Quotes by Economists

Experience shows that a recession is never the result of just a few large industries dragging the economy down while the others continue to expand. Edgar Fiedler
Experience Result Few Down Recession Others Never Economy Industries Continue Expand Just While Large Shows Dragging
No one can escape the iron rule that once you make a forecast, you know you're going to be wrong; you just don't know when and in which direction! Edgar Fiedler
You Once Rule Direction No-One Wrong Know Make Forecast Escape Iron Going Just Which
We're not very good at forecasting, and we don't know how to measure the impact of economic policy. Edgar Fiedler
Good Impact Economic Economic Policy Know Policy Forecasting How Very Measure
Without being aware, I think I was being indoctrinated into what was called Vitalism, the idea that what makes life worth living, the good life, consists of accepting challenges, solving problems, discovery, personal growth, personal change. Edmund Phelps
Life Good Change Challenges Worth Problems Living Think Good Life Consists Worth Living Solving Idea Without Accepting Makes Discovery Personal Personal Growth Being Aware Growth
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. Edmund Phelps
Ladder Unjust Virtually Jobs No Chance Rung Higher Economy Climbing Decent Children Workers View Chance
An economy open to new concepts and novel ventures is bound to generate unequal gains. Edmund Phelps
Open Generate Bound New Economy Concepts Ventures Unequal Gains Novel
Democrats and Republicans have been very keen to make home ownership almost a national purpose. Edmund Phelps
Home National Ownership Purpose Almost Make Democrats Democrats And Republicans Been Very Republicans Home Ownership Keen
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
Think System Rigid Economy Call Sticking Stimulation Intellectual Personal Just Personal Growth Depriving Themselves Workplace Europeans Growth
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 Innovation Agriculture Long Dedication Admired About Written Role American Grandson Farmers Illinois
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
Me Innovation Thought Think Unknown Innovators Significance About Drives Step Taking Employee Leap Also Source Led Social Might Next Engagement Next Step Fun Started
Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage. Edmund Phelps
Statistical Minimum Minimum Wage About Studies Over Wage Lot Raising
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. Edmund Phelps
You Business Black Dinner Men Young Neighborhoods Sector Dinner Table Table About Disadvantaged Almost Hear Up Discussions Goes Representation Nations Children Little Who Growing Growing Up Two
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
Music Best School Dance Band High Must Best Part High School Lead Students Part County Well Concert Been Trumpet Department Did Orchestra Formed Region Them Played Competitions
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 College First Playwright Ralph Composer Classics Classmates Allen Scholar Exchanges Attended Robert Revelation Were Years Michael Them Amherst Among Two
A nation's economy is more than its markets, tastes, technologies and property rights. Edmund Phelps
Property Rights Nation Markets More Property Rights Economy Than Tastes Technologies
When I was a teenager, I learned to play the trumpet. Music became my passion. Edmund Phelps
Music Passion Teenager Learned Became Trumpet Play
I didn't do my work for money or prizes - only for the excitement of discovery. Edmund Phelps
Work Money Only Excitement Discovery Prizes
It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment. Edmund Phelps
Acceptance Inflation Would Rate Somewhat Higher Employment Learned Gradually Really Bring
A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. Edmund Phelps
Economics Healthy Research Both Empirical Conceptual Got Theoretical Applied
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. Edmund Phelps
Great Business Transformation Gave Typical Way System Having Various Write Volumes Freedoms Institutions Well Enabling Were Historians Where Which Companies
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
Property Change Rights Financial Law Marked Property Rights Myriad Economy Institutions Arrangements Modern Modernization Company Brings
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
Bent Classical Lay Output Part Supply Thus Economists Employment Contraction Labour Decline Large Large Part
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
Half Late France Rates More More Or Less Dropping Countries Major Most Altogether Falling Loss Began Germany After Dynamism Productivity Less Growth Britain
'Egalitarians' who complain about inequality view the wealth of the wealthiest as bad in itself: it disfigures society. They would enact a wealth tax to extirpate the offending wealth. Edmund Phelps
Wealth Society Complain Bad Would About Inequality Enact Itself Offending Tax View Who
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 Prosperity Achieve Will Relief Rather Restructuring Long-Term Real Debt Cure Greeks Short-Term Help Even Amount Need
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
Work Benefits Fear Free Discouraged Spending Charge Security Various Makes Precisely Legislators Form Transfer Public Social Cut Payments Social Security Services
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