... often analysis seems to be based on the assumption that future economic output is almost entirely determined by inexorable economic forces independently of government policy so that devoting more resources to one use inevitably detracts from availability for another.
William VickreyLarger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.
William VickreyDeficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.
William VickreyThe nominal budget is a poor indicator of the impact of government outlays and revenues.
William Vickrey