Wealth and Welfare. - 1912

London: Macmillan & Co. Ltd, , 1912. The work which established his reputation First edition, first impression, of Pigou's early work which established his reputation as a leading economist and which formed the basis for his The Economics of Welfare (1920), which is considered to have "virtually created the subject of welfare economics" (ODNB). The copy of Pigou's fellow economist John Wilkinson Foster Rowe, with his ownership signature dated September 1922 to half-title. Pigou (1877-1959) was in many ways overshadowed through the first half of the twentieth century by Keynes, whose ideas owed much to this important economist of the previous generation. The term "Pigou Effect" came to refer to the rise in consumption driven by the lowering of price. Keynes of course would later develop this idea into what we all know as the principles of supply and demand. Rowe (born 1897) published numerous economic works from the 1920s to the 1960s, and served as Secretary of the Faculty Board of Economics and Politics at Cambridge University. Octavo. Original blue cloth, spine lettered and ruled in gilt, rules extending onto covers in blind. Sunned, lightly rubbed around extremities, cockling to cloth, hinges repaired, rear endpaper moved to front and replaced, foxed. A good, refurbished copy.