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" 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
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" 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 just think that the Europeans are depriving themselves of a high-employment economy, and they are depriving themselves of intellectual stimulation in the workplace - and personal growth - by sticking to the stultifying, rigid system that I call corporatism. "
Edmund Phelps
Workplace
Growth
Think
" In societies where one sees a higher prevalence of 'modern values' - individualism, vitalism and self-expression - there's also higher reported job satisfaction. "
Edmund Phelps
Where
Job
Modern
" I didn't do my work for money or prizes - only for the excitement of discovery. "
Edmund Phelps
Discovery
Money
Only
" Italy and France could lop off their excessive wealth through a one-time tax on private wealth. "
Edmund Phelps
France
Italy
Off
" 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
" 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. "
Edmund Phelps
Growth
Late
Job
" 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 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
" 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
" 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
" 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? "
Edmund Phelps
Rich
Financial
Economics
" 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
" Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage. "
Edmund Phelps
Lot
About
Minimum Wage
" Expertise and judgment in the art of lending for novel ventures must be reacquired. "
Edmund Phelps
Expertise
Must
Judgment
" Entrepreneurs' willingness to innovate or just to invest - and thus create new jobs - is driven by their 'animal spirits,' as they decide whether to leap into the void. "
Edmund Phelps
New
Just
Animal
" 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. "
Edmund Phelps
Key
Research
See
" 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
" Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories. "
Edmund Phelps
Terrible
Price
Paid
" When I was a teenager, I learned to play the trumpet. Music became my passion. "
Edmund Phelps
Music
Learned
Trumpet
" 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
" 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. "
Edmund Phelps
Attract
Economy
Workers
" 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
" 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
" A nation's economy is more than its markets, tastes, technologies and property rights. "
Edmund Phelps
Rights
Economy
More
" Unemployment rates tend to rise and fall in roughly equal proportion at all rungs of the ladder, and that happened between 1973 and 1985. "
Edmund Phelps
Unemployment
Equal
Ladder
" Some economists believe that the Greeks' work ethic and thrift can pull them through. But the classical virtues can do nothing to offset the dearth of innovation that plagues the economy. "
Edmund Phelps
Work Ethic
Believe
Innovation
" For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory. "
Edmund Phelps
Research
Problems
Growth
" 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
" When public spending in the form of transfer payments makes various services and benefits free of charge, work is discouraged. Yet it is precisely Social Security that legislators fear to cut. "
Edmund Phelps
Security
Discouraged
Fear