A. C. (Arthur Cecil) Pigou

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Arthur Cecil Pigou was a prominent British economist known for his significant contributions to welfare economics. He is best recognized for his work on externalities and public goods, which laid the groundwork for understanding how economic activities impact the welfare of society. His influential book, "Wealth and Welfare," published in 1912, explored the relationship between economic productivity and social welfare, emphasizing the importance of policy interventions to correct market failures.

Throughout his career, Pigou's ideas shaped economic thought and influenced public policy. He argued for the necessity of government action to address issues like unemployment and social injustice, making a case for a more equitable distribution of wealth. His legacy as a leading figure in the Cambridge school of economics continues to resonate, as modern economists build upon his theories to address contemporary challenges in economic policy and welfare analysis.