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William Vickrey QUOTES / QUOTATIONS
Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.
Quotation of William Vickrey
Currently a level of unemployment of 7 percent or more seems to be required to keep inflation from accelerating, a level quite unacceptable as a permanent situation.
Quotation of William Vickrey
Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.
Quotation of William Vickrey
Don't you think you're just rearranging deck chairs on the Titanic?
Quotation of William Vickrey
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.
Quotation of 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.
Quotation of William Vickrey
I'm going because they asked me to.
Quotation of 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.
Quotation of William Vickrey
Increasingly prices are set by sellers to raise their prices without a loss of sales sufficient to wipe out the gain.
Quotation of William Vickrey
It's insane to try to balance the budget.
Quotation of William Vickrey
Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.
Quotation of William Vickrey
Monetary policy is inherently incapable of curbing this process except insofar as it goes to the extreme of idling resources.
Quotation of William Vickrey
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.
Quotation of William Vickrey
People see it as a tax increase, which I think is a gut reaction. When motorists' time is considered, it's really a saving.
Quotation of 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.
Quotation of William Vickrey
The achievement of a reasonably full degree of employment without accelerating inflation will require development of some additional tool.
Quotation of William Vickrey
The effects of unemployment are particularly harmful when it is concentrated on a small percentage of the labor force, with consequent increases in crime and delinquency and disruptions of family life, rather than expressing itself as, say, an extra three weeks vacation for everybody.
Quotation of 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.
Quotation of 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.
Quotation of William Vickrey
The nominal budget is a poor indicator of the impact of government outlays and revenues.
Quotation of 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.
Quotation of William Vickrey
The way in which the entitlements are established would determine the overall average degree of price increase-the resulting equilibrium price of entitlements would automatically adjust to provide the degree of restraining pressure to keep inflation at this predetermined level.
Quotation of William 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.
Quotation of William 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.
Quotation of William Vickrey
This paper was one of my digressions into abstract economics.
Quotation of William Vickrey
We simply cannot carry on as we have been doing without falling apart as a community.
Quotation of William Vickrey