More about William Vickrey
William Vickrey Quotes
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Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.
Nearly all educational expenditure should be considered a capital outlay, whether it provides a future return in the form of enhanced taxable income or in terms of an enhanced quality of life.
Market Anti-Inflation Plans
In such a context, it should be clear that balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.
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.
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.
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.
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.
Firms would be given initial entitlements to gross markup on the basis of past performance. These entitlements would be transferable and a market in them would be developed.
Quote of the day
When a scientist is ahead of his times, it is often through misunderstanding of current, rather than intuition of future truth. In science there is never any error so gross that it won't one day, from some perspective, appear prophetic.
June 21, 1914
October 11, 1996
William Spencer Vickrey was a Canadian-born professor of economics and Nobel Laureate.
William Vickrey on Wikipedia
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