“If it were not for the hope that a scientific study of men's social actions may lead, not necessarily directly or immediately, but at some time and in some way, to practical results in social improvement, not a few students of these actions would regard the time devoted to their study as time misspent. That is true of all social sciences, but especially true of economics. For economics "is a study of mankind in the ordinary business of life"; and it is not in the ordinary business of life that mankind is most interesting or inspiring.”

Source: The Economics of Welfare (1920), Ch. 1 : Welfare and Economic Welfare, § 1

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Arthur Cecil Pigou8

British economist 1877–1959

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Arthur Cecil Pigou8

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