Edmund Phelps Quotes

Edmund Phelps
Edmund Phelps
American Economist
Born: Jul 26, 1933
Economy Innovation People Think Wealth Work
Related authors: Alan Greenspan Herbert A. Simon John Kenneth Galbraith Milton Friedman Paul A. Volcker Richard Thaler Robert Reich Thomas Sowell
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. Edmund Phelps
Creative Innovation Competition Financial National Few Ran Rapid Rapid Growth Indigenous Rising Economic Most Period Sure Frenzy Wages Were Years Provided America Depressions Engaging Inclusion Activity Income Peak Growth Widening Two Careers
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. Edmund Phelps
Time Innovation Try Become Everyday More Over Tinker Processes Declined View Productive Businesses
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
Fall Ladder Rise Rates Tend Proportion Between Equal Unemployment Happened Roughly
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. Edmund Phelps
Knowledge Change Better Simple Economics Predict Consequences Our Cases Examples Simplest Global Global Warming Climate Climate Change Which Warming Us Full Show Less Actions Level
If you rent, that's it. You don't have to pay any interest to anybody. You don't have to pay any maintenance costs to anybody. You don't have to worry about whether the boiler is going to break down. While if you own your own home, you have a hundred aggravations. Edmund Phelps
Home You Own Pay Down Hundred Worry About Costs Maintenance Rent Any Going Anybody Break Whether While Interest Your
I'm old enough to remember in the 1930s and the 1940s when thrift, frugality, was considered an important virtue. Edmund Phelps
Remember Old Important Enough Virtue Considered Thrift Frugality Old Enough
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
Life Good Will Job Thought Country Older Other Good Life Back Dream Administration Hoping Having Leaders Idea Involved Well Doing American Getting American Dream Succeed Eventually Bringing Career Core
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. Edmund Phelps
Knowledge Systems Uncertainty Generate Economies Owing Essence May Process Which Much Capitalist Mechanism Growth
My God, I don't know anyone who likes to accumulate their wealth more than the Europeans. Edmund Phelps
God Wealth More Know Likes Than Accumulate Anyone Who Europeans
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 Though Total Some Heading Employment Said Always Fallacy Normal Hit Shocks Level
Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories. Edmund Phelps
Economics Price Terrible Paid Theories
The need to encourage entrepreneurship and ensure that young people have the opportunity to start new businesses is acute. Edmund Phelps
People Opportunity Young Ensure Entrepreneurship New Encourage Young People Businesses Acute Start Need
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
Financed Adequately Ensure Enterprises Small Could Consumers Economy Narrow Effective Contribute Banks
To prosper and advance, the American business sector is going to need a financial system oriented toward business, not 'home ownership.' Edmund Phelps
Home Business Financial Ownership Sector System Financial System Advance Toward Prosper American Going Home Ownership Oriented Need
Germany, Italy and France appear to possess less dynamism than do the U.S. and the others. Edmund Phelps
Others France Possess Italy Germany Than Dynamism Less Appear
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
Animal Innovate Jobs Willingness Spirits Void Entrepreneurs Invest Driven Thus New Leap New Jobs Just Decide Whether Create
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
People Water Live Attacking Could Delivery Sharing Idea Another Houses Without Boy Proximity Same Happen Newspaper Forth
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
Life Buy Home Own Live Thinking Enough Respectable Possible City My Own Having Never Perfectly New House Without Narrative Renting Still Normal Up Did Personal York Owned New York New York City Grew Then Strangely Shows Ever
Load more quotes

No more Edmund Phelps quotes

Haven't find the right quote? Try quotes from authors related to Edmund Phelps.

About
Site pages
Top Quotes
Authors
Today's birthdays
Copyright © Quotesia 2025