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" 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. "
Edmund Phelps
Eat
Only
People
Related Quotes:
" Italy and France could lop off their excessive wealth through a one-time tax on private wealth. "
Edmund Phelps
France
Italy
Off
" A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. "
Edmund Phelps
Healthy
Research
Both
" Democrats and Republicans have been very keen to make home ownership almost a national purpose. "
Edmund Phelps
Ownership
Home
Democrats
" 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
" The best part of the high school in Hastings must have been the Music Department. Its orchestra and concert band did well in county competitions, and the dance band formed by its students was the best in the region. I played lead trumpet in all of them. "
Edmund Phelps
Dance
Best
High School
" 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
" Expertise and judgment in the art of lending for novel ventures must be reacquired. "
Edmund Phelps
Expertise
Must
Judgment
" 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
" I grew up thinking that renting is perfectly normal. And then, strangely enough, I never did buy a house. I live in New York City, and I'm still renting. My own personal narrative shows that it is possible to live a respectable life without ever having owned a home. "
Edmund Phelps
Home
Live
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
" Capitalist systems function less well without state protection of investors, lenders, and companies against monopoly, deception, and fraud. "
Edmund Phelps
Protection
Deception
Without
" The celebration of homeownership seems to be part of a countermovement against popular owning of shares in corporations. "
Edmund Phelps
Owning
Against
Celebration
" 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
" Germany, Italy and France appear to possess less dynamism than do the U.S. and the others. "
Edmund Phelps
France
Germany
Italy
" It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment. "
Edmund Phelps
Bring
Inflation
Higher
" 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
" 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
" 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
" 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
" 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
" 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
" As a grandson of farmers in downstate Illinois, I have long admired the dedication of farmers to their work and have written about the role of agriculture in American innovation. "
Edmund Phelps
Work
American
Dedication
" 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
" 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. "
Edmund Phelps
Forgiveness
Achieve
Help
" 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'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. "
Edmund Phelps
Thought
American Dream
Life
" When I was a teenager, I learned to play the trumpet. Music became my passion. "
Edmund Phelps
Music
Learned
Trumpet
" 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
" 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
" 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