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" 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. "

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" To pump up consumer or government demand would force interest rates up and asset prices down, possibly by enough to destroy more jobs than are created. "

Edmund Phelps

Government

Enough

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

" 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. "

" 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. "

" 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. "

" 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. "

" Capitalist systems function less well without state protection of investors, lenders, and companies against monopoly, deception, and fraud. "

" 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? "

" Companies like Google and Facebook may offer jobs allowing or requiring imagination and creativity, but the whole of Silicon Valley accounts for only 3 percent of national income and a smaller percentage of national employment. "

" What brought mass innovation to a nation was not scientific advances - its own or others' - but 'economic dynamism': the desire and the space to innovate. "

" 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. "

" Overpaying the banks for their toxic assets could contribute capital, but that may not be politically feasible or attractive. "

" 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. "

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

" 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. "

" My God, I don't know anyone who likes to accumulate their wealth more than the Europeans. "

" 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. "

" 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. "

" 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. "

" For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory. "

" 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. "

" 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. "

" 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. "

" 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. "

" The level of dynamism is a matter of how fertile the country is in coming up with innovative ideas having prospects of profitability, how adept it is at identifying and nourishing the ideas with the best prospects, and how prepared it is in evaluating and trying out the new products and methods that are launched onto the market. "

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

" If every effect of any new products or methods were required to be known before they could be produced and marketed, they would not be true innovations - and thus not represent new knowledge of what people would like, if offered. "

" When I was a teenager, I learned to play the trumpet. Music became my passion. "

" I could try to incorporate or reflect in my models what it is that an employee, manager, or entrepreneur does: to recognize that most are engaged in their work, form expectations and evolve beliefs, solve problems, and have ideas. Trying to put these people into economic models became my project. "

" 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. "