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on the Currency and Foreign Exchange (1918-1919), the Royal Commission on the Income Tax (1919-1920), and the Chamberlain Committee on the Currency and Bank of England Note Issues (1924-1925). The report of the last body was the prelude to the much criticised restoration of the gold standard at the old parity of exchange. Pigou was elected to the British Academy in 1925, but resigned later in 1947. In later years he withdrew from national affairs and devoted himself

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