Arthur Pigou

The measure of success in economics is the extent to which it contributes to human well-being.

Private enterprise will not adequately perform functions that involve large positive or negative externalities.

Welfare economics seeks to evaluate policies by their impact on the national dividend.

The problem of value is the central problem of economic science.

In the long run, the greatest social good comes from minimizing waste in resource allocation.

Taxes on negative externalities can align private interests with social welfare.

The economist's role is to illuminate the path to greater prosperity for all.

Marginal utility diminishes as consumption increases, a fundamental truth of human satisfaction.

Society's progress depends on the wise distribution of economic resources.

Unemployment is not merely an economic ill, but a profound human tragedy.

The national dividend must be maximized to ensure equitable welfare.

Ethical considerations must guide economic policy, not blind profit.

The cost of production is ultimately borne by the consumer, but society pays the true price.

In economics, as in life, balance is the key to sustainability.

Government intervention is justified when markets fail to deliver social optimum.

True wealth lies not in accumulation, but in its beneficial use.

The study of economics reveals the interconnectedness of human endeavors.

External costs imposed on others demand corrective measures from the state.

Happiness in economics is measured by the satisfaction of wants, not their multiplication.

Economic policy should prioritize the vulnerable segments of society.