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.
More Quotes from 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 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.
William Vickrey
It's insane to try to balance the budget.
William Vickrey
The nominal budget is a poor indicator of the impact of government outlays and revenues.
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
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 Vickrey
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