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" With less competition to fear, companies are emboldened to raise their mark-ups and profits. That lifts share prices and thus the wealth of already wealthy shareholders. "

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

Edmund Phelps

Toxic

May

Capital

" 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. "

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

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

" 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. "

" 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. "

" 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. "

" 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. "

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

" 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. "

" In the 1960s, and stretching back to the 1930s, it was felt by many economists that easy money is a reliable way to increase employment. "

" 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. "

" 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. "

" Workers in decent jobs view the economy as unjust if they or their children have virtually no chance of climbing to a higher rung in the socioeconomic ladder. "

" 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. "

" 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. "

" 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. "

" 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. "

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

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

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

" 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. "

" 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. "

" 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? "

" I could try to incorporate or reflect in my models what it is that an employee, manager, or entrepreneur does: to recognize that most are engaged in their work, form expectations and evolve beliefs, solve problems, and have ideas. Trying to put these people into economic models became my project. "

" An economy open to new concepts and novel ventures is bound to generate unequal gains. "

" Unemployment rates tend to rise and fall in roughly equal proportion at all rungs of the ladder, and that happened between 1973 and 1985. "

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

" 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. "

" 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. "