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" 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
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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. "
Edmund Phelps
Forgiveness
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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. "
Edmund Phelps
Difficulties
Serving
Run
" Workers in decent jobs view the economy as unjust if they or their children have virtually no chance of climbing to a higher rung in the socioeconomic ladder. "
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Economy
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View
" 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
" 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
" 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
" Expertise and judgment in the art of lending for novel ventures must be reacquired. "
Edmund Phelps
Expertise
Must
Judgment
" 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
" 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. "
Edmund Phelps
Brilliant
Two
College
" 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
" The Keynesian belief that 'demand' is always at the root of underemployment and slow growth is a fallacy. "
Edmund Phelps
Belief
Growth
Slow
" 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
" Germany, Italy and France appear to possess less dynamism than do the U.S. and the others. "
Edmund Phelps
France
Germany
Italy
" 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
" When I was a teenager, I learned to play the trumpet. Music became my passion. "
Edmund Phelps
Music
Learned
Trumpet
" 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
" 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
" 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
" A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. "
Edmund Phelps
Healthy
Research
Both
" 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. "
Edmund Phelps
Raise
Fear
Competition
" The need to encourage entrepreneurship and ensure that young people have the opportunity to start new businesses is acute. "
Edmund Phelps
Opportunity
People
Young
" Liberal redistributionists in favor of heavy taxation place less weight on incentive than do small-government conservatives. "
Edmund Phelps
Liberal
Place
Taxation
" 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. "
Edmund Phelps
Rights
Financial
Company
" For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory. "
Edmund Phelps
Research
Problems
Growth
" 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
" 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
" 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. "
Edmund Phelps
Home
Live
Life
" I've lived to see key parts of my research absorbed in textbooks and in central banks around the world. And some finance ministries, too. "
Edmund Phelps
Key
Research
See
" Democrats and Republicans have been very keen to make home ownership almost a national purpose. "
Edmund Phelps
Ownership
Home
Democrats
" An economy open to new concepts and novel ventures is bound to generate unequal gains. "
Edmund Phelps
Bound
Concepts
Economy