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Pigou on business cycles and unemployment: an anti-gold-standard view

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  • Norikazu Takami

Abstract

This note examines A. C. Pigou's views on the practical issue of high unemployment in the 1920s. In his Industrial Fluctuations, Pigou emphasized that the monetary aspect of business cycles was much more important to fluctuations in unemployment than wage adjustment. In a journal article, however, he stated that major part of the high unemployment should be attributed to the failure of money wage adjustment. I argue that, on balance, Pigou attached greater importance to monetary problems than to the wage rigidity.

Suggested Citation

  • Norikazu Takami, 2011. "Pigou on business cycles and unemployment: an anti-gold-standard view," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 18(2), pages 203-215.
  • Handle: RePEc:taf:eujhet:v:18:y:2011:i:2:p:203-215
    DOI: 10.1080/09672567.2011.564792
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    References listed on IDEAS

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    1. Wheelock,David C., 2004. "The Strategy and Consistency of Federal Reserve Monetary Policy, 1924–1933," Cambridge Books, Cambridge University Press, number 9780521531399.
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    Cited by:

    1. Rogéro Arthmar & Michael McLure, 2016. "A. C. Pigou and the ‘Real Purpose’ of the 1924-25 Committee on the Currency and Bank of England Note Issues," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2016(1), pages 5-19.

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