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" 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
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" A nation's economy is more than its markets, tastes, technologies and property rights. "
Edmund Phelps
Rights
Economy
More
" Germany, Italy and France appear to possess less dynamism than do the U.S. and the others. "
Edmund Phelps
France
Germany
Italy
" 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
" I don't think the economy telegraphs very clearly where it's going. "
Edmund Phelps
Where
Clearly
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. "
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
" 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
" Democrats and Republicans have been very keen to make home ownership almost a national purpose. "
Edmund Phelps
Ownership
Home
Democrats
" 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
" 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
" My God, I don't know anyone who likes to accumulate their wealth more than the Europeans. "
Edmund Phelps
God
Who
Likes
" A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. "
Edmund Phelps
Healthy
Research
Both
" 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
" The good life, as it is popularly conceived, typically involves acquiring mastery in one's work, thus gaining for oneself better terms - or means to rewards, whether material, like wealth, or nonmaterial - an experience we may call 'prospering.' "
Edmund Phelps
Experience
Work
Life
" Disciples of Keynes, who focus on aggregate demand, view any increase in household wealth as raising employment because they say it adds to consumer demand. "
Edmund Phelps
Focus
Wealth
View
" The celebration of homeownership seems to be part of a countermovement against popular owning of shares in corporations. "
Edmund Phelps
Owning
Against
Celebration
" When I was a teenager, I learned to play the trumpet. Music became my passion. "
Edmund Phelps
Music
Learned
Trumpet
" 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
" It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment. "
Edmund Phelps
Bring
Inflation
Higher
" An economy open to new concepts and novel ventures is bound to generate unequal gains. "
Edmund Phelps
Bound
Concepts
Economy
" I'm not attacking the idea that people live in conglomerations of houses in proximity to one another, sharing the same water mains and the same newspaper delivery boy and so forth. I'm not objecting to that. That could happen with or without homeownership. "
Edmund Phelps
Live
Sharing
Water
" 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
" Raising the minimum wage seems to all economists to, at the very least, fail to 'raise' employment, and we'd all like to see better inclusion of low-skilled workers into good-paying jobs. "
Edmund Phelps
See
Better
Inclusion
" 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. "
Edmund Phelps
Economy
Children
View
" 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
" 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
" 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
" 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
" 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
" 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