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Full Employment and Price Stability

The Macroeconomic Vision of William S. Vickrey The late William S. Vickrey, formerly the McVickar Professor of Political Economy, Columbia University, US and Nobel Laureate in Economics 1996 Edited by Mathew Forstater, Associate Professor of Economics and Director, Center for Full Employment and Price Stability, University of Missouri, Kansas City, US and Pavlina R. Tcherneva, Bard College, US
Collecting Nobel Laureate William S. Vickrey’s articles on macroeconomic theory and policy written towards the end of his career, this volume demonstrates his enduring commitment to full employment and price stability, and his rejection of conventional macroeconomic theorizing. William Vickrey never lost hope that sensible macroeconomic policy could be understood and implemented, a faith inspired by his humanistic vision of a better world for all and his belief that common sense would ultimately prevail.
Extent: 176 pp
Hardback Price: $127.00 Web: $114.30
Publication Date: 2004
ISBN: 978 1 84376 409 0
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  • Economics and Finance
  • Labour Economics
  • Post-Keynesian Economics
Collecting Nobel Laureate William S. Vickrey’s articles on macroeconomic theory and policy written towards the end of his career, this volume demonstrates his enduring commitment to full employment and price stability, and his rejection of conventional macroeconomic theorizing. William Vickrey never lost hope that sensible macroeconomic policy could be understood and implemented, a faith inspired by his humanistic vision of a better world for all and his belief that common sense would ultimately prevail.

Advocating sensible economic policies, this collection will offer much of value to heterodox and orthodox economists, graduate economics students and also policymakers.
‘This collection of Vickrey’s writings is primarily concerned with macro policy issues, and thus includes some of his lesser-known work. It is a collection that Bill would have wanted to get out to the public because he felt that a solid macro policy was necessary to create a foundation of equity and efficiency before one can even start talking about micro policy.’
– From the preface by David Colander, Middlebury College, US
Contributors: D. Colander, M. Forstater, J. Galbraith, P.R. Tcherneva, W.S. Vickrey
Contents: Preface by David Colander Introduction 1. Budget-Smudget: Why Balance What, How and When? 2. The Need for a Direct Anti-Inflation Program 3. Design of a Market Anti-Inflation Program 4. Meaningfully Defining Deficits and Debt 5. Chock-Full Employment without Increased Inflation: A Proposal for Marketable Markup Warrants 6. An Updated Agenda for Progressive Taxation 7. Today’s Task for Economists 8. My Innovative Failures in Economics 9. The Other Side of the Coin 10. Necessary and Optimum Government Debt 11. Why Not Chock-Full Employment? 12. A Trans-Keynesian Manifesto 13. Fifteen Fatal Fallacies of Financial Fundamentalism: A Disquisition on Demand Side Economics 14. We Need a Bigger ‘Deficit’ Epilogue by James K. Galbraith Index