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… — William Vickrey Copy Share Image
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 Vickrey Copy Share Image
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… — William Vickrey Copy Share Image
Currently a level of unemployment of 7% or more seems to be required to keep inflation from accelerating, a level quite unacceptable as a… — William Vickrey Copy Share Image
Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level. — William Vickrey Copy Share Image
Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief. — William Vickrey Copy Share Image
I define genuine full employment as a situation where there are at least as many job openings as there are persons seeking employment, probably… — William Vickrey Copy Share Image
There is no real justification for a requirement that a budget of any sort should be balanced, except as a rallying point for those… — William Vickrey Copy Share Image
Firms would be given initial entitlements to gross markup on the basis of past performance, adjusted by changes in labor and capital inputs. This… — William Vickrey Copy Share Image
The great increase in longevity has produced a surge in the desire to accumulate assets for retirement. It has outpaced the ability of the… — William Vickrey Copy Share Image
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 Copy Share Image
To stick to the present situation would be something like a man who was observed in Times Square looking earnestly along the pavement. He… — William Vickrey Copy Share Image
