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" 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. "

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" 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. "

Edmund Phelps

New

Just

Animal

" I didn't do my work for money or prizes - only for the excitement of discovery. "

" I'm old enough to remember in the 1930s and the 1940s when thrift, frugality, was considered an important virtue. "

" 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. "

" 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. "

" 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. "

" The need to encourage entrepreneurship and ensure that young people have the opportunity to start new businesses is acute. "

" Chancellor Angela Merkel and Wolfgang Schaeuble, her finance minister, are right to oppose fiscal and bank unions without political union. "

" 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. "

" Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories. "

" A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply. "

" Italy and France could lop off their excessive wealth through a one-time tax on private wealth. "

" The 1920s and 1930s were a period of sensational productivity growth: new products were springing up all over the place, and most of those new products and new methods were developed by people who started their own companies. "

" The best part of the high school in Hastings must have been the Music Department. Its orchestra and concert band did well in county competitions, and the dance band formed by its students was the best in the region. I played lead trumpet in all of them. "

" 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? "

" It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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

College

" Democrats and Republicans have been very keen to make home ownership almost a national purpose. "