I define genuine full employment as a situation where there are at least as many job openings as there are persons seeking employment, probably calling for a rate of unemployment, as currently measured, of between 1 and 2 percent.

Congestion pricing gives a signal to users to adjust their behaviour or to investors to expand the service in order to remove the constraint. Vickrey was awarded the Nobel Memorial Prize in Economics with James Mirrlees for their research into the economic theory of incentives under asymmetric information. He died in Harrison New York in 1996 from heart failure.

William Spencer Vickrey (21 June 1914 – 11 October 1996) was a Canadian professor of economics and Nobel Laureate. The announcement of the prize was made just three days prior to his death; his Columbia University economics department colleague C. Vickrey was awarded the Nobel Memorial Prize in Economics with James Mirrlees for their research into the economic theory of incentives under asymmetric information.