Arthur Pigou


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Arthur Pigou

A 20th-century English economist. He was noted for his contributions to welfare economics (the use of microeconomic data to measure the health of an economy) and externalities (the costs or benefits of a transaction to parties who do not directly participate in it). He lived from 1877 to 1959. See also: Pigouvian taxes.
References in periodicals archive ?
In economic parlance, this is known as a Pigovian tax, because it is meant to correct an undesirable outcome in the market, or what the British economist Arthur Pigou defined as a negative externality -- in this case, the greenhouse-gas emissions that are responsible for global warming.
Thinkers surveyed include Arthur Pigou, John Maynard Keynes, Alvin Hansen, Abba Lerner, Richard Musgrave, as well as others.
After the chapter "treating citizens as equals," Scheve and Stasavage review classic theoretical writing on taxation--including Arthur Pigou, Francis Edgeworth, John Stuart Mill, and Edwin Seligman--in order to present the ability to pay, equal treatment, and compensatory principles.
Going back to the work of noted British economist Arthur Pigou, economic experts have advocated subsidizing activities with positive spillovers and taxing those with negative spillovers.
Barnes's inspirations include Thomas Paine's social insurance schemes of the 18th century, British economist Arthur Pigou's pioneering work on taxing pollution in the early 20th century, and Francis Townsend's idea in the 1920s for a universal pension.
By that year, Marshall had already been retired as Professor of Economics for four years, and Robertson's economics teachers were Arthur Pigou and John Maynard Keynes.
There are two kinds of externalities: pecuniary externalities advocated by Alfred Marshall and technical externalities advocated by Arthur Pigou that are further classified into positive and negative technical externalities.
Like Arthur Pigou and other classical British economists, Stern uses a near-zero discount rate in summing future costs and benefits.