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William Vickrey Biography

Nobel prize winner

William Vickrey was a Nobel Prize-winning economist renowned for his contributions to auction theory. His research in economics had a profound impact on modern auction practices.

Persons Jobs Situation Calling Percent Rate Seeking Genuine Opening Employment Unemployment

Book:Public Economics: Selected Papers by William Vickrey

Source: Public Economics: Selected Papers by William Vickrey

“Economists are almost unanimous in conceding that the land tax has no adverse side effects. ...Landowners ought to look at both sides of the coin. Applying a tax to land values also means removing other taxes. This would so improve the efficiency of a city that land values would go up more than the increase in taxes on land.”

Looks Mean Values Sides Cities Land Effects Ought Taxes Increase Efficiency Both Sides Economist Coins Adverse Side Effects

Author:William Vickrey

“Currently a level of unemployment of 7% or more seems to be required to keep inflation from accelerating, a level quite unacceptable as a permanent situation.”

Seems Levels Situation Permanent Unemployment Inflation

Author:William Vickrey

“To stick to the present situation would be something like a man who was observed in Times Square looking earnestly along the pavement. He was asked what he was looking for. He said "I lost my watch."”

Men Said Would Be Lost Situation Watches Economics Sticks Squares Pavement Times Square Present Situation

Author:William Vickrey

“The great increase in longevity has produced a surge in the desire to accumulate assets for retirement. It has outpaced the ability of the private sector to produce assets, so we need a larger government debt.”

Needs Government Desire Ability Produce Increase Debt Retirement Assets Longevity Private Sector Government Debt

Author:William Vickrey

“The insane pursuit of the holy grail of a balanced budget in the end is going to drive the economy into a depression.”

Ends Economy Holy Depression Pursuit Insane Budgets Balanced Holy Grail Balanced Budget

Author:William Vickrey

“Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.”

Achieve Produce Balance Solve Budgets Attempting Mischief

Book:Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

Source: Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

“Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.”

Doe Levels Produce Budgets Stable Balanced Inflation Deficit Balanced Budget

Book:Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

Source: Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

“The nominal budget is a poor indicator of the impact of government outlays and revenues.”

Government Poor Impact Budgets Revenue Indicators

Book:Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

Source: Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

“Firms would be given initial entitlements to gross markup on the basis of past performance, adjusted by changes in labor and capital inputs. This is somewhat similar to the definition of normal profits under some versions of the wartime excess -profits tax. Entitlements would be transferable and a competitive market established.”

Would Be Past Given Performances Bases Firm Gross Initials Entitlement

Author:William Vickrey

“Practically, the desirable situation ought to be one in which any reasonably responsible person willing to accept available employment can find a job paying a living wage within 48 hours.”

Persons Jobs Hours Situation Accepting Willing Ought Responsible Available Employment Desirable Living Wage 48 Hours Responsible Person

Author:William Vickrey

“If unemployment could be brought down to say 2 percent at the cost of an assured steady rate of inflation of 10 percent per year, or even 20 percent, this would be a good bargain.”

Ifs Years Would Be Cost Percent Rate Steady Unemployment Assured Inflation Bargains

Book:Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

Source: Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

“Nearly all educational expenditure should be considered a capital outlay. Education provides a future return in the form of enhanced taxable income and an enhanced quality of life.”

Should Form Term Quality Return Educational Income Quality Of Life Expenditures

Author:William Vickrey

“Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.”

Humans Mean Evil Term Greater Welfare Unemployment Deficit

Book:Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

Source: Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

“The supply-side effect of a restrictive monetary policy, moreover, is likely to be perverse. High interest rates enter into costs and thus exert inflationary pressure, as well as inhibiting the expansion of capacity or the introduction of cost -reducing capital improvements.”

Sides Interest Effects Policy Cost Pressure Rate Monetary Interest Rate Side Effects Monetary Policy

Author:William Vickrey

“Increasingly prices are set by sellers to raise their prices without a loss of sales sufficient to wipe out the gain.”

Loss Gains Raises Sufficient Wipe Sellers

Book:Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

Source: Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

“There is no real justification for a requirement that a budget of any sort should be balanced, except as a rallying point for those who seek to hamstring government.”

Should Real Government Budgets Balanced Justification Requirements Rallying Hamstrings Rallying Point

Book:Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

Source: Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey

“There is no reason inherent in the real resources available to us why we cannot move rapidly within the next two or three years to a state of genuine full employment.”

Years Two Real States Reason Moving Three Next Resources Available Genuine Employment No Reason Three Years Inherent

Book:Public Economics: Selected Papers by William Vickrey

Source: Public Economics: Selected Papers by William Vickrey

“It (land value taxation) guarantees that no one dispossess fellow citizens by obtaining a disproportionate share of what nature provides for humanity.”

Values Humanity Share Land Citizens Fellows Guarantees Taxation Guarantees That Obtaining

Author:William Vickrey

“... often analysis seems to be based on the assumption that future economic output is almost entirely determined by inexorable economic forces independently of government policy so that devoting more resources to one use inevitably detracts from availability for another.”

Use Seems Government Force Economic Policy Resources Determined Libertarian Analysis Assumption Output Availability Inexorable Government Policy

Author:William Vickrey

About the Author

Born: June 21, 1914
Died: October 11, 1996
Known for: Nobel prize winner
Quotes: 20

Books & Sources

Full Employment and Price Stability: The Macroeconomic Vision of William S. VickreyRelated source material

Public Economics: Selected Papers by William VickreyRelated source material

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