Friday, March 13, 2009


Here is a not-so-short introduction to the economic legacy of Arthur Cecil Pigou.

The article begins by asking a fascinating question: when does an so-called free-market economy include enough so much government action that it should no longer be called capitalist?

It concludes not with a bang but a whimper, not recommending anything in particular except to call for
a new understanding of older ideas...a clearheaded perception of how different institutions actually work, and of how a variety of organizations—from the market to the institutions of the state—can go beyond short-term solutions and contribute to producing a more decent economic world.

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