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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."
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"We cannot be any stronger in our foreign policy for all the bombs and guns we may heap up in our arsenals than we are in the spirit which rules inside the country. Foreign policy, like a river, cannot rise above its source."
"We haven't had a good energy policy in this country for decades and we're trying to get one."
"In a constructive policy, there is 'adjust everywhere' and in a destructive policy, there is a policy of disadjustment."
"Any intervention, such as that of the German Reichsbank in the Spring of 1923, in which only a small part of the increasing note-expansion was recovered by the banks through the sale of foreign bills, would necessarily be unsuccessful. Led by the idea of opposing speculation, inflationistic governments have allowed themselves to become involved in measures whose meaning is hardly intelligible. Thus at one time the importation of notes, then their exportation, then again both their exportation and importation, have been prohibited. Exporters have been forbidden to sell for their own country's notes, importers to buy with them."
"When you see how the President makes political or policy decisions, you see who he is. The essence of the Presidency is decision-making."
"For almost twenty years, abortion policy in America has been controlled by the courts."
"Already, China has undermined U.S. foreign policy in efforts to gain access to oil resources in Iran and Sudan. We simply cannot separate the political and economic values of oil."
"Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently."
"The American foreign policy trauma of the sixties and seventies was caused by applying valid principles to unsuitable conditions."
"On the other hand, it is not fair to say that changes in federal policy have caused our tuition to rise faster. Every economic argument imaginable would indicate that we should raise tuition at a faster rate than we do."
Explore more quotes by William Vickrey
"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."
"The insane pursuit of the holy grail of a balanced budget in the end is going to drive the economy into a depression."
"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."
"Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare."
"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."
"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."
"The nominal budget is a poor indicator of the impact of government outlays and revenues."
"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."
"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."
"Increasingly prices are set by sellers to raise their prices without a loss of sales sufficient to wipe out the gain."
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