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" A nation's economy is more than its markets, tastes, technologies and property rights. "
Edmund Phelps
Rights
Economy
More
Related Quotes:
" 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
" 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
" 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. "
Edmund Phelps
Late
Half
Growth
" 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. "
Edmund Phelps
Growth
Competition
America
" Italy and France could lop off their excessive wealth through a one-time tax on private wealth. "
Edmund Phelps
France
Italy
Off
" 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
" Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage. "
Edmund Phelps
Lot
About
Minimum Wage
" The fallacy of the neoclassicals is their tenet that total employment, though hit by shocks, can be said always to be heading back to some normal level. "
Edmund Phelps
Back
Always
Some
" 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
" 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. "
Edmund Phelps
Try
Everyday
View
" A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. "
Edmund Phelps
Healthy
Research
Both
" 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. "
Edmund Phelps
Step
Thought
Innovation
" The need to encourage entrepreneurship and ensure that young people have the opportunity to start new businesses is acute. "
Edmund Phelps
Opportunity
People
Young
" The epic story of the West is the development in the 19th century of a mass prosperity the world had never seen and its near-disappearance in one nation after another in the 20th. "
Edmund Phelps
Nation
Development
Story
" 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. "
Edmund Phelps
Process
Growth
Knowledge
" 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. "
Edmund Phelps
Focus
Tests
Pen
" 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
" Things can get only so bad. People want to eat, so at some point they resist further cuts to their consumption - it's not a bottomless pit. "
Edmund Phelps
Eat
Only
People
" I'm old enough to remember in the 1930s and the 1940s when thrift, frugality, was considered an important virtue. "
Edmund Phelps
Old
Remember
Enough
" 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. "
Edmund Phelps
People
Hope
Feel
" Well into the 20th century, scholars viewed economic advances as resulting from commercial innovations enabled by the discoveries of scientists - discoveries that come from outside the economy and out of the blue. "
Edmund Phelps
Outside
Blue
Well
" When I was a teenager, I learned to play the trumpet. Music became my passion. "
Edmund Phelps
Music
Learned
Trumpet
" Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories. "
Edmund Phelps
Terrible
Price
Paid
" An economy open to new concepts and novel ventures is bound to generate unequal gains. "
Edmund Phelps
Bound
Concepts
Economy
" Developing new products is labour- intensive. So is producing the capital goods needed to make them. These jobs disappear when innovation stalls. "
Edmund Phelps
New
Disappear
Innovation
" Some economists believe that the Greeks' work ethic and thrift can pull them through. But the classical virtues can do nothing to offset the dearth of innovation that plagues the economy. "
Edmund Phelps
Work Ethic
Believe
Innovation
" When the word 'morality' comes up in connection with economics, income distribution and financial stability are usually the issues. Is it moral for rich countries to use such a high proportion of the world's resources or for investment bankers to earn large bonuses? "
Edmund Phelps
Rich
Financial
Economics
" You have little representation of young black men in the business sector, so you have children growing up in disadvantaged neighborhoods who don't hear discussions at the dinner table about what goes on in business. It's almost as if we have two nations. "
Edmund Phelps
Children
Business
Dinner
" For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory. "
Edmund Phelps
Research
Problems
Growth
" 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