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The ‘Prof’ and Marshallian Economics

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A.C. Pigou and the 'Marshallian' Thought Style

Part of the book series: Palgrave Studies in the History of Economic Thought ((PHET))

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Abstract

This chapter reviews the changing perspectives that have developed in the history of economic thought (HET) literature over the course of the second half of the twentieth century and the early twenty-first century on Arthur Cecil Pigou as a ‘Marshallian’ scholar. The finding of this review is that the general understanding of what constitutes the term ‘Marshallian’ economics that has evolved over this time, and, as a result, two opposing perspectives of Pigou as a Marshallian economist have arisen in the literature. The first generally emphasises continuity between Pigouvian and Marshallian economic thought, while the second generally emphasises discontinuity between them. In contrast, the discontinuity thesis emphasises Pigou’s failure to develop Alfred Marshall’s evolutionary conceptions of industrial development and his increasing formalisation of economic theory. A pattern in the formation of historians’ perceptions (or interpretations) of Pigou is found to be related to the re-emergence and flourishing of Marshall Studies from the 1980s.

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Notes

  1. 1.

    For example, see Whitaker (1975, p. 107) for assessments of Walras’s frustration of the “insuperable insularity of ‘MM. les economistes Anglais’”.

  2. 2.

    A point made by Pigou, also in his collected philosophical essays The Problems of Theism, and Other Essays (see Pigou 1908b, “The Problem of Good”).

  3. 3.

    J.N. Keynes (1999 [1891], p. 271) follows Francis Bacon’s (Novum Organum, Book i., Aph. 70) analogy in which a distinction is drawn between “Light” and “Fruit”. The use of the analogy between “Light” and “Fruit” in this sense can be traced to the New Testament (e.g., see St. Paul’s letters to the Ephesians, Ephesians 5–10).

  4. 4.

    See Coase’s (1975) comments on Marshall’s aversion to philosophical economics and Whitaker’s (1986, p. 184) comment that “Marshall had no great profundity as a philosopher of science and had little patience with metaphysics.”

  5. 5.

    Mill’s work first appeared as an essay published as a series of three articles in Fraser’s Magazine in 1861; the articles were collected and reprinted as a single book in 1863.

  6. 6.

    Utilitarian consequentialism is distinct from two other broad approaches in normative ethics, virtue ethics, and deontology. The former is based on theories that posit that the right kind of action is informed by the moral development of character, and the latter developed from notions of moral duty or obligation.

  7. 7.

    Whitaker (1975, 1996) could also be recalled here, even though the first cited work was published before 1980.

  8. 8.

    Aslanbeigui and Oakes (2015, pp. 136–174) have highlighted that Pigou’s analysis of costs was couched in the Marshallian long run, where technology, preferences, and so on are stable and fixed costs analytically restricted to the short run. Pigou in this sense implicitly follows Marshall’s period analysis and distinction between the long run, as described above, and the very long run, a state subjected to evolutionary forces. Pigou’s analyses, however, were focused primarily on economic phenomena in the short and the long run.

  9. 9.

    There is a similarity between Young’s published and Marshall’s unpublished (Bharadwaj 1972) concerns with Pigou’s Wealth and Welfare.

  10. 10.

    Debates earlier in the decade had arisen between Pigou and Clapham concerning the relevance or otherwise of increasing and decreasing returns (‘the empty boxes’ debate), and Pigou and Robertson (‘those empty boxes’) that had concerned the difficulties of effective treatment of increasing returns in economic analysis.

  11. 11.

    Moss (1984) could also be cited here, even though it was published in the 1980s.

  12. 12.

    Robertson (1950) characterised Pigou’s Appendix III ‘A Diagrammatic and Mathematical Treatment of Certain Problems of Competition and Monopoly’ of the Economics of Welfare, which introduces the equilibrium firm to analysis, as “Geometry ascend[ing] the throne left vacant by philosophy and common sense” (1950, p. 8). See also Robertson (1956, 1957, 1959, 1960).

  13. 13.

    The use of and unresolved tensions in the employment of biological analogies in Marshall’s economic thought are also considered in Natural Images in Economic Thought: Markets Read in Tooth and Claw edited by Philip Mirowski (1994). Chapters in that book by Margaret Schabas (1994, pp. 322–335), Camille Limoges and Claude Ménard (1994, pp. 336–359), and Neil Niman (1994, pp. 360–383) examine Marshall’s derivation of biological analogy and its uses.

  14. 14.

    As the temporal aspects of evolutionary trajectories are largely uncertain, Pigou often took the current historical setting as given. In view of that, it was quite logical of him to develop theory as a guide for policy in a given historical setting by relying more on Marshall’s mechanical metaphor than on Marshall’s biological metaphor.

  15. 15.

    In the same chapter (Cristiano 2010, pp. 33–36), consideration is given to Keynes as a ‘Marshallian’ where, although reference is made to the contentiousness of the debate concerning whether Keynes was a ‘Marshallian’ or not, similarities are sought and continuity is found between them, with Keynes’s method and style of approach designated Marshallian, albeit applied to a new line of study (macroeconomics).

  16. 16.

    ‘Research Programme’ is here used in the sense given to it by Imre Lakatos; that is, a professional network of scientists conducting basic research, where multiple research programmes co-exist that have a hard core of theory that is immune to revision, surrounded by a protective belt of malleable theories (Bechtel 1988).

  17. 17.

    Groenewegen’s (1995) consideration of Marshall’s legacy within his biographical study was further supplemented by his study The Minor Marshallians and Alfred Marshall, which was published in 2012.

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Lovejoy Knight, K. (2018). The ‘Prof’ and Marshallian Economics. In: A.C. Pigou and the 'Marshallian' Thought Style. Palgrave Studies in the History of Economic Thought. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-01018-8_3

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