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"This paper was one of my digressions into abstract economics."
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"And so our goal on health care is, if we can get, instead of health care costs going up 6 percent a year, it's going up at the level of inflation, maybe just slightly above inflation, we've made huge progress. And by the way, that is the single most important thing we could do in terms of reducing our deficit. That's why we did it."
"If you can't stand the heat, get out of the kitchen."
"Capitalism tries for a delicate balance: It attempts to work things out so that everyone gets just enough stuff to keep them from getting violent and trying to take other people's stuff."
"Major policy reform in the petroleum sector. Under the new Hydrocarbon Exploration Licensing Policy, there will be pricing and marketing freedom and a transparent revenue-sharing methodology. This will eliminate many layers of bureaucratic controls."
"Everyone is always in favour of general economy and particular expenditure."
"But while I loved all of these courses, there was an irresistible attraction of economics."
"For in the theoretical field bourgeois economics no longer engages in blithe and joyous fights."
Explore more quotes by William Vickrey
"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."
"Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare."
"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."
"Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level."
"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."
"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."
"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."
"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."
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