Edmund Phelps Quotes
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I didn't do my work for money or prizes - only for the excitement of discovery.
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'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.
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When I was a teenager, I learned to play the trumpet. Music became my passion.
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I would like to see people dreaming of striking out on their own into some other country or their own, wherever they feel the action is, in the hope of an exciting and rewarding career.
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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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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.
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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.
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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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Narrow banks could restart effective intermediation and ensure that consumers and employment-creating small and medium-size enterprises are adequately financed and can contribute to the reactivation of the economy.
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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.
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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.
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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.
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The good life, as it is popularly conceived, typically involves acquiring mastery in one's work, thus gaining for oneself better terms - or means to rewards, whether material, like wealth, or nonmaterial - an experience we may call 'prospering.'
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A system where self-employment and self-finance was typical gave way to a system of companies having various business freedoms and enabling institutions. This was the 'great transformation' on which historians and sociologists as well as business commentators were to write volumes.
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I don't think the economy telegraphs very clearly where it's going.
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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.
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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.
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Liberal redistributionists in favor of heavy taxation place less weight on incentive than do small-government conservatives.
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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.
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Expertise and judgment in the art of lending for novel ventures must be reacquired.
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Everybody feels better about himself, his community, and his country if employers are paying workers well. Economics, though, teaches that if every employer is pressured to raise wages, some labor will be priced out of the market.
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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.
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I do think from time to time that conceptual questions arise: What do we mean by equilibrium? What do we mean by this concept and that concept?
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The Keynesian belief that 'demand' is always at the root of underemployment and slow growth is a fallacy.