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" There would be plenty of justification to raise revenues in order to subsidize businesses that employ low-wage workers. But there can be no justification for pandering to the economy's entire bottom half merely to attract its votes. "

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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

Output

Large

Employment

" 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.' "

" 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. "

" At the simplest level, economics can better show us the consequences of our actions. Less simple are cases in which we don't have the knowledge to predict the full consequences. Global warming and climate change are examples. "

" The difficulties of many European countries derive from their corporatism: state projects serving cronies and vast social protection programmes, both run by elites. These surged in the 1970s and 1980s. "

" Things can get only so bad. People want to eat, so at some point they resist further cuts to their consumption - it's not a bottomless pit. "

" 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. "

" 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? "

" 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. "

" I didn't do my work for money or prizes - only for the excitement of discovery. "

" 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. "

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

" 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. "

" 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. "

" 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. "

" 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. "

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

" 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

College

" I'm hoping that the administration and other thought leaders will succeed eventually in bringing the country back to the older idea that the American dream is having a career, getting a job, and getting involved in it, and doing well. That was the core of the good life. "

" 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. "

" 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. "

" The need to encourage entrepreneurship and ensure that young people have the opportunity to start new businesses is acute. "

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

" Chancellor Angela Merkel and Wolfgang Schaeuble, her finance minister, are right to oppose fiscal and bank unions without political union. "

" The celebration of homeownership seems to be part of a countermovement against popular owning of shares in corporations. "

" 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. "

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

" 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. "

" Expertise and judgment in the art of lending for novel ventures must be reacquired. "

" 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. "