Edmund Phelps quotes: wise famous quotes, sayings and quotations by Edmund Phelps

Edmund Phelps Famous Quotes & Sayings

Discover top inspirational quotes from Edmund Phelps on Wise Famous Quotes.

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.

Economics has paid a terrible price for its dalliances with the Keynesian and neoclassical theories.

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

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

The Keynesian belief that 'demand' is always at the root of underemployment and slow growth is a fallacy.

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

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.

My God, I don't know anyone who likes to accumulate their wealth more than the Europeans.

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.

I don't think the economy telegraphs very clearly where it's going.

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?

The celebration of homeownership seems to be part of a countermovement against popular owning of shares in corporations.

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

Chancellor Angela Merkel and Wolfgang Schaeuble, her finance minister, are right to oppose fiscal and bank unions without political union.

A nation's economy is more than its markets, tastes, technologies and property rights.

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.

It was gradually learned that acceptance of a somewhat higher inflation rate would not really bring somewhat higher employment.

I'm old enough to remember in the 1930s and the 1940s when thrift, frugality, was considered an important virtue.

When I was a teenager, I learned to play the trumpet. Music became my passion.

Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply.

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

For decades, my research was driven by outstanding problems in macroeconomics: mainly growth theory and employment theory.

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

Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage.

Liberal redistributionists in favor of heavy taxation place less weight on incentive than do small-government conservatives.

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

Democrats and Republicans have been very keen to make home ownership almost a national purpose.

I didn't do my work for money or prizes - only for the excitement of discovery.

Capitalist systems function less well without state protection of investors, lenders, and companies against monopoly, deception, and fraud.

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

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

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