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Quote by William Vickrey

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

Quote by William Vickrey

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

Work

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

William S. Vickrey's work on Full Employment and Price Stability examines the interplay between economic growth, employment levels, and inflation. The book presents a comprehensive analysis of macroeconomic principles and their application to achieving both full employment and price stability. It offers insights into the economic theories that influenced Vickrey's approach to policy making and economic development. more

Author

William Vickrey

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. more

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“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