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Edmund Phelps Quotes
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Italy and France could lop off their excessive wealth through a one-time tax on private wealth (Edmund Phelps Quotes)
Workers in decent jobs view the economy as unjust if they or their children have virtually no chance of climbing to a higher rung in the socioeconomic ladder. (Edmund Phelps Quotes)
The level of dynamism is a matter of how fertile the country is in coming up with innovative ideas having prospects of profitability, how adept it is at identifying and nourishing the ideas with the best prospects, and how prepared it is in evaluating and trying out the new products and methods that are launched onto the market. (Edmund Phelps Quotes)
No amount of debt restructuring, even debt forgiveness, will help the Greeks achieve real prosperity. What they need is not short-term relief but, rather, a long-term cure. (Edmund Phelps Quotes)
The main cause of Europe’s deep fall - the losses of inclusion, job satisfaction and wage growth - is the devastating slowdown of productivity that began in the late 1990s and struck large swaths of the continent. It holds down the growth of wages rates, and it depresses employment. (Edmund Phelps Quotes)
Unemployment determination in a modern economy was the main subject area of my research from the mid-1960s to the end of the 1970s and again from the mid-1980s to the early 1990s. (Edmund Phelps Quotes)
A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. (Edmund Phelps Quotes)
I started to think about what drives innovation and what its social significance might be. The next step was to think innovators are taking a leap into the unknown. That led me to the thought that it is also a source of fun and employee engagement. (Edmund Phelps Quotes)
I could try to incorporate or reflect in my models what it is that an employee, manager, or entrepreneur does: to recognize that most are engaged in their work, form expectations and evolve beliefs, solve problems, and have ideas. Trying to put these people into economic models became my project. (Edmund Phelps Quotes)
The difficulties of many European countries derive from their corporatism: state projects serving cronies and vast social protection programmes, both run by elites. These surged in the 1970s and 1980s. (Edmund Phelps Quotes)
I attended Amherst College from 1951 to 1955. The first two years were a revelation. There were innumerable exchanges with brilliant classmates, among them the playwright Ralph Allen, the classics scholar Robert Fagles, and the composer Michael Sahl. (Edmund Phelps Quotes)
Those of us born into vitalist and expressionist cultures must hope that governments will draw back from shutting down the modernist project of exploring, experimenting, and imagining - of voyaging into the unknown - that has been essential for rewarding lives. (Edmund Phelps Quotes)
In societies where one sees a higher prevalence of ‘modern values’ - individualism, vitalism and self-expression - there’s also higher reported job satisfaction. (Edmund Phelps Quotes)
With less competition to fear, companies are emboldened to raise their mark-ups and profits. That lifts share prices and thus the wealth of already wealthy shareholders. (Edmund Phelps Quotes)
When the word ‘morality’ comes up in connection with economics, income distribution and financial stability are usually the issues. Is it moral for rich countries to use such a high proportion of the world’s resources or for investment bankers to earn large bonuses? (Edmund Phelps Quotes)
When public spending in the form of transfer payments makes various services and benefits free of charge, work is discouraged. Yet it is precisely Social Security that legislators fear to cut. (Edmund Phelps Quotes)
I’m hoping that the administration and other thought leaders will succeed eventually in bringing the country back to the older idea that the American dream is having a career, getting a job, and getting involved in it, and doing well. That was the core of the good life. (Edmund Phelps Quotes)
My thinking has always been that the worst problem we have with regard to lack of inclusion is the terribly low labor force participation rates and terribly high unemployment rates of young men, especially young men in ethnic minority groups and, in particular, young black men. (Edmund Phelps Quotes)
The 1920s and 1930s were a period of sensational productivity growth: new products were springing up all over the place, and most of those new products and new methods were developed by people who started their own companies. (Edmund Phelps Quotes)
There’s such a preoccupation with liquidity and such an unwillingness to invest beyond the horizon of the next quarter and making sure that the CEOs hit their quarterly earnings. (Edmund Phelps Quotes)
My God, I don’t know anyone who likes to accumulate their wealth more than the Europeans (Edmund Phelps Quotes)
At the simplest level, economics can better show us the consequences of our actions. Less simple are cases in which we don’t have the knowledge to predict the full consequences. Global warming and climate change are examples (Edmund Phelps Quotes)
Entrepreneurs’ willingness to innovate or just to invest - and thus create new jobs - is driven by their ‘animal spirits,’ as they decide whether to leap into the void. (Edmund Phelps Quotes)
I’m not attacking the idea that people live in conglomerations of houses in proximity to one another, sharing the same water mains and the same newspaper delivery boy and so forth. I’m not objecting to that. That could happen with or without homeownership. (Edmund Phelps Quotes)
When I was in college at Amherst, my father asked me a favor: to take one course in economics. I loved it - for the challenge of its mysteries. (Edmund Phelps Quotes)
Corporatist attitudes against capitalism came to the fore in the 1920s. Corporatists, with their conservative values, hated the invasion of towns and regions by new businesses, upsetting traditional ways, wealth and status. (Edmund Phelps Quotes)
The fallacy of the neoclassicals is their tenet that total employment, though hit by shocks, can be said always to be heading back to some normal level. (Edmund Phelps Quotes)
Egalitarians’ who complain about inequality view the wealth of the wealthiest as bad in itself: it disfigures society. They would enact a wealth tax to extirpate the offending wealth. (Edmund Phelps Quotes)
The best part of the high school in Hastings must have been the Music Department. Its orchestra and concert band did well in county competitions, and the dance band formed by its students was the best in the region. I played lead trumpet in all of them. (Edmund Phelps Quotes)
Without being aware, I think I was being indoctrinated into what was called Vitalism, the idea that what makes life worth living, the good life, consists of accepting challenges, solving problems, discovery, personal growth, personal change (Edmund Phelps Quotes)
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