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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? "
Edmund Phelps
Questions
Time
Think
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" I just think that the Europeans are depriving themselves of a high-employment economy, and they are depriving themselves of intellectual stimulation in the workplace - and personal growth - by sticking to the stultifying, rigid system that I call corporatism. "
Edmund Phelps
Workplace
Growth
Think
" The celebration of homeownership seems to be part of a countermovement against popular owning of shares in corporations. "
Edmund Phelps
Owning
Against
Celebration
" 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
" For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory. "
Edmund Phelps
Research
Problems
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
" 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
Achieve
Help
" 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
" 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
" 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
" An economy open to new concepts and novel ventures is bound to generate unequal gains. "
Edmund Phelps
Bound
Concepts
Economy
" Without being aware, I think I was being indoctrinated into what was called Vitalism, the idea that what makes life worth living, the good life, consists of accepting challenges, solving problems, discovery, personal growth, personal change. "
Edmund Phelps
Life
Challenges
Change
" When I was a teenager, I learned to play the trumpet. Music became my passion. "
Edmund Phelps
Music
Learned
Trumpet
" If you rent, that's it. You don't have to pay any interest to anybody. You don't have to pay any maintenance costs to anybody. You don't have to worry about whether the boiler is going to break down. While if you own your own home, you have a hundred aggravations. "
Edmund Phelps
You
Down
Own
" I didn't do my work for money or prizes - only for the excitement of discovery. "
Edmund Phelps
Discovery
Money
Only
" A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. "
Edmund Phelps
Healthy
Research
Both
" 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
" 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
" 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. "
Edmund Phelps
Business
Transformation
Way
" 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
" 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
" 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. "
Edmund Phelps
Better
Knowledge
Change
" My thinking has always been that the worst problem we have with regard to lack of inclusion is the terribly low labor force participation rates and terribly high unemployment rates of young men, especially young men in ethnic minority groups and, in particular, young black men. "
Edmund Phelps
Young
Men
Problem
" 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. "
Edmund Phelps
Work
American
Dedication
" Democrats and Republicans have been very keen to make home ownership almost a national purpose. "
Edmund Phelps
Ownership
Home
Democrats
" Liberal redistributionists in favor of heavy taxation place less weight on incentive than do small-government conservatives. "
Edmund Phelps
Liberal
Place
Taxation
" 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
" I don't think the economy telegraphs very clearly where it's going. "
Edmund Phelps
Where
Clearly
Economy
" 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
" 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
" 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. "
Edmund Phelps
Attract
Economy
Workers