Canadian - Educator | June 21, 1914 - October 11, 1996
Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.
William Vickrey
BudgetPriceLevelInflationStable
Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.
BalanceBudgetAchieveNothingWill
Don't you think you're just rearranging deck chairs on the Titanic?
ThinkYouTitanicJustDeckChairs
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.
PastPerformanceMarketWouldGiven
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.
JobSituationGenuineEmployment
Increasingly prices are set by sellers to raise their prices without a loss of sales sufficient to wipe out the gain.
LossSalesWithoutOutGainRaise
It's insane to try to balance the budget.
BalanceBudgetTryInsane
Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.
EvilHumanWelfareUnemploymentFar
The insane pursuit of the holy grail of a balanced budget in the end is going to drive the economy into a depression.
DepressionDriveEndBudgetEconomy
The nominal budget is a poor indicator of the impact of government outlays and revenues.
GovernmentImpactBudgetPoor
This paper was one of my digressions into abstract economics.
EconomicsAbstractPaper
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.
SituationMorePermanentUnemployment
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