Edmund Phelps Quotes
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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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Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage.
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The celebration of homeownership seems to be part of a countermovement against popular owning of shares in corporations.
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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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Overpaying the banks for their toxic assets could contribute capital, but that may not be politically feasible or attractive.
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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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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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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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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 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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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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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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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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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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A nation's economy is more than its markets, tastes, technologies and property rights.
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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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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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I'm old enough to remember in the 1930s and the 1940s when thrift, frugality, was considered an important virtue.
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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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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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My God, I don't know anyone who likes to accumulate their wealth more than the Europeans.
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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.
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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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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.