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.Pigou was deeply offended by the General Theory, both for itsattacks on himself and its attacks on the Marshallian tradition atCambridge.Reviewing the General Theory, Pigou (1936) accusedKeynes of misrepresenting his views, and claimed there was nothingat all of merit in the book.He argued that in his previous work herecognized that expansionary policies could increase prices, therebyreducing real wages and increasing employment in the short run.Pigou (1943, pp.349f.) later developed his own criticisms of Key-nesian economics.He formulated the real balance or Pigou Effect,which described one way that the problem of high unemploymentwould tend to be self-correcting and not require Keynesian economicpolicies.Pigou pointed out that prices generally fall during periods ofhigh unemployment because firms cannot sell goods otherwise.As aresult, real wealth, or the purchasing power of prior savings, increasesduring a recession.Being wealthier, people tend to spend more.Thisadditional spending will then spur production, and businesses will147 ARTHUR CECIL PIGOU (1877 1959)hire more workers.Unemployment would thus end automaticallyand macroeconomic policy was unnecessary.Pigou spent most of his career within the shadows of twogiant Cambridge economists, Marshall and Keynes.For thisreason, his contributions have seemed small by comparison.Whilenot achieving the stature of either Keynes or Marshall, theinfluence of Pigou remains large.The way that economists analyzeand justify government intervention in economic affairs stems fromPigou.It is for this reason that Pigou became the father ofmodern public finance and modern welfare theory.It is also for thisreason that the field of environmental economics rests squarelyupon his shoulders.Works by PigouProtective and Preferential Import Duties, London, Frank Cass, 1906Wealth and Welfare, London, Macmillan, 1912Unemployment, New York, Holt, 1914The Economics of Welfare (1920), 4th edn, London, Macmillan, 1932Industrial Fluctuations, London, Macmillan, 1927A Study in Public Finance (1928), 3rd edn, London, Macmillan, 1951The Theory of Unemployment, London, Macmillan, 1933The Economics of Stationary States, London, Macmillan, 1935 Mr.J.M.Keynes General Theory of Employment, Interest and Money, Economica, 3, 10 (May 1936), pp.1132 The Classical Stationary State, Economic Journal, 53 (1943), pp.343 51Works about PigouChampernowne, D.G., Arthur Cecil Pigou 1877 1959, Journal of theRoyal Statistical Society, 122, pt II (1959), pp.263 5Collard, David, A.C.Pigou, 1877 1959, in Pioneers of Modern Economics inBritain, ed.D.E.O Brien and John R.Presley, London, Macmillan, 1981,pp.105 39Johnson, Harry, Arthur Cecil Pigou, 1877 1959, Canadian Journal of Eco-nomics and Political Science, 26 (February 1960), pp.150 5Saltmarsh, John and Wilkinson, Patrick, Arthur Cecil Pigou, 1877 1959,Cambridge, Cambridge University Press, 1960Other referencesKeynes, John Maynard, The General Theory of Employment, Interest and Money(1936), New York, Harcourt, Brace & World, 1964Okun, Arthur M., Equality and Efficiency: The Big Tradeoff, Washington, D.C.,Brookings Institution, 1975148 JOHN MAYNARD KEYNES (1883 1946)JOHN MAYNARD KEYNES (1883 1946)1With Adam Smith and Karl Marx, John Maynard Keynes (pro-nounced CANES) stands as one of three giant figures in the historyof economics.As Smith can be viewed as the optimist of this trio,seeing economic improvement as the main consequence of capital-ism; and as Marx can be viewed as the pessimist, believing that itsmany serious problems would cause capitalism to self-destruct;Keynes can be viewed as the pragmatic savior of capitalism.Recog-nizing both the benefits and the flaws of capitalism, Keynes looked toeconomic policy as a means of mitigating the problems that arise in acapitalist economy.Intelligent government policy could save capital-ism, he thought, allowing us to reap its benefits without experiencingits dark side.Keynes was born in Cambridge, England in 1883 with the pro-verbial silver spoon in his mouth.His father, John Neville Keynes,was the registrar at Cambridge University and a distinguished econ-omist and philosopher at the University.His mother was, for a time,the mayor of Cambridge.Keynes was educated at the best schools in England Eton andKing s College, Cambridge.At Cambridge, he studied the classics,philosophy with G.E.Moore, mathematics with Alfred NorthWhitehead, and economics with Alfred Marshall.Keynes also becamepart of an exclusive club of intellectuals at Cambridge, which laterbecame the Bloomsbury group.The group included major literaryand artistic figures such as Virginia Woolf, E.M.Forster, and LyttonStrachey.After graduation, Keynes sat for the British Civil Service exam andreceived the second-highest score of all those taking the test.Thisgave Keynes the second choice among all open civil service positions.Although he craved a job at the Treasury, this position was taken byOtto Niemeyer, who had first choice by virtue of scoring highest inthe exam
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