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2024 | OriginalPaper | Buchkapitel

12. Socialism Versus Capitalism: A.C. Pigou’s Social Philosophy

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Abstract

In this chapter, we will examine Pigou’s social philosophy, mainly through Socialism versus Capitalism (Pigou 1937). This is all the more intriguing because it was about the same time that the General Theory was published. Secondly, we will take up “Central Planning” Pigou (1948) in Pigou (1952) written ten years later. As an addendum, we will take a look at Alfred Marshall and Current Thought (Pigou 1953). This is useful as an indication of how Pigou viewed Marshall.

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Fußnoten
1
Ursula writes in a letter to J. Hicks, 14 Oct. 1935 as follows: she completely agrees with J. Hicks’ view that Pigou is a general equilibrist at bottom, adding it makes his judgment very good. (On 17 Dec., they would be married.) [“The Letters between John Hicks and Ursula Webb, No. 2260–2346”, Hicks Archive, University of Hyogo.]
 
2
Other economists in interwar Cambridge worthy of socio-philosophical consideration are W. Layton and H. Henderson. See Collard, D. (1996) for the Cambridge economists of this period, and M.C. Marcuzzo and A. Rosselli, eds. (2005) for their personalities.
 
3
According to Kirzner (2000), until the Classical and early Neoclassical periods, competition was seen as a process of discovery. However, in particular, A. Chamberlain’s theory of monopolistic competition and J. Robinson’s theory of imperfect competition ironically determined the direction in which competition is viewed as a state.
 
4
The following discussion is identical in direction to the “blueprint” in Schumpeter (1943). See Hirai (2000a, pp.265–268).
 
5
Robbins was a leading economist at the LSE (London School of Economics). Robbins (1932) is best known for defining economics as a constrained optimal problem. Because this was so vivid, Robbins seems to have been misunderstood. For example, in the 1940s, as director of the Economic Section, he was in a position to support Keynes and Beveridge in setting employment policy and building the welfare state system. Also, Robbins’ liberalism differs from Hayek’s in nature and cannot be put together. For this, see Robbins (1961b).
 
6
On this point, see, for example, D. Collard (1996).
 
7
It is stated by R. Coase (1972) that Marshall felt certain limitations toward Pigou, and that his judgment was correct. In terms of the succession of economics, the relationship between Marshall and Pigou is delicate. As typified by B. Loasby (1978) there is a perception that Pigou has abstracted away important Marshallian issues such as organization, knowledge, and information. Arena, R. and Quéré, M. (2003) is an attempt to revive Marshall from this point of view.
 
Literatur
Zurück zum Zitat Arena, R. and Quéré, M., The Economics of Alfred Marshall, Macmillan, 2003.CrossRef Arena, R. and Quéré, M., The Economics of Alfred Marshall, Macmillan, 2003.CrossRef
Zurück zum Zitat Coase, R., “The Appointment of Pigou as Marshall’s Successor”, Journal of Law and Economics, October, 1972. Coase, R., “The Appointment of Pigou as Marshall’s Successor”, Journal of Law and Economics, October, 1972.
Zurück zum Zitat Collard, D., “Pigou and Future Generations”, Cambridge Journal of Economics, No.2, 1996. Collard, D., “Pigou and Future Generations”, Cambridge Journal of Economics, No.2, 1996.
Zurück zum Zitat Loasby, B., “Whatever Happened to Marshall’s Theory of Value”, Scottish Journal of Political Economy, Vol.25, 1978. Loasby, B., “Whatever Happened to Marshall’s Theory of Value”, Scottish Journal of Political Economy, Vol.25, 1978.
Zurück zum Zitat Marcuzzo, M. C. and Rosselli, A., eds., Economists in Cambridge: A Study through Their Correspondence 1907–1946, Routledge, 2005. Marcuzzo, M. C. and Rosselli, A., eds., Economists in Cambridge: A Study through Their Correspondence 1907–1946, Routledge, 2005.
Zurück zum Zitat Pigou, A.C., The Economics of Welfare, London: Macmillan, 1920. Pigou, A.C., The Economics of Welfare, London: Macmillan, 1920.
Zurück zum Zitat Pigou, A.C., Industrial Fluctuations, London: Macmillan, 1927. Pigou, A.C., Industrial Fluctuations, London: Macmillan, 1927.
Zurück zum Zitat Pigou, A.C., Socialism versus Capitalism, London: Macmillan, 1937. Pigou, A.C., Socialism versus Capitalism, London: Macmillan, 1937.
Zurück zum Zitat Pigou, A.C., Central Planning, 1948 (in Pigou, 1952a). Pigou, A.C., Central Planning, 1948 (in Pigou, 1952a).
Zurück zum Zitat Pigou, A.C., Essays in Economics, Macmillan, 1952b. Pigou, A.C., Essays in Economics, Macmillan, 1952b.
Zurück zum Zitat Pigou, A.C., Alfred Marshall and Current Thought, Macmillan, 1953. Pigou, A.C., Alfred Marshall and Current Thought, Macmillan, 1953.
Zurück zum Zitat Robbins, L., The Economic Problem in Peace and War, Macmillan, 1947. Robbins, L., The Economic Problem in Peace and War, Macmillan, 1947.
Zurück zum Zitat Robbins, L., “Hayek on Liberty”, 1961b (in Robbins, 1963). Robbins, L., “Hayek on Liberty”, 1961b (in Robbins, 1963).
Zurück zum Zitat Schumpeter, J.A., Capitalism, Socialism and Democracy, George Allen & Unwin Ltd., 1943. Schumpeter, J.A., Capitalism, Socialism and Democracy, George Allen & Unwin Ltd., 1943.
Metadaten
Titel
Socialism Versus Capitalism: A.C. Pigou’s Social Philosophy
verfasst von
Toshiaki Hirai
Copyright-Jahr
2024
DOI
https://doi.org/10.1007/978-3-031-40135-0_12