists, Lead
His work covered various fields of economics, particularly welfare economics, but also included business cycle theory, unemployment, public finance, index numbers, and measurement of national output.
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Wikimedia FoundationAssociated With: Deadweight Loss, Arthur Cecil Pigou, Career and Contributions sectionQuote, Associated With: Deadweight Loss, Arthur Cecil Pigou, Career and Contributions section
Pigou's most enduring contribution was The Economics of Welfare, 1920, in which he introduced the concept of externality and the idea that externality problems could be corrected by the imposition of a Pigovian tax.
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