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" 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. "

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" 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

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Employment

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

" 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. "

" 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? "

" There's such a preoccupation with liquidity and such an unwillingness to invest beyond the horizon of the next quarter and making sure that the CEOs hit their quarterly earnings. "

" 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. "

" The main cause of Europe's deep fall - the losses of inclusion, job satisfaction and wage growth - is the devastating slowdown of productivity that began in the late 1990s and struck large swaths of the continent. It holds down the growth of wages rates, and it depresses employment. "

" 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. "

" 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. "

" Developing new products is labour- intensive. So is producing the capital goods needed to make them. These jobs disappear when innovation stalls. "

" 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. "

" 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.' "

" I've lived to see key parts of my research absorbed in textbooks and in central banks around the world. And some finance ministries, too. "

" 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. "

" 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. "

" 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. "

" 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. "

" 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. "

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

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

" 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. "

" Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage. "

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

" 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. "

" 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. "

" 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. "

" No amount of debt restructuring, even debt forgiveness, will help the Greeks achieve real prosperity. What they need is not short-term relief but, rather, a long-term cure. "

" Germany, Italy and France appear to possess less dynamism than do the U.S. and the others. "

" The Keynesian belief that 'demand' is always at the root of underemployment and slow growth is a fallacy. "

" To prosper and advance, the American business sector is going to need a financial system oriented toward business, not 'home ownership.' "