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. Category The central concept of his analysis was the distinction between private and social net product - private product being the product that accrues to the individual making a decision concerning production, and social net product being the net product that accrues to society as a result of the decision.In 1933 Pigou published The Theory of Unemployment, a book that was held in great regard by orthodox economists. Because of this, it became a prime target for attack by John Maynard Keynes in his General Theory of Employment Interest and Money (1936). Pigou answered with several books and articles in which he attempted to restate his position in the light of Keynes's criticisms.
It has been suggested that, in the end, Pigou's most lasting contribution to economics was to point out that, as long as wage and price flexibility exists, the value of assets, the prices of which are fixed in money terms, will rise as wages and prices fall, reducing the propensity to save and, consequently, increasing the propensity to consume. It follows from this "Pigou effect" that Keynes's "under-employment equilibrium" is not really a state of true equilibrium but rather a state of disequilibrium occasioned by inflexible wages and prices.
And there are lessons there for all of us!
Pigou had strong principles and these gave him some problems during WW1. He was not prepared to undertake military service when it required an obligation to destroy human life. He remained at Cambridge, but during the vacations was an ambulance driver at the front and insisted on undertaking jobs of particular danger. Towards the end of the war he reluctantly accepted a post in the Board of Trade, but showed little aptitude for the work.
He also loved mountains and climbing, and introduced climbing to many of his friends, so he would have been right at home here in Colorado. An illness affecting his heart developed in the 30's, however, and this affected his vigor, curtailing his climbing and leaving him with phases of debility for the rest of his life. Pigou gave up his professor's chair in 1943, but remained a Fellow of King's College until his death. In his later years he gradually became more of a recluse, emerging occasionally from his rooms to give lectures, visit the bathroom or to take a walk.
Pigou died on March 7, 1959, at the age of 81.
What would he tell us if he was alive today?
Hyman Philip Minsky was born 23 September 1919 in Chicago, Illinois, the elder by 7 years of two boys born to Sam and Dora (who was not an explorer). He was schooled in the Chicago school system and exposed to the Chicago School of Economics while receiving a Bachelor of Science degree from the University of Chicago. He went on to earn a Master's degree in public administration and a Doctorate from Harvard University, where he studied under Joseph Schumpeter and Wassily Leontief.
Minsky taught at Brown University from 1949 to 1958, and from 1957 to 1965 was an Associate Professor of Economics at the University of California, Berkeley. In 1965 he became Professor of Economics of Washington University in St Louis and retired in 1990. He died in 1996 at the age of 77.
He was apparently a tall man with unruly hair who wore un-pressed suits ... which makes me feel better about my wardrobe. He approached the world as "one big research tank," says Diana Minsky, his daughter and coincidentally an art history professor. "Economics was an integrated part of his life. It wasn't isolated. There wasn't a sense that work was something he did at the office."
Hyman Minsky spent much of his career advancing the idea that financial systems are inherently susceptible to bouts of speculation that, if they last long enough, end in crises. At a time when many economists were coming to believe in the unfailing efficiency of markets, Minsky was considered somewhat of a radical for his stress on their tendency toward excess and upheaval.
Mainstream economics generally views capitalism as essentially stable – tending towards steady growth. Crises arise either from preventable mistakes by policy makers (eg, the Federal Reserve’s too-tight monetary policy, widely supposed to have exacerbated the Great Depression), or by external shocks, such as OPEC’s oil price hike in the early 1970s. Minsky, by contrast, argued that capitalism is prone to crises from within; even good times are destined to end as people start to get cocky about risk and borrow too much.