One Hundred Years From Today: A. C. Pigou's Wealth and Welfare
This paper marks the centenary of A. C. Pigou’s Wealth and Welfare, published by Macmillan in 1912. Consideration is given to the content and contributions of Wealth and Welfare and: its relationship to Pigou’s earlier articles; its relationship to Pigou’s subsequent work on wealth and welfare; its reception within the broader economic community; and its relationship to Marshall’s approach to economics. In contrast to the conclusion of a recent study, it is suggested in this paper that Pigou’s general approach to wealth and welfare was complementary to, and not contrary to, the work of Marshall. Wealth and Welfare is a book that makes important and enduring contributions to economics, but it does so while remaining firmly within the Marshallian tradition.
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