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.
More Quotes from 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.William Vickrey
The achievement of a reasonably full degree of employment without accelerating inflation will require development of some additional tool.
William Vickrey
There are some significant concerns, ... especially in the area of whether or not our system is listening carefully to what (litigants) have to say and their ability to participate. This includes how they are treated by the first person they meet to how they perceive what's happening in the courtroom, whether the system is concerned about how people are impacted by what it does and how it does it.
William Vickrey
This paper was one of my digressions into abstract economics.
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 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.
William Vickrey
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God is a thought who makes crooked all that is straight.
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Once you get into the habit of work, you can be more productive in the things you want to do.
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