By Nahid Aslanbeigui, Guy Oakes
The British economist Arthur Cecil Pigou (1877-59) reconceptualized economics as a conception of monetary welfare and a common sense of coverage research. Misconceptions of his paintings abound. This publication, an essay in demystification and the 1st studying of the whole Pigouvian oeuvre, stresses his pragmatic and historicist premises.
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Extra info for Arthur Cecil Pigou
As more consumers own diamond rings, the marginal utility of a diamond ring for any given consumer decreases. This is because a consumer’s demand for a diamond ring depends in part on his preference for what is scarce and exclusive. Consumer demand for top hats also depends on how many top hats other people own, but in a quite different way. In this case, the consumer wants to exhibit his social status and conform to the fashions of his class. The higher the number of people who own top hats in a consumer’s reference group, the greater his desire to own one (Pigou 1903f, 60–2).
Even months before ‘The Most Brilliant Young Man I Know’ 29 the election, he began laying the groundwork for a reconfiguration of Cambridge economics along lines contrary to Marshallian principles. In his post-election letter of 8 June 1908 to Clara Collet, he confessed that ‘ever since October I had been preparing for the reorganisation of the school here. I had got Fay [an economic historian not notable for his analytical powers] elected to a fellowship’ (quoted in Coats 1972, p. 493). Foxwell’s preoccupation with the trivial ephemera of everyday life was well known to his family and friends.
Browning’s homosexual proclivities seem to have been an open secret at Cambridge. As his biographer notes, he enjoyed ‘a permanent court of admiring students’ (Anstruther 1983, 9). For a time, this group included Pigou, whom Browning entertained at his London club, the Athenaeum. 3. Marshall also paid each prize examiner £10. L. Price (CUR, 16/1/1903). 4. Based on information he received from Foxwell, who had been an elector in 1884 when Marshall was the successful candidate for the professorship, Neville Keynes noted in his diary how electors proceeded: in their deliberations, each elector offered his assessment of each candidate (JNK/Add.