Quotes by: Edmund Phelps

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Italy and France could lop off their excessive wealth through a one-time tax on private wealth.
Edmund Phelps
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
Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories.
Edmund Phelps
When I was a teenager, I learned to play the trumpet. Music became my passion.
Edmund Phelps
Disciples of Keynes, who focus on aggregate demand, view any increase in household wealth as raising employment because they say it adds to consumer demand.
Edmund Phelps
In Greece, Italy and, to a lesser extent, France, unsustainable tax cuts and spending sprees added to households' estimates of their private wealth relative to their wage income.
Edmund Phelps
I didn't do my work for money or prizes - only for the excitement of discovery.
Edmund Phelps
What brought mass innovation to a nation was not scientific advances - its own or others' - but 'economic dynamism': the desire and the space to innovate.
Edmund Phelps
Expertise and judgment in the art of lending for novel ventures must be reacquired.
Edmund Phelps
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
Liberal redistributionists in favor of heavy taxation place less weight on incentive than do small-government conservatives.
Edmund Phelps
My view is that innovation has declined in the everyday processes that businesses tinker with incrementally as they try to become more productive over time.
Edmund Phelps
The epic story of the West is the development in the 19th century of a mass prosperity the world had never seen and its near-disappearance in one nation after another in the 20th.
Edmund Phelps
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
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
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
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
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
My God, I don't know anyone who likes to accumulate their wealth more than the Europeans.
Edmund Phelps
There would be plenty of justification to raise revenues in order to subsidize businesses that employ low-wage workers. But there can be no justification for pandering to the economy's entire bottom half merely to attract its votes.
Edmund Phelps
Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply.
Edmund Phelps
If every effect of any new products or methods were required to be known before they could be produced and marketed, they would not be true innovations - and thus not represent new knowledge of what people would like, if offered.
Edmund Phelps
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