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.
More Quotes from 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
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
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
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
Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.
William Vickrey
This paper was one of my digressions into abstract economics.
William Vickrey
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