Pigou on the microeconomics of speculation: Institutions and economic welfare.
This paper examines Arthur Cecil Pigou's microeconomic analysis of speculation. Although Pigou's treatment of speculation has been examined insofar as it relates to his theory of the business cycle, his microeconomic analysis of speculation has received very little attention from historians of econo...
| Published in: | Cambridge Journal of Economics Vol. 50; no. 4; pp. 627 - 649 |
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| Format: | Article |
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Oxford University Press / USA
Jul2026
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| Online Access: | View this record in EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=195714133&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 195714133 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 0309166X CEC jtl: Cambridge Journal of Economics issn: 0309166X maglogo: N pubinfo: dt: Jul2026 vid: 50 iid: 4 pid: 622 pub: Oxford University Press / USA artinfo: ui: 195714133 10.1093/cje/beag016 ppf: 627 ppct: 22 formats: tig: atl: Pigou on the microeconomics of speculation: Institutions and economic welfare. aug: au: Stevens, Riko affil: University of Notre Dame Australia, Fremantle, AustraliaUniversity of Western Australia, Perth, Australia su: Welfare economics Social institutions Microeconomics Recessions Speculation sug: subj: Welfare economics Social institutions Microeconomics Recessions Speculation keyword: copyrightHolder:Cambridge Political Economy Society copyrightYear:2026 economic welfare inLanguage:en institutions organised markets Pigou publisher:Oxford University Press sameAs:https://dx.doi.org/10.1093/cje/beag016 speculation copyrightHolder:Cambridge Political Economy Society copyrightYear:2026 economic welfare inLanguage:en institutions organised markets Pigou publisher:Oxford University Press sameAs:https://dx.doi.org/10.1093/cje/beag016 speculation ab: This paper examines Arthur Cecil Pigou's microeconomic analysis of speculation. Although Pigou's treatment of speculation has been examined insofar as it relates to his theory of the business cycle, his microeconomic analysis of speculation has received very little attention from historians of economic thought. This paper contributes to the literature by illustrating how Pigou's microeconomic analysis of speculation fits within his landmark economic welfare framework. More specifically, it sheds light on an overlooked institutional theme therein—namely, that his assessment of the welfare consequences of speculation depends crucially upon the nature of the institutional context within which that activity takes place. This paper not only provides a more faithful representation of Pigou's microeconomic treatment of speculation but also highlights some of its more fruitful aspects with relevance for modern economic analysis. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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