The Macroeconomics of William Vickrey

Challenge, Vol. 40, No. 2, 1997

Chapman University Law Research Paper No. 08-67

18 Pages Posted: 11 Sep 2006 Last revised: 3 Mar 2009

See all articles by Timothy A. Canova

Timothy A. Canova

Nova Southeastern University Shepard Broad Law Center


This article analyzes the work of the late Dr. William Vickrey, the McVickar Professor Emeritus of Columbia University and 1996 Nobel-laureate in Economics. In choosing Vickrey for the Nobel prize, the Royal Swedish Academy of Sciences notes Vickrey's fundamental contributions to the economic theory of incentives, which he applied to the areas of taxation, auction theory, and pricing. His work focused on the economics of asymmetric and private information.

Critics of Vickrey's full-employment macroeconomic vision have noted that his Nobel was awarded not for such progressive views but for his earlier work in microeconomics. This article connects Vickrey's early theoretical work with his full-employment blueprint.

Keywords: Macroeconomics, Inflation, Unemployment, Microeconomics, Pollution Credits, Central Banking, Monetary Policy

JEL Classification: L5, E12, E40, E50, E60, F30, N20, P10, E42, F32

Suggested Citation

Canova, Timothy A., The Macroeconomics of William Vickrey. Challenge, Vol. 40, No. 2, 1997, Chapman University Law Research Paper No. 08-67, Available at SSRN:

Timothy A. Canova (Contact Author)

Nova Southeastern University Shepard Broad Law Center ( email )

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