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Copyright © Cambridge Political Economy Society

research-article

Pigou and future generations: a Cambridge tradition

David Collard*

Abstract

In The Economics of Welfare and elsewhere Pigou took the view that future people should be treated equally with present people. He stressed our defective telescopic faculty, mortallity and weak linkages over time and argued that the present generation would consequently devote too few resources to investment, particularly in human capital. He linked his argument with the then contemporary controversies about natural resource conservation and about eugenics. This ‘Cambridge tradition’ holds that issues of generational justice leave an important role for the state and cannot be resolved simply at the level of the individual or the family.

Manuscript received August 15, 1994;
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