Externality in the Henry Sidgwick economic thought
Abstract
Henry Sidgwick’s work is recognizing as one of most important member of Utilitarism in Great Britain in the last century, as the bridge that united the British classical and neoclassic thought in economics, and an economist that introduced and popularized in economic analysis the role of government. However one of the most important contributions to economic thought was the idea of externality. This article aims to show the relationship between externality and Sidgwick´s Utilitarism and compares it with Alfred Marshall and Arthur Cecil Pigou externality perspective from the most representative books those economists. We conclude that Henry Sidgwick externality perspective is essentially based on philosophical principles, especially on common sense and empirical hedonism Utilitarism, instead of Marshall and Pigou on economical and quantitative one.
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References
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