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William Vickrey

It's insane to try to balance the budget.

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This paper was one of my digressions into abstract economics.

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Don't you think you're just rearranging deck chairs on the Titanic?

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The nominal budget is a poor indicator of the impact of government outlays and revenues.

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Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.

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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.

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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.

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Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.

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Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.

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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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