Arthur Cecil Pigou - The Economics of Welfare (1920)

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Even if the constants which economists wish to determine were less numerous, and the method of experiment more accessible, we should still be faced with the fact that the constants themselves are different at different times. The gravitation constant is the same always. But the economic constants — these elasticities of demand and supply — depending, as they do, upon human consciousness, are liable to vary. The constitution of the atom, as it were, and not merely its position, changes under the influence of environment.

Arthur Cecil Pigou

It is not pretended that, at the present stage of its development, economic science is able to provide an organon even remotely approaching to what it imagines for itself as its ideal.

Arthur Cecil Pigou

If a man marries his housekeeper or his cook, the national dividend is diminished.

Arthur Cecil Pigou