A. C. Pigou

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A. C. Pigou was a prominent British economist known for his significant contributions to welfare economics and public finance. Born in Kingston upon Hull in 1877, he was educated at the University of Cambridge, where he later became a lecturer. Pigou's most influential work, 'The Economics of Welfare', laid the groundwork for the concept of social welfare and the analysis of externalities, which are costs or benefits incurred by third parties not directly involved in an economic transaction. His ideas have had a lasting impact on economic policy and theory, particularly in addressing issues of public goods and market failures.

Throughout his career, Pigou was a strong advocate for government intervention in the economy to correct market inefficiencies. His views on unemployment and the role of the state in economic management were particularly influential during the interwar period. Although his ideas were later challenged by the rise of Keynesian economics, Pigou's legacy in the field of economics remains significant. His insights continue to inform contemporary discussions on economic policy and the balance between market forces and government regulation.