Quotes by: Edmund Phelps

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Edmund Phelps
Phelps, in 2008
Born (1933-07-26) July 26, 1933 (age 83)
Evanston, Illinois, U.S.
Nationality United States
Institution Columbia University 1971–
University of Pennsylvania
Field Macroeconomics
Alma mater Yale University
Amherst College
Influences Paul Samuelson
James Tobin
Thomas Schelling
William Fellner
Henry Wallich
John Rawls
Influenced Roman Frydman
Mordecai Kurz
Gylfi Zoega
Hian Teck Hoon
Contributions Micro-foundations of macroeconomics
Effects of wage and price expectations
Natural rate of unemployment
Golden Rule savings rate
Awards Nobel Memorial Prize in Economic Sciences (2006)
Chevalier de la Legion d'Honneur (2008)
Pico della Mirandola Prize (2008)
Global Economy Prize (2008)
Friendship Award (China) (2014)
Information at IDEAS / RePEc

Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage.
Edmund Phelps
One reason why upturns follow downturns is that downturns tend to overshoot. People get panicky, they're afraid to stay the course, so they start selling. The other thing is that I think, as entrepreneurs keep on waiting to produce new things, that there's an accumulation of as-yet-unexploited new ideas that keeps mounting up.
Edmund Phelps
If you rent, that's it. You don't have to pay any interest to anybody. You don't have to pay any maintenance costs to anybody. You don't have to worry about whether the boiler is going to break down. While if you own your own home, you have a hundred aggravations.
Edmund Phelps
The need to encourage entrepreneurship and ensure that young people have the opportunity to start new businesses is acute.
Edmund Phelps
A healthy economics has got to have both conceptual, theoretical research and applied, empirical research.
Edmund Phelps
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
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
Overpaying the banks for their toxic assets could contribute capital, but that may not be politically feasible or attractive.
Edmund Phelps
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
I don't think the economy telegraphs very clearly where it's going.
Edmund Phelps
Some economists believe that the Greeks' work ethic and thrift can pull them through. But the classical virtues can do nothing to offset the dearth of innovation that plagues the economy.
Edmund Phelps
An indictment of entitlements has to focus on the huge 'social wealth' that the welfare state creates at the stroke of the pen. Yet statistical tests of the effects of welfare spending on employment yield erratic results.
Edmund Phelps
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
Democrats and Republicans have been very keen to make home ownership almost a national purpose.
Edmund Phelps
To prosper and advance, the American business sector is going to need a financial system oriented toward business, not 'home ownership.'
Edmund Phelps
Germany, Italy and France appear to possess less dynamism than do the U.S. and the others.
Edmund Phelps
Unemployment rates tend to rise and fall in roughly equal proportion at all rungs of the ladder, and that happened between 1973 and 1985.
Edmund Phelps
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
The Keynesian belief that 'demand' is always at the root of underemployment and slow growth is a fallacy.
Edmund Phelps
I just think that the Europeans are depriving themselves of a high-employment economy, and they are depriving themselves of intellectual stimulation in the workplace - and personal growth - by sticking to the stultifying, rigid system that I call corporatism.
Edmund Phelps
In essence, capitalist systems are a mechanism by which economies may generate growth in knowledge - with much uncertainty in the process, owing to the incompleteness of knowledge.
Edmund Phelps
Companies like Google and Facebook may offer jobs allowing or requiring imagination and creativity, but the whole of Silicon Valley accounts for only 3 percent of national income and a smaller percentage of national employment.
Edmund Phelps
For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory.
Edmund Phelps
I grew up thinking that renting is perfectly normal. And then, strangely enough, I never did buy a house. I live in New York City, and I'm still renting. My own personal narrative shows that it is possible to live a respectable life without ever having owned a home.
Edmund Phelps
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