Arthur Pigou
A student of Alfred Marshall, he developed the concept of externalities and advocated for government intervention to correct market failures.
Quotes by Arthur Pigou
The laborer's disutility must be weighed against the utility derived from output.
Life's value is enhanced by economic security and opportunity.
Innovation thrives when externalities are internalized through policy.
Wisdom in economics demands foresight beyond immediate gains.
The market's invisible hand sometimes needs a guiding policy hand.
Social welfare is the sum of individual welfares, adjusted for equity.
In reflection, economics teaches us the fragility of prosperity.
The essence of welfare is the avoidance of unnecessary suffering.
Positive externalities, like education, merit public support.
Economic theory must be tested against the realities of human behavior.
The greatest good for the greatest number guides ethical economics.
Fluctuations in industry reveal the need for stabilizing mechanisms.
Personal fulfillment arises from contributing to societal wealth.
The tariff riddle solves itself through careful analysis of welfare effects.
Economics illuminates the path from scarcity to abundance.
In life's ledger, economic efficiency balances human joy.
The unemployed man's plight underscores economics' moral dimension.
Subsidies for public goods ensure collective benefit.
Reflection on welfare reveals economics' profound human core.
The national minimum standard of living is a cornerstone of welfare.