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William Vickrey Quotes
Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.
~ William Vickrey
Achieve
Attempting
Balance
Balancing
Budget
Mischief
Much
Nothing
Produce
Solve
Will
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Currently a level of unemployment of 7 percent or more seems to be required to keep inflation from accelerating, a level quite unacceptable as a permanent situation.
~ William Vickrey
Accelerate
Currently
Inflation
Keep
Level
More
Percent
Permanent
Quite
Required
Seems
Situation
Unacceptable
Unemployment
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Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.
~ William Vickrey
Assure
Balanced
Balanced Budget
Budget
Deficits
Does
Inflation
Level
Nor
Price
Produce
Stable
Themselves
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Don't you think you're just rearranging deck chairs on the Titanic?
~ William Vickrey
Chairs
Deck
Just
Think
Titanic
You
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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
Basis
Developed
Entitlement
Given
Gross
Initial
Market
Past
Performance
Them
Would
Would-Be
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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
Between
Calling
Currently
Define
Employment
Full
Genuine
Job
Least
Many
Measured
Openings
Percent
Persons
Rate
Seeking
Situation
Unemployment
Where
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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
Assured
Bargain
Brought
Cost
Could
Down
Even
Good
Inflation
Per
Percent
Rate
Say
Steady
Unemployment
Would
Would-Be
Year
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Increasingly prices are set by sellers to raise their prices without a loss of sales sufficient to wipe out the gain.
~ William Vickrey
Gain
Increasingly
Loss
Out
Prices
Raise
Sales
Sellers
Set
Sufficient
Wipe
Without
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It's insane to try to balance the budget.
~ William Vickrey
Balance
Budget
Insane
Try
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Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.
~ William Vickrey
Deficits
Evil
Far
Greater
Greater Evil
Human
Larger
Means
Mitigate
Necessary
Proper
Terms
Unemployment
Welfare
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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
Capital
Considered
Educational
Enhanced
Expenditure
Form
Future
Income
Life
Nearly
Provides
Quality
Quality Of Life
Return
Should
Terms
Whether
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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
Accept
Any
Available
Desirable
Employment
Find
Hours
Job
Living
Living Wage
Ought
Paying
Person
Practically
Reasonably
Responsible
Situation
Wage
Which
Willing
Within
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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
Ability
Accumulate
Assets
Debt
Desire
Government
Great
Increase
Larger
Longevity
Need
Private
Private Sector
Produce
Produced
Retirement
Sector
Surge
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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
Balanced
Balanced Budget
Budget
Depression
Drive
Economy
End
Going
Holy
Holy Grail
In The End
Insane
Pursuit
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The nominal budget is a poor indicator of the impact of government outlays and revenues.
~ William Vickrey
Budget
Government
Impact
Indicator
Poor
Revenues
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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
Costs
Effect
Enter
Exert
High
Interest
Interest Rates
Likely
Monetary
Monetary Policy
Perverse
Policy
Pressure
Rates
Thus
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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
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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
Available
Cannot
Employment
Full
Genuine
Inherent
Move
Next
No Reason
Rapidly
Real
Reason
Resources
State
Three
Two
Us
We Cannot
Why
Within
Years
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This paper was one of my digressions into abstract economics.
~ William Vickrey
Abstract
Economics
Paper
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Author Profile
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AuthorName
William Vickrey
Profession
Educator
BirthDate
21 June, 1914
DeathDate
11 October, 1996
Country
Canada
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