Economic Chivalry and Laissez-faire:

A Study in the Tradition of Marshall, Pigou, Edgeworth, and Keynes

抄録

Abstract: The aim of this study is to shed light on the unknown tradition of Marshallʼs ethical notion of ʻeconomic chivalry,ʼ then inherited by A. C. Pigou, F. Y. Edgeworth, and J. M. Keynes. At the beginning, this work argues that while Marshall actually regretted not being able to indicate the practical aspects of economic chivalry in his speech in 1907, the point was later discussed by other contemporary economists. Specifically, in his public lecture, Pigou suggested that all employers should be guided by a spirit of economic chivalry, in order to built the facilities where young workers could have an opportunity to train physical and mental abilities. Then, Edgeworth regarded economic chivalry as a philosophical foundation for his economic wel-fare analysis, in which female workers should be treated equally to male ones, with the wage level determined only by productivity, not by gender differences. It is for this reason that he also pointed out the necessity of a subsidy to families. Finally, Keynes believed that, in the interwar period, the British economy could not recover only through the effort of chivalrous businessmen, who attempted to harmonise public interest and personal gain. The reason is that he negatively considered chivalrous businessmen, defining them a ʻtarnished idolʼ in busi-ness practice at the time. Nevertheless, Keynes also argued the importance of setting the wage level based on fairness and reasonability. Overall, these distinguished economists evaluated Marshallʼs idea of economic chivalry within the laissez-faire doctrine both positively and negatively. JEL classification numbers: A 13, B 13.