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" A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. "
Edmund Phelps
Healthy
Research
Both
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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. "
Edmund Phelps
Loved
Me
College
" Expertise and judgment in the art of lending for novel ventures must be reacquired. "
Edmund Phelps
Expertise
Must
Judgment
" There's such a preoccupation with liquidity and such an unwillingness to invest beyond the horizon of the next quarter and making sure that the CEOs hit their quarterly earnings. "
Edmund Phelps
Invest
Horizon
Beyond
" In countries operating a largely capitalist system, there does not appear to be a wide understanding among its actors and overseers of either its advantages or its hazards. "
Edmund Phelps
Either
Countries
Understanding
" 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
Output
Large
Employment
" An economy open to new concepts and novel ventures is bound to generate unequal gains. "
Edmund Phelps
Bound
Concepts
Economy
" I don't think the economy telegraphs very clearly where it's going. "
Edmund Phelps
Where
Clearly
Economy
" To prosper and advance, the American business sector is going to need a financial system oriented toward business, not 'home ownership.' "
Edmund Phelps
Business
Financial
Home
" Unemployment determination in a modern economy was the main subject area of my research from the mid-1960s to the end of the 1970s and again from the mid-1980s to the early 1990s. "
Edmund Phelps
Early
Research
Determination
" 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
Security
Discouraged
Fear
" The main cause of Europe's deep fall - the losses of inclusion, job satisfaction and wage growth - is the devastating slowdown of productivity that began in the late 1990s and struck large swaths of the continent. It holds down the growth of wages rates, and it depresses employment. "
Edmund Phelps
Growth
Late
Job
" 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. "
Edmund Phelps
Responsibility
Practice
Honesty
" I didn't do my work for money or prizes - only for the excitement of discovery. "
Edmund Phelps
Discovery
Money
Only
" 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? "
Edmund Phelps
Questions
Time
Think
" Italy and France could lop off their excessive wealth through a one-time tax on private wealth. "
Edmund Phelps
France
Italy
Off
" Capitalist systems function less well without state protection of investors, lenders, and companies against monopoly, deception, and fraud. "
Edmund Phelps
Protection
Deception
Without
" 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. "
Edmund Phelps
Creativity
Exploration
Think
" Germany, Italy and France appear to possess less dynamism than do the U.S. and the others. "
Edmund Phelps
France
Germany
Italy
" The Keynesian belief that 'demand' is always at the root of underemployment and slow growth is a fallacy. "
Edmund Phelps
Belief
Growth
Slow
" In societies where one sees a higher prevalence of 'modern values' - individualism, vitalism and self-expression - there's also higher reported job satisfaction. "
Edmund Phelps
Where
Job
Modern
" A nation's economy is more than its markets, tastes, technologies and property rights. "
Edmund Phelps
Rights
Economy
More
" Chancellor Angela Merkel and Wolfgang Schaeuble, her finance minister, are right to oppose fiscal and bank unions without political union. "
Edmund Phelps
Right
Bank
Finance
" I'm hoping that the administration and other thought leaders will succeed eventually in bringing the country back to the older idea that the American dream is having a career, getting a job, and getting involved in it, and doing well. That was the core of the good life. "
Edmund Phelps
Thought
American Dream
Life
" Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories. "
Edmund Phelps
Terrible
Price
Paid
" 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. "
Edmund Phelps
Parents
New York
Age
" One reason why upturns follow downturns is that downturns tend to overshoot. People get panicky, they're afraid to stay the course, so they start selling. The other thing is that I think, as entrepreneurs keep on waiting to produce new things, that there's an accumulation of as-yet-unexploited new ideas that keeps mounting up. "
Edmund Phelps
Think
People
New Things
" Mass prosperity came with the mass innovation that sprung up in 1815 in Britain, soon after in America, and later in Germany and France: It brought sustained growth to these nations - also to nations with entrepreneurs willing and able to copy the innovations. "
Edmund Phelps
America
Copy
Growth
" 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. "
Edmund Phelps
Stretching
Way
Easy
" 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. "
Edmund Phelps
Hope
Exploring
Down
" 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. "
Edmund Phelps
Capitalism
Wealth
Values