A c pigou and the `marshallian` thought style a study in the philosophy and mathematics underlying cambridge economics

A.C PIGOU AND THE ‘MARSHALLIAN’ THOUGHT STYLE A STUDY IN THE PHILOSOPHY AND MATHEMATICS UNDERLYING CAMBRIDGE ECONOMICS Karen Lovejoy Knight PALGRAVE STUDIES IN THE HISTORY OF ECONOMIC THOUGHT Palgrave Studies in the History of Economic Thought Series Editors Avi J. Cohen Department of Economics York University and University of Toronto Toronto, ON, Canada G.C. Harcourt School of Economics University of New South Wales Sydney, NSW, Australia Peter Kriesler School of Economics University of New South Wales Sydney, NSW, Australia Jan Toporowski Economics Department SOAS, University of London London, UK Palgrave Studies in the History of Economic Thought publishes contributions by leading scholars, illuminating key events, theories and individuals that have had a lasting impact on the development of modern-day economics The topics covered include the development of economies, institutions and theories More information about this series at http://www.palgrave.com/gp/series/14585 Karen Lovejoy Knight A.C. Pigou and the ‘Marshallian’ Thought Style A Study in the Philosophy and Mathematics Underlying Cambridge Economics Karen Lovejoy Knight Independent Scholar Duncraig, WA, Australia Palgrave Studies in the History of Economic Thought ISBN 978-3-030-01017-1    ISBN 978-3-030-01018-8 (eBook) https://doi.org/10.1007/978-3-030-01018-8 Library of Congress Control Number: 2018959362 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations Cover illustration: © Chronicle / Alamy Stock Photo This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland In loving memory of my father V.C (Peter) Burton— Busy boy Burton who borrowed biros and buried himself in books Preface My interest in the economic thought of A.C. Pigou arose when studying welfare analysis and the challenges to Pigou’s method that emerged during the 1930s This stimulated an interest in how economic ideas become accepted, both in a disciplinary sense and in the wider acceptance of economic “facts” as they are perceived by the general public Reviewing how Pigou was perceived by historians over the course of time revealed, however, a general change in perspective as to his lineage as a Marshallian economist I noticed that in more recent times Pigou’s discontinuity, rather than continuity, with Marshall’s style of economic thinking tended to be emphasised Views of Pigou as overly mechanistic and deterministic seemed at odds with the general philosophical stance that he presented in his collected philosophical essays and with his interest in and contribution to psychical research As such, this study was motivated by a desire to understand these opposing conceptions of Pigou as a Marshallian economist by taking account of Pigou’s philosophical views and their relevance to his economic analyses Duncraig, WA, Australia Karen Lovejoy Knight vii Acknowledgements I’d like to thank Michael McLure and Robin Ghosh at the University of Western Australia who provided invaluable guidance, support, advice, and scholarship during the completion of this project A very special word of thanks is also due to Greg Moore for his valued support and comments The book is in part a result of substantial archival research undertaken in the United Kingdom I would like to acknowledge the kind assistance of: Patricia McGuire, the archivist at the King’s College Archive Centre in Cambridge; Rowland Thomas, the librarian at the Marshall Library Archive in 2012, and Simon Frost, deputy librarian at the Marshall Library in 2012; Angharad Meredith, Harrow School’s archivist; Alysoun Sanders, the archivist at Macmillan Publishers Limited; and Helen Cunningham, the archivist at the Cumbria County Council I would like to thank Geoff Harcourt and Robert Leeson for providing helpful comments to Michael McLure in completing Karen Knight and Michael McLure’s (2016) “A.C.  Pigou (1877–1959)”, in The Palgrave Companion to Cambridge Economics, edited by Robert Cord, Palgrave Macmillan, as some of this work has been included in Chap 2, including two anecdotes that Geoff Harcourt provided on the behaviour of Pigou at Cambridge I would also like to thank Jon Ffrench for his communications regarding his grandfather’s letters, which shed some insight into the social life that Pigou was party to during the years before the First World ix x Acknowledgements War Nahid Aslanbeigui, J.E. King, Harry Bloch, and Simon Cook and participants at conferences convened by History of Economic Thought societies in Australia, Europe, the United States of America, and Japan provided helpful comments on various aspects of this work as it developed Many thanks also to Laura Pacey, Clara Heathcock, and editorial staff at Palgrave Macmillan, who have provided invaluable advice and assistance during the completion of the project. I would also like to thank Milly Main for editing services during the final stages of the project R.F.  Kahn’s unpublished correspondence has been reproduced with the kind permission of Professor David Papineau Although every effort has been made to trace and contact copyright holders for the unpublished works of D Robertson, A.L Bowley, and W.M Allen, it has not been possible to find their literary executors Permission has been granted by the King’s College Archive Centre, the Cumbria Archive Service, and Roger Hiley to reproduce the photographs appearing in the book Finally, thank you to James, Alana, Lassie, and Alfred as without your love and support this work would not have been completed Contents 1 A.C Pigou and the Cambridge Tradition  1 2 The Elusive A.C Pigou 19 3 The ‘Prof ’ and Marshallian Economics 79 4 The ‘Marshallian’ Thought Collective and Thought Style115 5 Balancing the Material and the Ideal151 6 Mathematics and Formalism in Economic Theory205 7 Conclusion257 Appendix A: Comparison of Sidgwick and Lotze263  Appendix B: Moral Sciences Part II Syllabus and Recommend Texts267 xi 300  Appendix F: Letters on The Theory of Unemployment, Allen Attached workings: [by Maurice Allen] p 78 §3 w = real rate of wages x = total real wages ổxử F ỗ ữ = total real value of output èwø i = interest rate k = period of production Write = f ( x) 1+ i ỉxư dF ỗ ữ k w Then ộở f ( x ) ựỷ ì ố ứ = w ổxử dỗ ữ ốwứ ỡ ổ x ửỹ dF ỗ ữ ù k d ïï è w øï = \ í éë f ( x ) ùû × × ý dw ù w ổxử dỗ ữ ù ùợ ố w ứ ùỵ Appendix F: Letters onThe Theory ofUnemployment, Allen ổxử ổxử dF ỗ ữ dF ỗ ữ k -1 k dx w w i.e., k éë f ( x ) ựỷ f  ( x ) ì ì è ø - éë f ( x ) ùû × ì ố ứ w dw w ổxử ổxử dỗ ữ dỗ ữ ốwứ ốwứ ổxử ổxử d2F ỗ ữ d ỗ ữ k ốwứ ì ốwứ =0 + éë f ( x ) ùû × × w ỉ x dw dìFỗ ữ ốwứ ổxử dỗ ữ èwø ỉ ỉxư ỉ x ưư ỉ x d ìFỗ ữ d ìFỗ ữ ữ dỗ ữ ỗ k ì f  ( x ) dx ỗ ố w ứ ữì ố w ứ = ốwứá \, × - + f ( x ) dw w ỗ ổ x ổ x ữ dw dỗ ữ ữ ỗỗ d ỗ ữ ố w ứ ữứ ố ốwứ ỡ ỹ ổxử d2 ì F ỗ ÷ ï ï èwø ï ï ï æ x ửù ổxử dỗ ữù dỗ ữ x ì f  ( x ) dx ïï w ï wø è × è øý or, k × xí dw ï f ( x ) dw ù w ổxử dìFỗ ữ ù ù ốwứ ù ù x ổ ù ù dỗ ữ ốwứ ùợ ùỵ (A) 301 302 Appendix F: Letters onThe Theory ofUnemployment, Allen ổxử dỗ ữ f ( x) w w × è ø = Ed ; Now write ( i ) = e; ( ii ) x x ì f Â( x ) dw ổ ỗwữ ố ứ ổxử dỗ ữ x dx w ss that ố ø = × Ed , and [ Ed + 1] dw w dw Then ( A ) may be written as, ỡ ỹ ổxử d2 ì F ỗ ữ ù ù ốwứ ù ù ù ù ổxử dỗ ÷ ï ï dx ï1 è w ø × x ×E ï k× × = xí dý e dw ù w d ì F ổỗ x ửữ w ù ù ù ốwứ ù ù ổxử ù ù dỗ ữ ốwứ ùợ ùỵ If = 0, e ổxử dìFỗ ữ ốwứ ổxử dỗ ữ ốwứ =, by definition, Er Ed = ổxử d ìFỗ ữ x ốwứ ì w ổxử dỗ ữ ốwứ Appendix F: Letters on The Theory of Unemployment, Allen  ( A ) now becomes Whence ü ì1 1 x k × × [ Ed ] = x í - × × Ed ý e w ỵ ợ w Er w ộk ù k Ed ê + ú = e ë e Er û k e Ed = k + Er e 1- ổ k ỗ 1ữ e ữ -ỗ ỗ +kữ ỗ -E e ữ ố r ø p 46 §7 Let p = selling price of commodity to consumer π = price of commodity at works y = output of commodity p dy ì = E Âf y dp p dy ì = Ef y dp ỉ dy dy Ef = p ìỗ ì ữì ố y dp ứ dp p dp = E Âf ì ì p dp 303 304  Appendix F: Letters on The Theory of Unemployment, Allen (1) If p = p ổỗ ố ( ) If p dp 1ử , then ì =1 ữ kứ p dp E f = E ¢f p dp dp dp × = , = × p dp p p p p w ( hence ) p = Cp k  Appendix G: Letters on The Theory of Unemployment, Robertson [Note from D.H. Robertson addressed to R.F. Kahn] Theory of Unemployment, p. 182 Shouldn’t the expression at the top read n n p1 ỉ 100 + p1 ìï ỉ 100 ỹù ỡù ổ 100 ỹù ỗ ữ ì ớ1 - ỗ ữ ý? ữ ý ớ1 - ỗ p2 è 100 + p2 ø ï è 100 + p2 ø ï ï è 100 + p1 ø ï þ ỵ þ ỵ n ỉ a (1 - rn ) a (1 - r ) ỗ The sum of a g.p is !ữ not ỗ 1- r ữ 1- r ø è If I am right, will you notify the Prof? © The Author(s) 2018 K Lovejoy Knight, A.C Pigou and the ‘Marshallian’ Thought Style, Palgrave Studies in the History of Economic Thought, https://doi.org/10.1007/978-3-030-01018-8 305  Appendix H: Comparison, The Theory of Unemployment’s Corrigenda The Theory of Unemployment’s Corrigenda Remained uncorrected Alternative working: A.L. Bowley pp. 43–44 M. Allen p. 46 §7 (discussed above in Chap 6, Sect 6.5.3) Not directly referred to in correspondence Remained uncorrected P 49, 1, 23, for all read small P 49, fn 1, for - w 2q - w read P 79, in the last equation, for read - k xf  ( x ) dx ì f ( x ) dw Correspondence found in Pigou’s own copy of The Theory of Unemployment - w (q - w) xf  ( x ) dx k ì f ( x ) dw Not directly referred to in correspondence Alternative working: A.L. Bowley pp. 78–82; M. Allen p. 78 §3 (discussed above in Chap 6, Sect 6.5.3) (continued ) © The Author(s) 2018 K Lovejoy Knight, A.C Pigou and the ‘Marshallian’ Thought Style, Palgrave Studies in the History of Economic Thought, https://doi.org/10.1007/978-3-030-01018-8 307 308  Appendix H: Comparison, The Theory of Unemployment’s Corrigenda Continued The Theory of Unemployment’s Corrigenda k P 80, in the first equation, for read -k dx e dw Correspondence found in Pigou’s own copy of The Theory of Unemployment Alternative working: A.L. Bowley p. 78–82; M. Allen p. 78 §3 (discussed above in Chap 6, Sect 6.5.3) dx e dw k e k Er e 1+ k e k + Er e Alternative working: A.L. Bowley pp. 78–82; M. Allen p.78 §3 (discussed above in Chap 6, Sect 6.5.3) 1- P 81, 1.4, for read the expression for Ed in 1.18 read ;and, for k q s 11+ e +y e +z e x k q s + + + Ex e Ey e Ez e 1- x+y+z P 82, 1.2, of § 7, for positive read negative; + and, throughout the page, for - k e read Alternative working: A.L. Bowley pp. 78–82; M. Allen p.78 §3 (discussed above in Chap 6, Sect 6.5.3) k k k + e , and for e read e P 83, 1.6, for negative read positive P 84, 1.3, the expression to the right of the second equality sign should be inverted P 86, 1.26, for positive read negative Remained uncorrected P 102, 1.16, for (W-K) read W-K W A.L. Bowley A.L. Bowley R.F. Kahn Alternative working: A.L. Bowley pp. 94–95 R.F. Kahn (continued )   Appendix H: Comparison, The Theory of Unemployment’s Corrigenda  309 Continued The Theory of Unemployment’s Corrigenda P 103, 11 2-4, for dx x read x Correspondence found in Pigou’s own copy of The Theory of Unemployment R.F. Kahn; Alternative working: A.L. Bowley P 103 P 182, 1.1, for R.F. Kahn; D. Robertson n ïì ỉ 100 ïü ïì ỉ 100 ïü í1 - ỗ ữý ữ ý ớ1 - ỗ ợù ố 100 + p2 ứ ỵù ùợ ố 100 + p1 ứ ỵù n read ỡù ổ 100 ửn ỹù ỡù ổ 100 n ỹù ớ1 - ỗ ữ ý ớ1 - ỗ ữ ý 100 + p2 ø ï ï è 100 + p1 ø ï ỵï ố ỵ ợ ỵ P 200, line from end, and p. 201, 1.1 for rth read lth P 219, note, 1.7 form the end, for foreign read domestic Pp 302–303, delete sentence beginning 1, from the end of p. 302 P 305, 1.2, for employment read unemployment R.F. Kahn R.F. Kahn (referring to another slip) R.F. Kahn Not directly referred to in correspondence Index1 A Aggregate demand, 40, 43, 235, 237, 244, 248n19 Agriculture, 27, 30 Analogies, 12, 37, 88, 90, 91, 96, 103n3, 120, 121, 172, 205–209, 212, 214, 261 Applied economics, 27, 84, 184, 212 Associationism, 185n3 Axiology, 159, 169, 177, 187n17 B Biological analogies, 12, 88, 90, 91, 96, 98, 103, 104n13, 184, 205–207, 209, 214, 258, 261 British idealism, 11, 152–166, 260 Business cycles, 38, 223 C Cambridge tradition, 1–13, 38, 87, 213 Capital, 31, 43, 242 Classical economics, 41, 42, 47, 80 Climbing, 21, 51, 52, 54, 55 Competition, 26, 27, 31, 39, 97–99, 103, 131, 271 Consciousness, 12, 22, 34, 82, 83, 85, 99, 152, 156, 158, 161, 162, 168, 170–175, 177, 183, 184, 185n3, 192n44, 192–193n48, 209, 258, 261, 264, 269  Note: Page numbers followed by ‘n’ refer to notes © The Author(s) 2018 K Lovejoy Knight, A.C Pigou and the ‘Marshallian’ Thought Style, Palgrave Studies in the History of Economic Thought, https://doi.org/10.1007/978-3-030-01018-8 311 312 Index Consequentialism, 86, 104n6, 176, 178, 183, 194n58 Consumers, 34–36, 81 Consumer surplus, 90–92, 193n51 Consumption, 31, 34, 38, 66n34, 239, 240 Continuities, vii, 7, 9–11, 28, 81–82, 93, 100, 102, 105n15, 115, 118, 126, 131, 268 Corn tax, 29 Correspondence, 10, 25, 46, 49, 50, 53, 54, 67n43, 90, 127, 140, 206, 217, 227–245, 247n13, 248n15, 248n16, 249n25, 258, 307, 309 Corrigenda, 227, 229–230, 238, 241, 242, 247n12, 247n13, 248n18, 307–309 Cost controversies, 39, 94, 131, 140, 144n12 Currency and credit, 281 D Darwin, theory of evolution, 2, 165 Demand, 10, 31, 34, 39–42, 81, 103, 126, 175, 207, 230–237, 244, 247n9, 248n19, 248n22, 249n24 Deontology, 104n6, 154, 177 Depression, 5, 42, 49, 130, 140, 185n1, 214, 225, 237, 245 Determinism, 99, 169, 173, 174 Diminishing law of returns, 39 Discontinuities, vii, 2, 6, 9–11, 91, 95, 97, 100, 102, 115, 118, 131, 258 Dualism, 170–172, 176, 177, 183, 186n6, 186n10, 192n45, 265, 268 E Economic analysis, 2, 28, 52, 92, 93, 104n10, 152, 153, 177, 181, 183, 184, 205, 207, 208, 210, 212, 219, 223, 224, 226 Economic and total welfare, 35, 85, 99, 168, 175, 179 Economics and ethics, 10, 26, 169 Economic Tripos, 128, 221 Economies, external economies, 39 Economists, vii, 3, 4, 6, 7, 9, 10, 13, 19, 28, 30, 37, 42, 45, 47–49, 51, 57, 65n22, 66n35, 79–81, 83–86, 88–90, 94, 96, 100–102, 115, 118, 125, 127, 128, 130, 132, 136, 139–141, 143–144n10, 157, 176, 195n65, 206, 208, 209, 212–214, 219–226, 230, 244, 245, 246–247n8, 247n13, 257, 262 Elasticity, 34, 40, 41, 82, 230–238, 243, 244, 247n9, 248n15, 248n19, 248n22, 294 Employment, 32, 41–43, 52, 92, 98, 104n13, 220, 223, 231, 236, 244, 246n4, 261, 262, 309 Epistemology, 13, 116, 117, 119, 120, 122, 187n13, 262, 275 Equilibrium firm, 39, 40, 66n31, 90, 94, 97, 98, 103, 104n12, 140, 207 Ethics, 2, 4, 5, 10, 26–29, 32, 83–86, 104n6, 136, 151–155, 158, 161–167, 169, 176–180, 183, 184, 189n27, 190n35, 194n58, 263, 264, 267–270, 277 Evolution, 2, 12, 93, 97, 98, 116, 122, 141, 156, 161, 162, 165,  Index  171, 183, 184, 219, 226–228, 261, 268 Evolutionary economics, 96–98, 100 Exports, 234, 248n20 External economies, 39 F Fleckian, 4, 6, 7, 9, 11, 12, 124, 128, 129, 131–133, 135–137, 139–141, 143–144n10, 205, 221, 224, 226, 228, 259 Formalism, 5, 90, 91, 98–100, 103, 131, 140, 261, 262 Free competition, 91 Free trade, 29–31 313 Increasing returns, 38, 82, 93, 94, 98, 101, 104n10, 206, 241, 249n27 Industrial Fluctuations, 38, 184, 219, 244, 249n30 Industry, 31, 39, 90–95, 97, 103, 206, 233–235, 241, 248n19, 249n27 Innovation, 4, 117, 118, 141 Interest rates, 43, 233, 248n22 Internal economies, 39 Interpersonal comparisons of utility, 35 Intuitionism, 154, 177, 264 K G The Great War, 37, 151, 187n15, 190n30 Keynesian revolution, 130, 143n5, 144n11 L H Hedonism, 154, 163, 174, 264 Historical Tripos, 26, 64n12, 99, 139, 166, 215 I Idealism, 11, 12, 152, 153, 155–158, 160–162, 165, 166, 170, 183, 185n2, 186n11, 188n21, 188n22, 189n26, 190n30, 260, 261, 263, 268 Ideal-realism, 158 Imperfect competition, 94, 131 Imports, 212 Income, 25, 29, 30, 34, 35, 37, 50, 179, 194n61, 236 Labour, 5, 28, 40–43, 66n35, 98, 214, 221, 230–237, 244, 247n9, 248n19, 249n24, 297 Lecturers, 27, 28, 46, 48, 64n16, 216 Logic, 30, 158, 159, 166–168, 184, 187n14, 188n21, 188n22, 189n25, 190n35, 194n56, 267, 270 Long period, 151 M Macroeconomics, 35, 38, 41, 43, 92, 105n15, 227, 234–237, 244, 262 Marginal net products, 39, 92, 236 314 Index Marginal utility, 34–36, 155, 186n5, 212 Marshallian, vii, 1–3, 6, 9–13, 33, 66n31, 66n35, 79–103, 115–142, 184, 207–209, 213–215, 220–228, 244, 257–259, 261, 262 Marshallian thought collective, 115–142, 221, 262 Marshallian thought style, 1, 3–6, 11, 13, 115–142, 172, 190n33, 205, 206, 208, 209, 213–215, 220–228, 244, 245, 257–259, 261, 262 Materialism, 157, 169–171, 264, 268 Mathematics, 9, 12, 13, 24, 80, 88, 90, 91, 96, 98–100, 125, 136, 247n13, 258, 261, 262, 293 Metaphysics, 85, 125, 158–160, 166–168, 172, 186n9, 190n35, 193n48, 267, 268, 270, 275–276 Method, vii, 5, 12, 28, 32–34, 49, 79, 87, 95, 96, 99, 102, 103, 105n15, 121, 135, 136, 154, 155, 160, 161, 167, 170, 177, 181, 205–220, 222, 224, 226–228, 243, 245, 246n8, 258, 260, 261, 270 Military service, 56 Misogyny, 48, 52 Modelling, 40, 86–88, 97, 98, 102, 136, 205–209, 219, 220, 222, 227, 234, 242, 243, 245 Models, 13, 41, 43, 86, 92, 98, 103, 171, 209, 213, 221, 223, 227, 228, 230–237, 241, 244, 245, 246n4, 248n22, 248n23, 257 Monetary system, 42, 236 Monism, 156, 162, 169–171, 174, 186n10, 192n44 Monopoly, 31, 82, 98, 193n51 Moral Sciences Tripos, 2, 25, 26, 80, 128, 153, 166–168, 191n35, 191n41, 215, 267 Mountain climbing, 52 N National dividend, 34, 35, 38, 81, 92, 175, 178, 194n62 Naturalism, 153, 156, 157, 162, 165, 172, 183, 184, 260, 264 Neoclassical thought, Neo-Hegelianism, 156–157 Non-wage earners, 234 Normative, 84, 86, 104n6, 151, 154, 176–180, 184, 194n58 O Ontology, 118, 121, 123 Optimism, 166, 169, 176, 180, 181 Organism, 166, 185n3 P Partial equilibrium analysis, 39, 207 Partial-equilibrium framework, 79, 85, 98, 131, 207 Perfect competition, 31, 39 Pessimism, 163, 169 Philosophy, 184, 185n4, 186n9, 186n12, 187n13, 187n17, 187n18, 188n21, 188n24, 190n28, 190n29, 190n35,  Index  191n40, 194n59, 207, 218, 219, 259, 260, 263, 264, 267, 268, 270, 275–278 Pluralism, 162, 166, 168, 169, 177, 186n10, 192n48, 206, 209, 246n1 Policy analysis, 8, 100, 179, 180, 261 Poverty, 11, 32, 37, 82, 83, 216 Price elasticity, 34, 232 Producers, 34, 36, 65n26, 91 Producers’ surplus, 34, 36, 65n26, 91, 193n51 Production, 38, 84, 93, 96, 116, 118–122, 132, 135, 142n4, 143n5, 225, 231–235, 238, 242, 243 Protection, 29–31, 63n9 Protective and preferential tariffs, 30 Psychical research, vii, 152, 155, 170, 265 Psychology, 2, 85, 136, 152, 158, 161, 162, 165, 167, 168, 173, 183, 184, 187n14, 187n15, 189n27, 191n37, 206, 214, 267, 270, 275 Public finance, 38, 46, 208, 219 Public works, 36, 42 Purchasing power, 37 R Real and money wages, 40–43, 219, 232, 235–237, 249n24 Realism, 86–88, 97, 158, 166, 188n24, 192n43 Redistribution of income, 30 315 Representative firm, 39, 90, 93, 94, 97, 98, 140 Returns, industries, 39, 40, 92, 93, 206, 249n27 S Social reinforcement, 120, 125, 128–129, 135, 224 Social sciences, 151, 187n15, 189n27, 214 Sociology of scientific knowledge, 11, 103, 115, 116, 132, 259 Spatiality, 132–134 State intervention, 181 Static theory, 6, 93 Supply and demand, 34, 39, 42, 81, 103, 207, 232 Supply curve, 41 T Tariff reform, 208 Tax/taxation, 29, 36, 46, 50, 65n27, 93, 208, 269 Teleo-mechanism, 158, 162–163, 187n18 Theism, 169, 172, 177 Theory of value, 37, 94, 100, 103, 136, 186n5 Thought collective, 4, 11, 13, 115–142, 221, 224, 259, 262 Thought style, 1, 3–6, 11–13, 115–142, 142n1, 144n10, 172, 190n33, 205, 206, 208, 209, 213–215, 220–228, 244, 245, 257–259, 261, 262 Trade, 29–31, 50, 55, 216 316 Index U W Unemployment, 5, 8, 12, 13, 40–43, 45, 65n22, 89, 131, 137, 140, 144n12, 184, 219, 222, 224–228, 230–238, 243–245, 246n6, 249n27, 249n30, 292, 293, 305, 309 Unions, 29, 45, 158, 191n41, 263 Utilitarianism, 86, 153–160, 171, 176, 177, 179, 183, 185n2, 189n26, 191n39, 193n54, 194n60, 263, 276 Utility, 21, 31, 34, 36, 37, 85, 154, 165, 178, 193n51, 212 Wage goods, 40, 231–236, 239, 241, 248n19, 248n21 Wages, 29, 43, 64n17, 65n22, 81, 216, 231, 232, 234–236, 240, 241, 248n19, 248n20 War, 10, 21, 29, 37, 38, 50, 56, 132, 142n2, 151, 164, 187n15, 190n30, 195n64, 208, 218, 219, 269 Welfare economics, 5, 12, 28, 32, 36, 37, 49, 89, 91, 99, 175, 184, 185n2, 195n62, 261 Workers, 35, 234, 248n21 World War I, 4, 5, 12, 22, 38, 45, 48, 50, 55, 57, 68n47, 130, 131, 166, 195n64, 218, 221, 259 World War II, 5, 44, 50, 51 V Value theory, 37, 94, 100, 103, 136, 186n5 ... A. C. ? ?Pigou and the ‘Marshallian’ Thought Style A Study in the Philosophy and Mathematics Underlying Cambridge Economics Karen Lovejoy Knight Independent Scholar Duncraig, WA, Australia Palgrave... acknowledge the kind assistance of: Patricia McGuire, the archivist at the King’s College Archive Centre in Cambridge; Rowland Thomas, the librarian at the Marshall Library Archive in 2012, and. .. in Marshallian economics) leading to corroboration and adaptations in the thought style The seventh and final chapter is the conclusion The general conclusion reached is that the economic thinking