The Background of Arthur Cecil Pigou Arthur Cecil Pigou, commonly known as A.C. Pigou, is best known today for his work in welfare economics. He was a professor of political economy at Cambridge University from 1908 to 1943. During his life he wrote and had published over twenty books and essa...

Friedirch August von Hayek was born in Vienna on May 8, 1899 and died on March 23, 1992, in the city of Freiburg in Breisgan in Germany. Hayek was a central figure in 20th-century economics and he represented the Austrian tradition. After Hayek served military service, he became a student at...

Concept of the Invisible Hand in a Laissez-faire economy "By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he ...