A STUDY IN PUBLIC FINANCE by A. C. PIGOU, M.A. PROFESSOR OF POLITICAL ECONOMY IN THE UNIVERSITY OF CAMBRIDGE, AUTHOR OF THE ECONOMICS OF WELFARE, EMPLOYMENT AND EQUILIBRIUMf, ETO. IN 1921 published a book entitled The Political Economy of War, containing several chapters on War Finance, In 1928 and 1929, when the first and second editions of the present work were in preparation, The Political Economy of War was out of print and it, therefore, seemed appropriate to include the substance of those chapters here. At the outbreak of the present war a revised version of The Political Economy of War was called for and those discussions had, of course, to go into it. For this reason I am not including them in the present new edition of Public Finance, and there is not, I think, now any important overlap between the two books. The chapters on the Aftermath of Fiince by Bank Credits and on War Debt and a Special Levy, which are out of date, are also omitted. The very thorough study, The Taxation of War Wealth, by Professor and Mrs. Hicks and Dr, Rbstas, has removed any reason there might otherwise have been for re writing the latter of these chapters. Portions of Part I are rearranged and modified. In Part II on Tax Revenue three new Chapters XIXXXI, based on an article contributed to the Economic Journal of December 1932, have been added, while substantial alterations and, I hope, improvements have been made in some other chapters, particularly Chapters IX and the present XXIL The brief Part III on Public Finance in relation to unemployment policy is new. Professor D. H. Robertson has very kindly read through the typescript of it, though he has, of course, no responsibility for what is said.Keywords: Political Economy Study In Public Finance War Finance Economics University Of Cambridge War Debt Eto New Edition Two Books Outbreak Aftermath Taxation Welfare

A.C. Pigou spent his career in the shadow of Marshall and Keynes and his contributions have seemed small by comparison, but his influence remains significant. He is regarded by many as the father of modern public finance and welfare theory, as the way that economists analyze and justify government intervention in economic affairs stems from Pigou. Following on from A. C. Pigou's 1903 pamphlet, The Riddle of the Tariff, this book, originally published in 1906, is a more technical treatment, leaning on the Marshalian apparatus and coming out against the policy of Imperial preference.

Rejecting the idea of an equilibrium business cycle, this book, originally published in 1927, studies those industrial fluctuations which extend over short spans of years: cyclical fluctuations. The causes of these cycles are discussed and the consequences which result and way in which to mitigate these consequences with regard to social well-being are examined. Although Pigou's approach went out of fashion following Keynes, it is similar in spirit to much of the late twentieth-century work stimulated by real business cycle theory.

Covering the period from November 1918 to the restoration of the Gold Standard in the UK in April 1925, this book, originally published in 1947, sets out and explains the economic facts of the immediate post-war period. There are sections on employment, production, government intervention in industry, the monetary factor, real income and real wages. A statistical appendix brings together in four sections a number of important tables which supplement the text.

Covering the period from November 1918 to the restoration of the Gold Standard in the UK in April 1925, this book, originally published in 1947, sets out and explains the economic facts of the immediate post-war period. There are sections on employment, production, government intervention in industry, the monetary factor, real income and real wages. A statistical appendix brings together in four sections a number of important tables which supplement the text.

A.C. Pigou spent his career in the shadow of Marshall and Keynes and his contributions have seemed small by comparison, but his influence remains significant. He is regarded by many as the father of modern public finance and welfare theory, as the way that economists analyze and justify government intervention in economic affairs stems from Pigou. Following on from A. C. Pigou's 1903 pamphlet, The Riddle of the Tariff, this book, originally published in 1906, is a more technical treatment, leaning on the Marshalian apparatus and coming out against the policy of Imperial preference.

Rejecting the idea of an equilibrium business cycle, this book, originally published in 1927, studies those industrial fluctuations which extend over short spans of years: cyclical fluctuations. The causes of these cycles are discussed and the consequences which result and way in which to mitigate these consequences with regard to social well-being are examined. Although Pigou's approach went out of fashion following Keynes, it is similar in spirit to much of the late twentieth-century work stimulated by real business cycle theory.