William Vickrey quotes
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“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."”
-- William Vickrey -
“The supply-side effect of a restrictive monetary policy is likely to be perverse, in that high interest rates enter into costs and thus exert inflationary pressure.”
-- William VickreySource : "Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey".
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“Increasingly prices are set by sellers to raise their prices without a loss of sales sufficient to wipe out the gain.”
-- William VickreySource : William Spencer Vickrey (2004). “Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey”, Edward Elgar Pub
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“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.”
-- William VickreySource : William Spencer Vickrey (2004). “Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey”, Edward Elgar Pub
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“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.”
-- William VickreySource : William Vickrey, Richard Arnott, Anthony B. Atkinson (1997). “Public Economics: Selected Papers by William Vickrey”, p.453, Cambridge University Press
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“It (land value taxation) guarantees that no one dispossess fellow citizens by obtaining a disproportionate share of what nature provides for humanity.”
-- 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.”
-- William Vickrey -
“I define genuine full employment as a situation where there are at least as many job openings as there are persons seeking employment, probably calling for a rate of unemployment, as currently measured, of between 1 and 2 percent.”
-- William VickreySource : William Vickrey, Richard Arnott, Anthony B. Atkinson (1997). “Public Economics: Selected Papers by William Vickrey”, p.432, Cambridge University Press
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“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.”
-- William Vickrey -
“Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.”
-- William VickreySource : William Spencer Vickrey (2004). “Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey”, Edward Elgar Pub
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“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.”
-- William VickreySource : "Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey".
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“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.”
-- William Vickrey -
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“The insane pursuit of the holy grail of a balanced budget in the end is going to drive the economy into a depression.”
-- William Vickrey -
“Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.”
-- William VickreySource : William Spencer Vickrey (2004). “Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey”, Edward Elgar Pub
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“Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.”
-- William VickreySource : William Spencer Vickrey (2004). “Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey”, Edward Elgar Pub
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“The nominal budget is a poor indicator of the impact of government outlays and revenues.”
-- William VickreySource : William Spencer Vickrey (2004). “Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey”, Edward Elgar Pub
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“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.”
-- William VickreySource : "Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey".
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“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.”
-- 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.”
-- William VickreySource : William Spencer Vickrey (2004). “Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey”, Edward Elgar Pub
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“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.”
-- William Vickrey -
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