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 VickreyBalancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.
William VickreyFirms would be given initial entitlements to gross markup on the basis of past performance, adjusted by changes in labor and capital inputs. This is somewhat similar to the definition of normal profits under some versions of the wartime excess -profits tax. Entitlements would be transferable and a competitive market established.
William VickreyDeficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.
William Vickrey