|Born||21 June 1914|
Victoria, British Columbia, Canada
|Died||11 October 1996 82) (aged|
|Post Keynesian economics|
|Alma mater|| Columbia University |
| Carl Shoup |
Robert M. Haig
| David Colander |
|Influences|| Henry George |
John Maynard Keynes
|Contributions|| Vickrey auction |
Revenue equivalence theorem
|Information at IDEAS / RePEc|
William Spencer Vickrey (21 June 1914 – 11 October 1996) was a Canadian-born 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.
The announcement of his Nobel prize was made just three days prior to his death. Vickrey died while traveling to a conference of Georgist academics that he helped found and never missed once in 20 years.His Columbia University economics department colleague C. Lowell Harriss accepted the posthumous prize on his behalf. There are only three other cases where a Nobel Prize has been presented posthumously.
Vickrey was born in Victoria, British Columbia and attended high school at Phillips Academy in Andover, Massachusetts. After obtaining his B.S. in Mathematics at Yale University in 1935, he went on to complete his M.A. in 1937 and Ph.D. in 1948 at Columbia University, where he remained for most of his career.
Vickrey was the first to use the tools of game theory to explain the dynamics of auctions.In his seminal paper, Vickrey derived several auction equilibria, and provided an early revenue-equivalence result. The revenue equivalence theorem remains the centrepiece of modern auction theory. The Vickrey auction is named after him.
Vickrey worked on congestion pricing, the notion that roads and other services should be priced so that users see the costs that arise from the service being fully used when there is still demand.Congestion pricing gives a signal to users to adjust their behavior or to investors to expand the service in order to remove the constraint. The theory was later partially put into action in London.
In public economics, Vickrey extended the Georgist marginal cost pricing approach of Harold Hotellingand showed how public goods should be provided at marginal cost and capital investment outlays financed with land value tax. Vickrey wrote that replacing taxes on production and labor ("including property taxes on improvements") with fees for holding valuable land sites "would substantially improve the economic efficiency of the jurisdiction". Vickrey further argued that land value tax had no adverse effects and that replacing existing taxes in this way would increase local productivity enough that land prices would rise instead of fall. He also made an ethical argument for Georgist value capture, noting that owners of valuable locations still take (exclude others from) local public goods, even if they choose not to use them, so without land value tax, land users have to pay twice for those public services (once in tax to government and once in rent to holders of land title).
Vickrey's economic philosophy was influenced by John Maynard Keynes and Henry George.He was sharply critical of the Chicago school of economics and was vocal in opposing the political focus on achieving balanced budgets and fighting inflation, especially in times of high unemployment. Working under General MacArthur, Vickrey helped accomplish radical land reform in Japan.
Vickrey had many graduate students and protegés at Columbia University, including the economists Jacques Drèze, Harvey J. Levin,and Lynn Turgeon.
Vickrey married Cecile Thompson in 1951. He was a Quaker and a member of Scarsdale Friends Meeting.He died in Harrison, New York in 1996 from heart failure.
Marie-Esprit-Léon Walras was a French mathematical economist and Georgist. He formulated the marginal theory of value and pioneered the development of general equilibrium theory.
Transport economics is a branch of economics founded in 1959 by American economist John R. Meyer that deals with the allocation of resources within the transport sector. It has strong links to civil engineering. Transport economics differs from some other branches of economics in that the assumption of a spaceless, instantaneous economy does not hold. People and goods flow over networks at certain speeds. Demands peak. Advance ticket purchase is often induced by lower fares. The networks themselves may or may not be competitive. A single trip may require the bundling of services provided by several firms, agencies and modes.
Joseph Eugene Stiglitz is an American economist, public policy analyst, and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank and is a former member and chairman of the Council of Economic Advisers. He is known for his support of Georgist public finance theory and for his critical view of the management of globalization, of laissez-faire economists, and of international institutions such as the International Monetary Fund and the World Bank.
This aims to be a complete article list of economics topics:
A land value tax or location value tax (LVT), also called a site valuation tax, split rate tax, or site-value rating, is an ad valorem levy on the unimproved value of land. Unlike property taxes, it disregards the value of buildings, personal property and other improvements to real estate. A land value tax is generally favored by economists as it does not cause economic inefficiency, and it tends to reduce inequality.
Henry George was an American political economist and journalist. He promoted the "single tax" on land, though he avoided that term. His writing was immensely popular in the 19th century America, and sparked several reform movements of the Progressive Era. He inspired the economic philosophy known as Georgism, based on the belief that people should own the value they produce themselves, but that the economic value derived from land should belong equally to all members of society. He argued that a single tax on land would itself reform society and economy.
Classical economics or classical political economy is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange.
Georgism, also called geoism and single tax (archaic), is an economic ideology holding that while people should own the value they produce themselves, economic value derived from land should belong equally to all members of society. Developed from the writings of American economist and social reformer Henry George, the Georgist paradigm seeks solutions to social and ecological problems, based on principles of land rights and public finance which attempt to integrate economic efficiency with social justice.
Sir James Alexander Mirrlees was a Scottish economist and winner of the 1996 Nobel Memorial Prize in Economic Sciences. He was knighted in the 1997 Birthday Honours.
Harold Hotelling was an American mathematical statistician and an influential economic theorist, known for Hotelling's law, Hotelling's lemma, and Hotelling's rule in economics, as well as Hotelling's T-squared distribution in statistics. He also developed and named the principal component analysis method widely used in finance, statistics and computer science.
Mason Gaffney is an American economist and a major critic of Neoclassical economics from a Georgist point of view. He earned his B.A. in 1948 from Reed College in Portland, Oregon. Gaffney first read Henry George's masterwork Progress and Poverty as a high school junior. After serving in the southwest Pacific during World War II, this interest led him in 1956 to get a Ph.D. in Economics at the University of California, Berkeley. There he addressed his teachers' skepticism about Georgism with a dissertation entitled "Land Speculation as an Obstacle to Ideal Allocation of Land." Gaffney has been Professor of Economics at the University of California, Riverside since 1976.
Fred Emanuel Foldvary is a lecturer in economics at San Jose State University, California, and a research fellow at The Independent Institute. He previously taught at Santa Clara University and other colleges. He is also a commentator and senior editor for the online journal The Progress Report and an associate editor of the online journal Econ Journal Watch. He serves on the board of directors for the Robert Schalkenbach Foundation. He lives in the San Francisco Bay Area in California.
Auction theory is an applied branch of economics which deals with how people act in auction markets and researches the properties of auction markets. There are many possible designs for an auction and typical issues studied by auction theorists include the efficiency of a given auction design, optimal and equilibrium bidding strategies, and revenue comparison. Auction theory is also used as a tool to inform the design of real-world auctions; most notably auctions for the privatization of public-sector companies or the sale of licenses for use of the electromagnetic spectrum.
The Henry George theorem, named for 19th century U.S. political economist and activist Henry George, states that under certain conditions, aggregate spending by government on public goods will increase aggregate rent based on land value more than that amount, with the benefit of the last marginal investment equaling its cost. This general relationship, first noted by the French physiocrats in the 18th century, is one basis for advocating the collection of a tax based on land rents to help defray the cost of public investment that helps create land values. Henry George popularized this method of raising public revenue in his works, which launched the 'single tax' movement.
The following outline is provided as an overview of and topical guide to economics:
Jacques H. Drèze is a Belgian economist noted for his contributions to economic theory, econometrics, and economic policy as well as for his leadership in the economics profession. Drèze was the first President of the European Economic Association in 1986 and was the President of the Econometric Society in 1970.
Pavlina R. Tcherneva is an American economist, of Bulgarian descent, working as associate professor and director of the Economics program at Bard College. She is also a research associate at the Levy Economics Institute and expert at the Institute for New Economic Thinking.
Clement Lowell Harriss (1912–2009) was an American economist, a past president of the National Tax Association and a former executive director of the Academy of Political Science. He was one of the United States' leading tax experts and the author of highly regarded economics textbooks and other books on economic subjects. He was professor emeritus of economics at Columbia University and taught there for 43 years. He was the professor for whom the C. Lowell Harriss Professorship of Economics and International Affairs at the School of International and Public Affairs at Columbia was named.
Edward Hedrick Clarke was an American Senior Economist with the Office of Management and Budget, involved in transportation regulatory affairs.
The Robert Schalkenbach Foundation is an American non-profit educational organization and publisher dedicated to the social and economic philosophy of Henry George.
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Robert E. Lucas Jr.
| Laureate of the Nobel Memorial Prize in Economics |
Served alongside: James A. Mirrlees
Robert C. Merton
Myron S. Scholes