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The dimension of the reasonable in the microeconomics of William Vickrey


  • Jorge Ivan Gonzalez

    () (Universidad Nacional de Colombia)


William Vickrey, Nobel Laureate in 1996, made many significant contributions to economics. Paradoxically, his work can be considered both as the epitome of orthodoxy and as profoundly heterodox. This article reviews some of Vickrey’s major writings in fields as varied as the macroeconomics of full employment, the substantive normative implications of microeconomics, welfare economics, public economics, pricing under conditions of decreasing marginal costs, and urban economics. Two strains run through Vickrey’s thought: the concept of the reasonable (as distinguished from the rational); and a pervasive ethical concern for the welfare of the other

Suggested Citation

  • Jorge Ivan Gonzalez, 2004. "The dimension of the reasonable in the microeconomics of William Vickrey," Colombian Economic Journal, Academia Colombiana de Ciencias Economicas, Colegio Mayor de Nuestra Senora del Rosario, Pontificia Universidad Javeriana, Universidad de Antioquia, Universidad de los Andes, Universidad del Valle, Universidad Externado de Colombia, Universidad Nacional de Colombia, vol. 2(1), pages 45-79, November.
  • Handle: RePEc:cej:primer:v:2:y:2004:i:1:p:45-79

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    reasonableness; microeconomics; ethics;

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D00 - Microeconomics - - General - - - General
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement


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