Home
Authors
Tags
App
Get QuoteDark Inspirational Quotes App
" Liberal redistributionists in favor of heavy taxation place less weight on incentive than do small-government conservatives. "
Edmund Phelps
Liberal
Place
Taxation
Related Quotes:
" 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
" 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
" 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
" Democrats and Republicans have been very keen to make home ownership almost a national purpose. "
Edmund Phelps
Ownership
Home
Democrats
" 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. "
Edmund Phelps
Either
Countries
Understanding
" 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
" 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. "
Edmund Phelps
Late
Half
Growth
" 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
" 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. "
Edmund Phelps
Capitalism
Wealth
Values
" 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
" 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
" 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 would like to see people dreaming of striking out on their own into some other country or their own, wherever they feel the action is, in the hope of an exciting and rewarding career. "
Edmund Phelps
People
Hope
Feel
" 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. "
Edmund Phelps
Focus
Tests
Pen
" 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
" 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
" A nation's economy is more than its markets, tastes, technologies and property rights. "
Edmund Phelps
Rights
Economy
More
" Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories. "
Edmund Phelps
Terrible
Price
Paid
" 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
" 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
" 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
" 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
" 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
" 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
" 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
" 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. "
Edmund Phelps
Better
Community
Country
" 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
" 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
" 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