...Steven G. Medema The notion of a Pigovian tradition in externality theory, against which Ronald Coase and others reacted beginning in the 1960s, has a long history. This article, though, suggests that the literature of economics evidences no such tradition, and that the discussion of externalities...

... examined the fisheries question and the problems in- volved with reforestation (see: Principles, p.‘5406). 16. Coase took the Pigovian tradition to task over Pigou’s narrow and inapplicable solutions to internalizing externalities in R. Coase, “The Problem of Social Cost,” Journal of Law...

... Institutions of Capitalism . New York: Free Press. Marginalizing Government: From la scienza delle finanze to Wicksell Steven G. Medema One of the virtues of the Italian public finance tradition la scienza delle finanze and an important contrast between it and the classical and neo- classical (Pigovian...

... spending. All participants proceed to de- bate the extent to which Keynes committed himself to the Pigovian view that supply and demand for labor are functions of the real wage rate. Irrespective of whether one wants to regard the putative nega- 3. Alfred Marshall, Principles ofEconornics, 8th...

... on ethical and power considerations. Although the Pareto optimum concept appears in the Treatise, there also exists cost-benefit analysis of the Pigovian type, and at all times it is subsumed under the forces of psychology, knowledge, and power. Samuels shows that the Pareto optimum rule can...

... political stance, and which appears scattered throughout The General Theory, often in the form of unmotivated digressions, is essentially late Victorian and Pigovian in 260 History of Political Economy character. (There is also an obvious parallel between Pigou’s conviction that “fruit...

..., in the sense that Buchanan disagreed with Tiebout. See Boettke and Marciano 2014. 13. This result is usually viewed as a defense of “institutional” competition or pure federal- ism and a criticism of the intervention of the state. 14  Alain Marciano and Steven G. Medema failure away from the Pigovian...

... was to become Pigovian welfare economics is to be found in Sidgwick. Pigou’s Wealth and Welfare (1912), which became The Economics of Welfare (1920), provided the framework for a welfare economics based upon Alfred Mar- shall’s national income. Economic welfare was a function of three aspects of real...

... that Medema quotes—it is important not to exaggerate the shift that came with Mill. If one is looking for a precursor of Pigou, Henry Sidgwick is more significant. Indeed, a substantial part of what was to become Pigovian welfare economics is to be found in Sidgwick. Pigou’s Wealth and Welfare (1912...

... is looking for a precursor of Pigou, Henry Sidgwick is more significant. Indeed, a substantial part of what was to become Pigovian welfare economics is to be found in Sidgwick. Pigou’s Wealth and Welfare (1912), which became The Economics of Welfare (1920), provided the framework for a welfare...

... that Medema quotes—it is important not to exaggerate the shift that came with Mill. If one is looking for a precursor of Pigou, Henry Sidgwick is more significant. Indeed, a substantial part of what was to become Pigovian welfare economics is to be found in Sidgwick. Pigou’s Wealth and Welfare (1912...

... that Medema quotes—it is important not to exaggerate the shift that came with Mill. If one is looking for a precursor of Pigou, Henry Sidgwick is more significant. Indeed, a substantial part of what was to become Pigovian welfare economics is to be found in Sidgwick. Pigou’s Wealth and Welfare (1912...

... that Medema quotes—it is important not to exaggerate the shift that came with Mill. If one is looking for a precursor of Pigou, Henry Sidgwick is more significant. Indeed, a substantial part of what was to become Pigovian welfare economics is to be found in Sidgwick. Pigou’s Wealth and Welfare (1912...

... is looking for a precursor of Pigou, Henry Sidgwick is more significant. Indeed, a substantial part of what was to become Pigovian welfare economics is to be found in Sidgwick. Pigou’s Wealth and Welfare (1912), which became The Economics of Welfare (1920), provided the framework for a welfare...

... Aslanbeigui , N. 1989 . Marshall's and Pigou's Policy Prescriptions on Unemployment, Socialism and Inequality. In Perspectives on the History of Economic Thought , edited by Don Walker. London: Edward Elgar, 191 -204. Aslanbeigui , N. 1990 . On the Demise of Pigovian Economics. Southern...

... in the 1960 article are the market (with initial allocation of the right to the pollutee or the polluter), the firm, direct regulation, tax, and doing nothing at all. Rather than the Pigovian comparison between different products of the same arrangement, Coase explains that it is “preferable to use...

... Economy Pigou’s work on welfare economics provoked a reaction from Lionel Robbins, who, in his famous Essay on the Nature and Significance of Economic Science (1932), specifically criticized the Pigovian-Marshal- lian approach to theory and policy. His argument is similar to Keynes’s argument in 1890...

... of the ideas which led up to the writing of The Economics oflmperfect Competition. He makes it clear that it was the Pigovian rather than the Marshallian form of value theory that both Piero Sraffa (whose “pregnant suggestion” was the crucial impetus for the writing of the book) and Joan Robinson...

... of transaction costs in a different light than that of vertical integration. In his Nobel Lecture in 1991, Coase said, “The significance to me of the Coase theorem is that it undermines the Pigovian system” (1994,11). Under the standard economic assumption of a frictionless—zero transaction cost— market...

... by Sebastian Berger and Rolf Steppacher. Abingdon: Routledge. Buchanan, James M. 1962. “Politics, Policy, and the Pigovian Margins.” Economica 29 (113): 17–28. 250  Sebastian Berger Burczak, Theodor. 2011. “A Socialist Spontaneous Order.” In Hayek, Mill, and the Liberal Tradition, edited...