Modern treatment of long-run (U-shaped) cost curves developed from reactions to Sraffa's criticisms of Marshall. He argued that internal (dis)economies were incompatible with partial-equilibrium analysis under perfect competition. Pigou concurred, and drew L-shaped cost curves; Viner realized...

Pigou is a misogynist by today's standards for his belief that women are inferior, and for recommending that they not participate in the labor force. This paper argues that Pigou should be judged according to the ethos of the late Victorian era. It provides a less anachronistic assessment by...