What does Pigovian mean?
Definitions for Pigovian
pigo·vian
This dictionary definitions page includes all the possible meanings, example usage and translations of the word Pigovian.
Did you actually mean pigpen or poke fun?
Wiktionary
Pigovianadjective
related to Arthur Pigou.
Wikipedia
Pigovian
A Pigouvian tax (also spelled Pigovian tax) is a tax on any market activity that generates negative externalities (i.e., external costs incurred by the producer that are not included in the market price). The tax is normally set by the government to correct an undesirable or inefficient market outcome (a market failure) and does so by being set equal to the external marginal cost of the negative externalities. In the presence of negative externalities, social cost includes private cost and external cost caused by negative externalities. This means the social cost of a market activity is not covered by the private cost of the activity. In such a case, the market outcome is not efficient and may lead to over-consumption of the product. Often-cited examples of negative externalities are environmental pollution and increased public healthcare costs associated with tobacco and sugary drink consumption.In the presence of positive externalities (i.e., external public benefits gained by the consumer that are not included in the market price), those who did not consent to be part of the market activity receive the benefit, and the market may under-produce. Similar logic suggests the creation of a Pigouvian subsidy to help consumers pay for socially beneficial products and encourage increased production.An example sometimes cited is a subsidy for provision of flu vaccines.Pigouvian taxes are named after English economist Arthur Cecil Pigou (1877–1959), who also developed the concept of economic externalities. William Baumol was instrumental in framing Pigou's work in modern economics in 1972.
Numerology
Chaldean Numerology
The numerical value of Pigovian in Chaldean Numerology is: 5
Pythagorean Numerology
The numerical value of Pigovian in Pythagorean Numerology is: 3
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"Pigovian." Definitions.net. STANDS4 LLC, 2024. Web. 18 Apr. 2024. <https://www.definitions.net/definition/Pigovian>.
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