This paper was one of my digressions into abstract economics.
More Quotes from William Vickrey:
It's insane to try to balance the budget.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.
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
The achievement of a reasonably full degree of employment without accelerating inflation will require development of some additional tool.
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 insane pursuit of the holy grail of a balanced budget in the end is going to drive the economy into a depression.
William Vickrey
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