William Vickrey Quotes


Firms 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.


Citations

Vickrey, William. "Today's Task for Economists." The American Economic Review, vol. 83, no. 1, American Economic Association, Mar. 1993, p. 5.

Related Quotes

William Vickrey
William Vickrey
  • Born: June 21, 1914
  • Died: October 11, 1996
  • Nationality: Canadian
  • Profession: Educator

William Spencer Vickrey was a Canadian-American professor of economics and Nobel Laureate. Vickrey was awarded the 1996 Nobel Memorial Prize in Economic Sciences with James Mirrlees for their research into the economic theory of incentives under asymmetric information, becoming the only Nobel laureate born in British Columbia.