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All Quotes by author - Edmund Phelps
" After a major loss of dynamism in the 1960s, productivity growth rates began dropping in most countries, falling by half in the U.S. in the 1970s and more or less ceasing altogether in France, Germany and Britain in the late 1990s. "
Late
Half
Growth
" A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. "
Healthy
Research
Both
" America's peak years of indigenous innovation ran from the 1820s to the 1960s. There were a few financial panics and two depressions, to be sure. But in this period, a frenzy of creative activity, economic competition and rapid growth in national income provided widening economic inclusion, rising wages for all, and engaging careers for most. "
Growth
Competition
America
" A modern economy is marked by the feasibility of endogenous change: Modernization brings myriad arrangements from expanded property rights to company law and financial institutions. "
Rights
Financial
Company
" A nation's economy is more than its markets, tastes, technologies and property rights. "
Rights
Economy
More
" An economy open to new concepts and novel ventures is bound to generate unequal gains. "
Bound
Concepts
Economy
" 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. "
Focus
Tests
Pen
" As a grandson of farmers in downstate Illinois, I have long admired the dedication of farmers to their work and have written about the role of agriculture in American innovation. "
Work
American
Dedication
" 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. "
Business
Transformation
Way
" 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. "
Better
Knowledge
Change
" Capitalist systems function less well without state protection of investors, lenders, and companies against monopoly, deception, and fraud. "
Protection
Deception
Without
" Chancellor Angela Merkel and Wolfgang Schaeuble, her finance minister, are right to oppose fiscal and bank unions without political union. "
Right
Bank
Finance
" 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. "
Valley
Imagination
Google
" 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. "
Capitalism
Wealth
Values
" Democrats and Republicans have been very keen to make home ownership almost a national purpose. "
Ownership
Home
Democrats
" Developing new products is labour- intensive. So is producing the capital goods needed to make them. These jobs disappear when innovation stalls. "
New
Disappear
Innovation
" 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. "
Focus
Wealth
View
" Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories. "
Terrible
Price
Paid
" Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply. "
Output
Large
Employment
" 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. "
Push
Think
Picture
" 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. "
New
Just
Animal
" 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. "
Better
Community
Country
" Expertise and judgment in the art of lending for novel ventures must be reacquired. "
Expertise
Must
Judgment
" For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory. "
Research
Problems
Growth
" Germany, Italy and France appear to possess less dynamism than do the U.S. and the others. "
France
Germany
Italy
" I attended Amherst College from 1951 to 1955. The first two years were a revelation. There were innumerable exchanges with brilliant classmates, among them the playwright Ralph Allen, the classics scholar Robert Fagles, and the composer Michael Sahl. "
Brilliant
Two
College
" 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. "
Ideas
Problems
People
" I didn't do my work for money or prizes - only for the excitement of discovery. "
Discovery
Money
Only
" I don't think the economy telegraphs very clearly where it's going. "
Where
Clearly
Economy
" 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? "
Questions
Time
Think
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