Edmund Phelps Quotes
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I grew up, until age 6, in Chicago. My parents rented their apartment and, at the end of the Depression, my parents wanted to replicate that situation. So, again, we lived in a somewhat suburban setting outside of New York City, and again, they rented.
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Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage.
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Overpaying the banks for their toxic assets could contribute capital, but that may not be politically feasible or attractive.
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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.
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Most of the big banks were shot through with short-termism, deceptive practices and self-dealing. We must institute basic changes in corporate governance and in management practice to restore responsibility and honesty for the sake of the economy and for the self-respect of the country.
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I think the 19th century is an extraordinary period with a welling up of creativity and all kinds of experimentation and exploration going on at least until 1940.
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Italy and France could lop off their excessive wealth through a one-time tax on private wealth.
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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.
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In societies where one sees a higher prevalence of 'modern values' - individualism, vitalism and self-expression - there's also higher reported job satisfaction.
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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.
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To prosper and advance, the American business sector is going to need a financial system oriented toward business, not 'home ownership.'
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In America, black urban teenagers have long been lacking in inclusion. In France, there is a comparable lack of inclusion among North Africans. In much of Europe, there has been little attempt to include the Roma.
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A nation's economy is more than its markets, tastes, technologies and property rights.
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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.
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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.
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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.
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Raising the minimum wage seems to all economists to, at the very least, fail to 'raise' employment, and we'd all like to see better inclusion of low-skilled workers into good-paying jobs.
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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.
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My God, I don't know anyone who likes to accumulate their wealth more than the Europeans.
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To pump up consumer or government demand would force interest rates up and asset prices down, possibly by enough to destroy more jobs than are created.
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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.
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In the 1960s, and stretching back to the 1930s, it was felt by many economists that easy money is a reliable way to increase employment.
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Entrepreneurs have only the murkiest picture of the future in which they are making their bets, and also there is ambiguity: they don't know when they push this lever or that lever that the outcome is going to be what they think it is going to be - there is the law of unanticipated consequences.
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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.