Essay: William Vickery’s Perspectives on Public Economics
This he did by commenting on the various functions of the welfare that do not possibly enhance the satisfaction of the independence of the axiom. With regard to the dominant market strategy, William Vickery suggested that in the event of a situation that the available markets happens to be imperfectly competitive, it is possible through counter-speculation for a state agency to formulate conditions in which marginal aspects relating to the allocation of resources can be upheld (Vickery 580). Vickery while still illustrating on this indicates that it is then upon the sellers on the market to avail reports that are not in any way biased and the agency responsible for doing the marketing to conduct it in a manner that would motivate the prospective buyers.
Vickery basically illustrated the importance of the impact of incentives in economics. As drawn from his illustration of the theory of incentives, it becomes clear that one of the main principles of the theory of economics is the impact of incentives on human behavior. It emerges that many of those affected by various economic polices put in place are the general public who seem to understand much more about themselves and what affects them more than the policy makers. He examined a number of aspects that may have a reflection on incentives including the aspect of taxation, the design of the process of auctioning properties and the design of high way charges including passenger fares. This vivid examination of the theory of economics with regard to the principle of incentives enabled him to clearly illustrate various aspects that may drive human behavior in economics.
The influence of various economic polices have always had an impact on the life of individuals even during the most ancient times. The economic theory has been in existence for ages now and it continues to greatly influence the life and behavior of each and every individual. With regard to how a number of economic polices like taxation affected individual lives, Vickery indicated his liking for the existence of marginal rates of taxation with regard to individuals who were highly paid in the society (Vickery 105).