Arthur Cecil Pigou

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Arthur Cecil Pigou was a prominent British economist known for his work in welfare economics. Born in 1877, he was educated at the University of Cambridge, where he later became a professor. His most notable contribution, 'The Economics of Welfare', published in 1920, laid the groundwork for modern welfare economics by exploring how economic policies can improve social welfare. Pigou's work emphasized the significance of externalities and the role of government intervention in correcting market failures.

Throughout his career, Pigou influenced many economic theories and policies, particularly those related to public goods and environmental economics. His analyses provided a foundation for later economists, including those who expanded on his ideas regarding taxation and the effects of externalities on social welfare. Pigou's legacy continues to be felt in contemporary economic discussions surrounding government intervention and welfare policies.