Arthur Cecil Pigou Quotes

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Image, The gravitation constant is the same always. But the economic constants-these elasticities

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The gravitation constant is the same always. But the economic constants-these elasticities of demand and supply-depending, as they do, upon human consciousness, are liable to vary. Prosperity ends in a crisis. The era of optimism dies in the crisis, but in dying it gives birth to an era of pessimism. This new era is born, not an infant, but a giant; for an industrial boom has necessarily been a period of strong emotional excitement, and an excited man passes from one form of excitement to another more rapidly than he passes to quiescence. Under the new error, business is unduly... Read more »

Arthur Cecil Pigou

Image, Even if the constants which economists wish to determine were less numerous,

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Even if the constants which economists wish to determine were less numerous, and the method of experiment more accessible, we should still be faced with the fact that the constants themselves are different at different times. The gravitation constant is the same always. But the economic constants-these elasticities of demand and supply-depending, as they do, upon human consciousness, are liable to vary. The constitution of the atom, as it were, and not merely its position, changes under the influence of environment.

Arthur Cecil Pigou