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" Italy and France could lop off their excessive wealth through a one-time tax on private wealth. "
Edmund Phelps
France
Italy
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" A nation's economy is more than its markets, tastes, technologies and property rights. "
Edmund Phelps
Rights
Economy
More
" 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
" 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
" 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. "
Edmund Phelps
Ideas
Country
Best
" The need to encourage entrepreneurship and ensure that young people have the opportunity to start new businesses is acute. "
Edmund Phelps
Opportunity
People
Young
" 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
" Capitalist systems function less well without state protection of investors, lenders, and companies against monopoly, deception, and fraud. "
Edmund Phelps
Protection
Deception
Without
" Unemployment determination in a modern economy was the main subject area of my research from the mid-1960s to the end of the 1970s and again from the mid-1980s to the early 1990s. "
Edmund Phelps
Early
Research
Determination
" 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. "
Edmund Phelps
Nation
Desire
Space
" Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage. "
Edmund Phelps
Lot
About
Minimum Wage
" Liberal redistributionists in favor of heavy taxation place less weight on incentive than do small-government conservatives. "
Edmund Phelps
Liberal
Place
Taxation
" 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
" 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
" It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment. "
Edmund Phelps
Bring
Inflation
Higher
" Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories. "
Edmund Phelps
Terrible
Price
Paid
" 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
More
Government
Enough
" 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
" 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. "
Edmund Phelps
Own
Place
People
" 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
" 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. "
Edmund Phelps
Hope
Exploring
Down
" 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
" 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
" 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. "
Edmund Phelps
Push
Think
Picture
" 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. "
Edmund Phelps
Parents
New York
Age
" 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
" 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
" Narrow banks could restart effective intermediation and ensure that consumers and employment-creating small and medium-size enterprises are adequately financed and can contribute to the reactivation of the economy. "
Edmund Phelps
Consumers
Small
Economy
" In Greece, Italy and, to a lesser extent, France, unsustainable tax cuts and spending sprees added to households' estimates of their private wealth relative to their wage income. "
Edmund Phelps
Italy
Tax
Wage
" 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
" Germany, Italy and France appear to possess less dynamism than do the U.S. and the others. "
Edmund Phelps
France
Germany
Italy